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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Filing of cfs under companies act 2013
Replies (2)
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
Thanks for your response sir but whether there is any remedy available if only CFS has not been filed. Normal AOC 4 has been filed.
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