Law stated in this post is as on 20th December 2018.
Financial Year reflects the reporting period for the purpose of financial and non-financial reporting by a company to its stakeholders including government authorities. Since the financial year of the Government of India is 1st April to 31st March as per the British system. The Companies Act, 2013 aligned financial year for companies registered in India to that of the government. There are certain exemptions to have a different period for the financial year. In this post we will discuss the financial year in light of the companies (Amendment) Ordinance, 2018 read with the companies (Incorporation) Fourth Amendment Rules, 2018 and Notification S.O. 6225 (E) dated 18th December 2018.
Before discussing the circular, I will check definition of financial year in the Companies Act 1956. The clause (17) of section 2 of the Act define “financial year means, in relation to any body corporate, the period in respect of which any profit and loss account of the body corporate laid before it in annual general meeting is made up, whether that period is a year or not.”
A company may have many kinds of meetings; general meetings are one among them. In very simple terms, a meeting of general body may be called general meeting. General meeting comprises of all general members of an organisation that is company in our case.
A general meeting may be Annual General Meeting (AGM) or Extra – ordinary General Meeting (EGM).
Posted in Chapter VII – CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged AGM, Annual General Meeting, Companies Act 2013, Companies Bill 2012, CorpGov, CorpLaw, Corporate Governance, Corporate Law, EGM, Extra Ordinary General Meeting, Financial Year, General Meeting, General Meeting by Tribunal, General Meeting on Requisition, India, Legal Reforms, Meeting by Board, Ministry of corporate affairs, One Person Meeting, Proxy, Reforms, Year