Adoption of consolidated accounts after 10 months

Based on the Companies Act 2013 and the Companies (Accounts) Rules 2014, the company is required to adopt the consolidated financial statements within 10 months from the end of the financial year. Since the company has missed this deadline, you may make an application to the National Company Law Tribunal (NCLT) for compounding of the delay.

Additionally, you may want to consider the following options: - File an application with the Registrar of Companies (ROC) for an extension of time. -

 Obtain a waiver from the Ministry of Corporate Affairs (MCA). - Seek professional advice from a company secretary or a legal expert to explore other alternatives.

 Please note that the NCLT or the ROC may consider factors like the reasons for the delay, the company's history, and the impact on stakeholders before granting approval.

It's essential to consult with a qualified professional to determine the best course of action and ensure compliance with the relevant regulations.

Many thanks. Sir.

It is exclusively family owned unlisted public limited company. Directors are afraid about penalty,  as for the first time, secretarial audit is taking place, which was due long back. Hence, rational causes for such delay are not there.

Many thanks. Sir.

It is exclusively family owned unlisted public limited company. Directors are afraid about penalty,  as for the first time, secretarial audit is taking place, which was due long back. Hence, rational causes for such delay are not there.