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Filing of cfs under companies act 2013

Shobhit Pareek (Student) (30 Points)

19 January 2016

Dear Professional Friends,

What is the remedy available or penalty imposed if a company fails to file Consolidated Financial Statements. As Form AOC 4 cannot be revised. Hence once filed it is final. Then what scope is left to file CFS.

Thanks

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2 Replies

CS Divesh Goyal (Practicing Compnay Secretary) (52055 Points)
Replied 19 January 2016

Requirement of consolidation given in Section 129(2) therefore in case of default penaly will be impose as per Section 129(7).

If a company contravenes the provisions of this section, the managing director, the whole-time director in charge of finance, the Chief Financial Officer or any other person charged by the Board with the duty of complying with the requirements of this section and in the absence of any of the officers mentioned above, all the directors shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees, or with both