Home Company Law - Editorial DUE DATE FOR SIGNING OF (FINANCIAL STATEMENT) FOR F.Y. ENDED 31.03.2020

DUE DATE FOR SIGNING OF (FINANCIAL STATEMENT) FOR F.Y. ENDED 31.03.2020

by CS Divesh Goyal

Summary:

In this editorial, the author is going to discuss the very relevant interrogations received from our professional colleagues through our WhatsApp groups “Gyan Gurukul” concerning “Due Dates of Signing” i.e.

“What is the Due date of signing of the Financial Statement for the financial year ended 31.03.2020?”

There is confusion between corporates and professionals concerning the due dates of the Signing of the Financial Statement.

 

Provisions of Law:

As per the provision of Section 137 of the Companies Act, 2013, Company is required to circulate a signed copy of the financial statement along with notice of the Annual General Meeting.

Question of Editorial: 

What is the Due date of signing of the Financial Statement for the financial year ended 31.03.2020?”

Point 1:  As per Section 137, a Signed Copy of the Financial Statement should be circulated to the Shareholders along with a Notice of the AGM.

Point 2: As per the General Extension order of the ROC, an AGM can be held by the Companies maximum till 31st December 2020.

Point 3: If the Companies have received the consent of  the shareholders, they can hold the AGM on Shorter Notice (date of the Board Meeting / notice 31.12.2020 and date of AGM 31.12.2020)

Conclusion:

As per the above-mentioned provisions, one can opine that:

  • The Company can hold the Board Meeting for the approval of the Financial Statement on 31st December 2020
  • The Company can get the signatures on the Financial Statement from the Directors and the Auditor on 31st December 2020
  • The Company can call an AGM on Shorter Notice on 31st December 2020 and can circulate a signed copy of the financials to the shareholders.

Therefore, one can opine that the financial statement of the Companies can be signed maximum up to 31st December 2020 for the financial year ended 31st March 2020. 

Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at csdiveshgoyal@gmail.com).

Disclaimer: The entire contents of this document have been prepared based on relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness, and reliability of the information provided, I assume no responsibility, therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a piece of professional advice and is subject to change without notice. I assume no responsibility for the consequences of the use of such information.

IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION

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