9911796707
TMI Blog2013 (10) TMI 357X X X X Extracts X X X X X X X X Extracts X X X X ..... ee months. The period can be further extended by upto 6 months with the special permission of the Registrar of Companies. 2. In the case before this Court, in terms of Section 210 of the Companies Act, respondent no. 3 which is a company registered under the Companies Act, 1956 was required to hold its Annual General Meeting on or before 30.09.2011, its financial year being 01.04.2010 to 31.03.2011. No decision prior to 11.08.2011 was taken by respondent no. 3 company to extend the accounting year. It was only by way of resolution dated 11.08.2011 that the company decided to extend the accounting year 2010-11 by three months so as to end the said year on 30.06.2011. Consequently, it became eligible to hold the Annual General Meeting, for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the year 2010-11, the office of respondent issued the show cause notice dated 23.12.2011. In response to that the company vide its letter dated 2.1.2012 replied that they have extended the financial period (from 1.4.2010 to 31.3.2011) to (from 1.4.2010 to 30.6.2011) and hence the company could hold AGM by 31st December, 2011. The company did hold the AGM on 21st December, 2011 and the accounts of a period of 15 months from 1.4.2010 to 30.06.2011 were approved at the AGM. Accordingly, the company was to file its balance sheet and P&L account by 19th January, 2012 i.e. within 30 days from the date on which the balance sheet and P&L account were laid in the AGM and annual return by 18th February, 2012 i.e. within 60 days from the day on wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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. 7. Considering that the time available to the company is only three months and thereafter, it will necessarily have to go to Registrar of Companies seeking a special approval for extending the financial year beyond three months and obviously, the Registrar of Companies would not accord such an approval unless he is satisfied that there are sufficient reasons for granting such an extension, I find no illegality in the decision taken on 11th August, 2011, to extend the financial year by 3 months. I find no merit in the present writ petition and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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