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The Financial Statements shall give a true and fair view of the affairs of the companies.
Items of the financial statements shall be in compliance with the Accounting Standards. The financial Statements along with Auditor’s Report/ Director’s Report and all the requisite annexures shall be laid before the members at each AGM of the Company for their adoption and approval.
Where a company has one or more subsidiaries, additionally Consolidated Financial Statements of the company and all its subsidiaries shall also be prepared and laid before the members at the AGM. All the provisions applicable for the adoption and approval of the financial statements of a holding company shall apply to the consolidated financial statements as well.
Applicable Section/Rules:
Every Company needs to file Audited Financial Statements within 30 days of Annual General Meeting as follows:
Form |
Applicability |
Purpose |
|---|---|---|
In case Financial Statements are not adopted at the AGM, then un-adopted financial statements shall be filed within 30 days of date of AGM. If financials are revised, revised ones should also be filed.
The Financial Statements should:
Except the aforesaid will not apply to:
Deviation from Accounting Standards:
If the financial statements do not comply with the accounting standards prescribed, the company is required to disclose such deviation in the financial statements, the reasons for deviation and the financial effects, if any arising out of such deviation.
Penalty:
Section |
Company |
Officers Liable |
|---|---|---|
AOC – 4 by OPC:
Filing of Financial Statements by OPC for the year 1st April to 31st March within 180 days from closure of financial year (Due Date: 27 September)
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