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Section 2(41) of the Act mandates accounting year of the company should be financial year. Whether ROC can accord permission for modification of accounting year to a particular year for 18 months period? In that case, what is a procedure under the new act?CS.PR.RAMANATHAN,Arthos Breweries Ltd, Chennai

Section 2 - Definitions

Posted By: Pr.ramanathan 10 year(s) ago

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    LALITHA KANNAN

ROC does not have any power to extend the financial year even to 15 months. A company incorporated on or after 1st Jan of any year is allowed to close its accounts on 31st March of the next year. But from then on they can only follow the March year end. A subsidiary or holding company of a foreign body corporate can have a different financial year if consolidation of accounts is mandatory but this can be done only with the approval of NCLT. Since companies are given 2 years to align to 31st March a longer financial year may be permitted for such alignment.

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    AKILA

no provision exists under 2013 Act.

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