The Company had gone into merger in the year 2008 the problem was the company adopted the pre merger balance sheet in the AGM of 2008 as the merger had not taken place till the due date of AGM . Thereafter the auditor had filed the merged balance sheet with the I.T dept but the problem was in the Annual Report of 2009 the auditor recasted all the figures of 2008 with the merged figures.
Please ascertain if any default has been done by the company by such recasting and such contravention comes under which Act and whats the way out.
Regards
Divya
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Urgent query on merger
Replies (3)
what is the appointed date and effective date/
The appointed date is of 1st June 2008 and effective date is of 24th Dec 2008
The figures for 2007-08 were not required to be recased. Since the appointed date is 1st June, 2008, all consolidation of numbers should be done post 1st June, 2008 only.
If the appointed date is 1st June, 2008, then the Annual Report for 2008-09 should have Profitability numbers for the transferor company for the last ten months i.e. from 1st June 09 to 3st March, 09.
I believe that the Effective date of merger is not relevant in deciding the matter.
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