Is there any Company law procedures where if a company closes its financials based on 52 weeks basis and not as on 31.12.200x / 31.3.200x. Based on the defenition of financial year as per companies act 1956, "financial year" means, in relation to any body corporate, the period in respect of which any profit and loss account of the body corporate laid before it in annual general meeting is made up, whether that period is a year or not. Is there any implications if 52 weeks is followed or there has to be any procedures to be followed or appropriate disclosure to be mentioned?
Thanks
CAclubindia
