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Agm - no adoption of consolidated financial statments

Meetings 814 views 1 replies

vaibhav

CA & CS

577 Points Posted on 28 December 2017

The company has taken the extension from ROC for conduction the AGM on 31st Dec 2017 and will adopt the standalone financial statement in the said meeting, however, the Consolidated FS is not ready and will not be adopted in the said AGM:

My queries are :

If company don't adopt the CFS in the AGM what will the outcome will it lead to a breach of compliances?
Can company approach ROC and request for the additional time period for adoption of CFS?
Does it mean that company have to go for the compounding of offense

Thanks

Replies (1)

Sudhir Todkar

CS Professional

1021 Points Posted on 29 December 2017

1. In such case company should file the unadopted financial statement to ROC and mentioning with reason for not adopting FS or CFS. If company didn't file within 30 days from AGM or the last day on which AGM should held then by paying additional fees to ROC company can file within 300 days from AGM.

2. It's depends on facts of the cases or reason for not filing or adoption of FS. For filling additional period of 270 days have given from default.. But for adoption of FS or CFS no such time mentioned..

3. If company have get prior approval from ROC and any other statutory authority before occuring any non compliance. company need not to pay any penalties..