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Change in financial year

Shridhi Jain (Company Secretary) (1678 Points)

05 January 2011

Dear frnds,

Wat is the procedure for change of financial year of a pvt. ltd co from 12 months to 15 months ?

Only a BR is enough ? As per section 210(4), permission of Registrar is reqd wen the period is extended up to 18 month.

Do we need to inform Registrar ( as permission is not reqd ) for such a change ? Also tell me the relevant rule n regulation where the same is mentioned clearly.

Pls reply...

Regds,

Shridhi Jain

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7 Replies

nidhigoel89 (Company Secretary ) (594 Points)
Replied 05 January 2011

Hello!

I dnt think so there is any prescribed procedure laid down in Co. Act for change in financial year.....as correctly pointed out by u there is jst a restriction given in sec 210 (4) that in case of financial year is extended by upto18 mnths then approval of registrar is required.........in ur case i think jst a BR and further intimation to ROC is sufficient....................

Others views are solicited.........

Regards

Nidhi

1 Like

HARDIK (COMPANY SECRETARY NCFM (Corporate Governance )) (664 Points)
Replied 05 January 2011

you have to apply for extension of financial year to ROC.

1 Like

Ashish Gupta (CS & Legal) (114 Points)
Replied 05 January 2011

No permission required upto 15months. Approval required only for extending beyond 15 months uptill 18 months.

Regards,

Ashish

1 Like

Bela Thakkar (CS) (30 Points)
Replied 05 January 2011

In case of change in financial year of the Listed Company, How to go about filing the same with BSE and ROC. Should it be 9 months audited balancesheet? Kindly guide me with the practically of the same.

Regards

Bela Thakkar

Jaideep (Service) (1368 Points)
Replied 06 January 2011

Hi, Shridhi

No permission required upto 15months. Board Resolution is sufficient fir the purpose. However, Board should pass the necessary resolution before the end of financial year. Also, accordingly take Compliace Certificate, if applicable, for the financial year of 15-months.

For, Listed company, Company needs to intimate board decision for extension to stock-exchange as above i.e. before financial year / quarter ends. Rest of the provision will remain same and follow provisions of listing agreement for 15-months account.

Regards

Jaideep Pandya

1 Like

Shridhi Jain (Company Secretary) (1678 Points)
Replied 06 January 2011

Thanks to all of you for your kind reply.

I think in my case, compliance certificate is not applicable as its paid up capital exceeds Rs.5 crore and is employing whole time CS.

aasha (trainee) (47 Points)
Replied 31 January 2014

Dear All...

i want to ask u one question that ....if financial year chang less than 12 month the ROC intimation is require or not ......or if no ...where it is specified in law?