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FINANCIAL YEAR - What is a procedure to have and continue calendar year as a financial year by a company have Foreign Collaboration? Foreign Company have 60% shareholding in Indian Co. Is it any time limit to get approval from any authority?

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Posted By: Sunil kumar agrawal 10 year(s) ago

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Expert Ankit Singhi

According to first proviso of section 2(41) of the Act, company may make an application to tribunal to follow a different financial year (as tribunal not yet come into force, Company can make application to CLB).

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