Wednesday, October 13, 2021
HomeCompany LawDue 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

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, the 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.


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

CS Divesh Goyalhttp://csdiveshgoyal.in
CS Divesh Goyal is a Fellow member of ICSI, Practicing Company Secretary, and Steering Voice in the Corporate World. He is a Prop. at Goyal Divesh & Associates, Company Secretaries. He is a competent professional having enrich 6 years post qualification experience as Company Secretary with expertise in Corporate Law, FEMA, IBC, SEBI, RBI. He has written more than 600 editorials on Companies Act, 2013 to keep at pace with the latest changes and critically analyse the implications of various provisions of the Companies Act, 2013, Insolvency & Bankruptcy Code, 2016, FEMA, RBI, SEBI etc. He is a vibrant, sought after, and spellbinding speaker and has delivered more than 200 sessions on various aspects of Company Law at ICSI, ICAI, and online platforms. Apart from his passion for his work he also believes in elevating his profession and for that dream

Leave a Reply

Follow Us

2,057FansLike
924FollowersFollow
52FollowersFollow
spot_img

Recent Posts

Credit Guarantee

Emergency Credit Line Guarantee Scheme modified and Extended till 31.03.2022

0
Ministry of Finance vide press release 1759251 dated 29th September 2021 has extended the scope of ECLGS’ and scheme extended till 31.03.2022 or till...
e invoicing

e-Invoicing Under GST : 7 Positive Impacts on Small & Medium Businesses

0
e Invoicing in GST is the new face of the GST structure in India. It is a positive step taken by the government to...
COMPLIANCE

Annual Compliance for Section 8 Companies

0
Under the Company Law provisions, the concept of Section 8 companies permitted companies with charitable objects etc. to be registered without the words ‘Limited’...
KYC

Telecom Reforms – Govt. Simplifies KYC processes

0
As per the new orders, Aadhaar-based e-KYC process has been reintroduced for issuing new mobile connections. Telecom service providers will be charged Re...
MSME

MSME’s under IBC Regime

0
IBC refers to the Insolvency and Bankruptcy Code, 2016, the Bankruptcy Law of India which seeks to consolidate the existing framework by creating a...

Most Popular