Home Company Law - EditorialFAQs Signing of the Financial Statement in the CoVID 19 period

Signing of the Financial Statement in the CoVID 19 period

by CS Divesh Goyal
0 comment 96 views
Signing of the Financial Statement in the CoVID 19 period

Short Summary:

In our previous article, we have talked about, who can sign the Financial Statement and whether the Financial Statement be signed digitally.

In this editorial, the author shall discuss the Quick bites on ‘Signing of the Financial Statement in the CoVID 19 period”.

As we have received numerous questions from our professional colleagues through WhatsApp groups “Gyan Gurukul”, inside this editorial we have attempted to clarify all those questions relating to the same.

Quick Bites:

 
1. What should be the date of signing of the Balance sheet/ Financial statement?

Date of signing of the Balance sheet shall be any date on or after the date of Board Meeting in which the Financial Statement are approved by the Board of Directors.

2. Whether the Auditor and the Director can sign the Financial Statements on different dates?

Financial statement shall be first sign by the Directors and then same shall be signed by the Auditors of the Company.

However, date of signing of the financial statement by the directors and auditors can be different.

3. What is the due date for holding the Board Meeting for the approval of the Financial Statements?

 A company is required to adopt the Financial Statement in the Annual General meeting. Due date of Annual General Meeting is 6 months from the end of the financial year i.e. 30th September.

Therefore, one can opine that the due date of holding of the Board Meeting for the approval of the Financial Statement is on or before 30th September in case the financial year ends on March 31.

4. Whether the Company Secretary is required to sign the Financial statement?

Signing of the Financials by the Company Secretary:

If a Company is having the Whole time Company Secretary, then it is mandatory to get the Financial Statement signed from the Company Secretary.

5. Whether the director and the auditor can sign the financial statement on different places?

Place of signing of the Financial Statement:

Place of signing of the Financial statement by the Auditor and the director can be same as well as different. If both the person sign on different place.

6. Can the Additional Director sign the Balance Sheet?

Yes, the Additional Director can sign the Balance Sheet. As the additional director is having the term as a director upto the Annual General Meeting of Company.

7. Whether it is mandatory to get the Financial statement signed from CFO / CEO??

Signing of the Financials by CFO / CEO:

If a Company is having CFO / CEO, then it is mandatory to get Financial statement signed from them as well.

8. Can one Director and Auditor sign the Financial Statement?

As per Section 134 of the Companies Act, it is mandatory that the financial statement should be signed by at least two directors.

9. Can an independent Director sign the Financial Statement?

Independent Director being a director of the Company is allowed to sign the financial statement of the Company.

10. Do the shareholders need to approve/ adopt the Financial Statement?

 Once the Financial statement of the Company is signed by Directors and the Auditor, it is need to bead opted by the shareholders in the Annual General Meeting of the Company.


Follow us on the following platforms

  1. Youtube- https://www.youtube.com/channel/UCxg-RvIn-GdQ3ul6isI_c4w
  2. Facebook- https://www.facebook.com/divesh.goyalii.7
  3. Facebook group for updates and discussions on Corporate Law-https://www.facebook.com/groups/gyangurukul
  4. Vacancies through Google Form- http://www.csdiveshgoyal.info/2020/06/vacancy-updates-through-google-form.html
  5. Facebook group for CS vacancies for members and students- https://www.facebook.com/groups/csjobs2020/?post_id=589093692045210
  6. Link for receiving updates through mail: Fill this form to get regular updates-https://docs.google.com/forms/d/e/1FAIpQLScpQMjbei2vgi7l2_g9kcAOHIXYDPNNo3L2HqHhKuj2kk7PXw/viewform
  7. Instagram- https://www.instagram.com/cs_divesh_goyal/?hl=en
  8. Ping me on WhatsApp No. 8130657778 for joining Watsapp group for regular updates on Corporate Law.https://api.whatsapp.com/send?phone=918130657778text=welcome

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 professional advice and is subject to change without notice. I assume no responsibility for the consequences of 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

You may also like

Leave a Comment