Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Fy

Divya Jeswani (student) (217 Points)

21 June 2016

Company incorporated on 02.02.2015 ...Can it close its FY on 31.03.2015 as per new CA,2015???

Reply
Follow
Share

4 Replies

Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 22 June 2016

see, divya ji
As per CA ACT(amendment 2015, the co. shall hold first meeting at within 9 months of clousre of FY.
So here 9 Nov is the date at within the firm can hold AGM, Subsequent AGM shall be within 6 months of clousre of fy.
and the gap between 2 agm shall not exceed 15 months.

Provision regarding first Financial Statement:
As per the provisions of Companies Act amendment 2015, it clearly states that where a company has been* incorporated after the 1st day January of any year, the period ending on the 31st day of March of the following year shall be the first accounting year* in respect whereof the financial statement of a company or body corporate is made up.
Hence in the given case, the company is required to prepare its first financial statement on 31st March,2015.

for any othet query, fell free to contact
+918955737073
Harshit

Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 22 June 2016

here, i modify as wrongly posted- 1 nov is last date as per ur que.
and its feel instead fell.
thnks

Jithin scaria (Practicing Company Secretary) (112 Points)
Replied 22 June 2016

Harshith

The period ending on the 31st day of March of the following year , in respect whereof financial statement of the company or body corporate is made up.

So in this case the company is required to prepare its first financial statement on 31st March 2016.