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This is in continuation of my query on necessity to file Board resolutions approving financial accounts. The Board generally approves and sign the draft accounts when presented to the auditors for their report thereon. The auditors report is adopted by the subsequently and the Board report is prepared and approved after perusal of auditors report. When these events are held on different dates, ie draft accounts are approved and signed on behalf of the Board in a meeting and the auditors report and Board report are approved in a subsequent meeting, should we file MGT 14 twice?. One within 30 days of the first meeting when the draft accounts are approved by the Board and the second within 30 days of the subsequent meeting in which the Board report is approved? Sec 179(3) read with Sec 117 stipulates filing of MGT 14 for approval of financial statements and Board report. Hence this query.

Section 117- Resolutions and agreements to be filed.

Posted By: Latha 10 year(s) ago

This question has been closed if you want to answer,you have to re-open.


    Ramasubramanian

Pl follow the normal accepted practice. The Board report and the Draft Accounts are approved and sent to the Auditors for their report. Most of the Companies follow the same date for all the financials statements and the reports. If the Auditors have qualifications, adjourn the Board Meeting for one or two hours and then get the Auditors report and prepare the Addendum. (Incidentaly Section 179 talks about Board report and not the Addendum to the Board report) if you have different dates for approving draft Accounts and approving of Board report, then you will end up filing two MGT-14. I do not understand why the Board has to approve the Auditors report. The Auditors report are laid only in the AGM and not in the Board meeting.

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Pramod Prabhudesai
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