Permission from nclt for using different financial year

Save Share

This query is : Resolved

Neha Chopra (Querist)

17 April 2014 Hi
can anyone please let me know time period in which NCLT permission can be taken for using different financial year in case the company is subsidiary of a company incorporated outside India as my client is having its year form 1st March to 28th feb and we have not taken any permission as yet.

Please reply its really urgent.

Regards
CA Neha Chopra

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 April 2014 not anymore...with Companies Act 2013 coming into force, the financial year has to be compulsorily April - March.

Message likes : 1 times

Neha Chopra

Neha Chopra (Querist)

18 April 2014 Hi thanks Mr. Kaushik for the frequent reply I have one more query that i have read in section 2(41) of companies Act, 2013 that the company is required to compulsorily change its financial year to april-march with in 2 years time from the enactment of the act but before that it needs to take permission from NCLT.
Please correct me if my wrong.

Kind Regards
CA Neha Chopra

Nikhil Kaushik

Nikhil Kaushik (Expert)

18 April 2014 Sorry Neha...I missed out the "being subsidiary of a foreign company".

under first proviso to 2(41) you have to approach the tribunal for approval of different financial year. I apologize for any confusion that my earlier reply may have caused.

Neha Chopra

Neha Chopra (Querist)

18 April 2014 Hi Thanks for your reply Mr. Kaushik can you please let me know the period or the date latest by which i need to take permission from Tribunal.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now