Presently, a Company is having Financial year from January to December each year. In terms of Section 2(41) of the Companies Act, 2013, the Company is required to align its financial year to 31 March within two years from the commencement of this Section.
Query: Whether the Company can have its current financial year from January 2014 to March 2015 (15 months) and thereafter from April to March every year. The Company will also get the financials approved by the Board of Directors and shareholders before May 2015 thereby complying with the provisions of Section 96 of the Act on AGM. The AGM for the year 2014 was held in February 2014.
The Board has approved the above proposal. Whether there is any other approval is required from the Registrar of Companies or compliance required under the Act.
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