Hi Law Experts,
Section 293A of the cos. act requires a min. 3 FINANCIAL YEARS existence of the co.
Can sm 1 explain the meaning of FINANCIAL YEAR??
To be more specific, is a co. reqd to be in existence for 3 FULL FINANCIAL YEARS or 2 FULL FY + 1 PART FY will suffice....
I got lost even more after going thru CA Final - nov 02 question, extract of soln. goes as below :
"If the co. were incorporated on 1.10.99, it may make the pol contrib. as on 1.11.02."
My doubt is what is the period of FY assumed in this case? Does that mean it ends on 31March in all the three years.
Thanks in anticipation/Jatin
CAclubindia
