Regarding approval of financial statements by bod
This query is : Resolved
20 September 2014
Hello....!!
Kindly let me know that whether we are required to file a resolution in MGT-14 with ROC for adoption of Financial Statements and Directors Report by BOD for financial year 2013-2014. or this provision is applicable from financial year 2014-2015.
As per MCA Circular No 08/2014 this provision is applicable from financial year commenced from or after 01st April 2014.
But some Peoples are saying that resolution for adoption of financial statements and direcotors report is required to be filed for financial year 2013-2014 also.
So kindly Clarify the above mentioned query as early as possible.
URGENT..
Kindly let me know that whether we are required to file a resolution in MGT-14 with ROC for adoption of Financial Statements and Directors Report by BOD for financial year 2013-2014. or this provision is applicable from financial year 2014-2015.
As per MCA Circular No 08/2014 this provision is applicable from financial year commenced from or after 01st April 2014.
But some Peoples are saying that resolution for adoption of financial statements and direcotors report is required to be filed for financial year 2013-2014 also.
So kindly Clarify the above mentioned query as early as possible.
URGENT..
20 September 2014
Yes.
You have to file MGT14 for approval of financial statement and the Board’s report for the FY 2013-14
You have to file MGT14 for approval of financial statement and the Board’s report for the FY 2013-14
20 September 2014
Ok.....
Then Kindly Clarify what MCA Circular (08/2014) Says..?
Then Kindly Clarify what MCA Circular (08/2014) Says..?
20 September 2014
MCA General Circular 08/2014 clarified that Financial Statement,Auditors report and board report in respect of FY2013-14 shall be governed by provisions of companies act 1956. i.e shall be prepared under companies act 1956.
20 September 2014
But Mitesh Sir Circular is also telling about adoption..?
20 July 2025
Let's break this down clearly to settle your query:
✅ Query:
Do we need to file MGT-14 for adoption of financial statements and Board’s Report by Board of Directors (BoD) for Financial Year 2013-14?
📌 Answer:
No, you are not required to file MGT-14 for FY 2013-14 for approval/adoption of financial statements and Board's Report by the Board of Directors.
📃 Why? Based on MCA Circular No. 08/2014 (Dated 04/04/2014):
"The financial statements and documents required to be attached thereto, the auditor’s and directors’ report in respect of financial years that commenced earlier than 01.04.2014 shall be governed by the relevant provisions/schedules/rules of the Companies Act, 1956."
➤ This means:
For FY 2013–14 (i.e., from 01.04.2013 to 31.03.2014), the Companies Act, 1956 continues to apply.
Companies Act, 2013 (which requires MGT-14 for approval of financial statements by BoD under Section 179(3)) applies only for financial years starting on or after 01.04.2014.
🔍 Then why the confusion?
Some professionals misunderstood Section 179(3)(g) of the Companies Act, 2013 which mandates filing of MGT-14 for certain Board resolutions (including approval of financial statements). But this section applies only when Companies Act, 2013 is in force for that financial year.
👨⚖️ Conclusion:
For FY 2013-14, governed by Companies Act, 1956, filing MGT-14 for adoption of financial statements by BoD is NOT required.
From FY 2014-15 onwards, MGT-14 is required for such Board resolutions as per Companies Act, 2013.
✅ Query:
Do we need to file MGT-14 for adoption of financial statements and Board’s Report by Board of Directors (BoD) for Financial Year 2013-14?
📌 Answer:
No, you are not required to file MGT-14 for FY 2013-14 for approval/adoption of financial statements and Board's Report by the Board of Directors.
📃 Why? Based on MCA Circular No. 08/2014 (Dated 04/04/2014):
"The financial statements and documents required to be attached thereto, the auditor’s and directors’ report in respect of financial years that commenced earlier than 01.04.2014 shall be governed by the relevant provisions/schedules/rules of the Companies Act, 1956."
➤ This means:
For FY 2013–14 (i.e., from 01.04.2013 to 31.03.2014), the Companies Act, 1956 continues to apply.
Companies Act, 2013 (which requires MGT-14 for approval of financial statements by BoD under Section 179(3)) applies only for financial years starting on or after 01.04.2014.
🔍 Then why the confusion?
Some professionals misunderstood Section 179(3)(g) of the Companies Act, 2013 which mandates filing of MGT-14 for certain Board resolutions (including approval of financial statements). But this section applies only when Companies Act, 2013 is in force for that financial year.
👨⚖️ Conclusion:
For FY 2013-14, governed by Companies Act, 1956, filing MGT-14 for adoption of financial statements by BoD is NOT required.
From FY 2014-15 onwards, MGT-14 is required for such Board resolutions as per Companies Act, 2013.
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