9911796707
TMI Blog2013 (10) TMI 357X X X X Extracts X X X X X X X X Extracts X X X X ..... the time period by which the financial year is to be extended. The decision to extend the financial year, therefore, can be taken at any time though the period cannot be extended by more than three months without special approval of the Registrar of Companies. It would be unrealistic to take a view that in every case, the company must take decision to extend the financial year, before the financial year or the period by which the financial year is sought to be extended, expires. Neither there is such requirement laid down in Section 210 of the Act nor there is any necessity to read such a requirement in the provisions of the Act. - Decided against the petitioner and in favor of company. - W. P.(C) 9003/2011 - - - Dated:- 23-7-2013 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he accounting year for a period upto three months can be taken by the company before the end of the financial year or at best before the period by which the financial year is to be extended, expires and not thereafter. In other words, according to the learned counsel, the decision to extend the accounting year ought to have been taken on or before 31.03.2011 or at best by 30.06.2011whereas in the present case it was taken on 11.08.2011 after the aforesaid three months had already expired. 4. The learned counsel for the respondent no. 3, on the other hand, submits that the decision to extend the financial year could be taken by the company even after expiry of the period by which the financial year is sought to be extended and there is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the financial year, either by the end of the financial year or within the time period by which the financial year is to be extended. The decision to extend the financial year, therefore, can be taken at any time though the period cannot be extended by more than three months without special approval of the Registrar of Companies. To take an example, if an company is expecting to finalize its accounts and balance sheet in time and towards the fag end of the financial year, it finds that for some reason or the other, it shall not be in a position to finalize the accounts and balance sheet by the end of the financial year, in case the contention of the learned counsel for the petitioner is extended, it will have to convene a Board meeting on o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
