CHANGE IN FINANCIAL YEAR

According to the Section 2(41) of Companies Act 2013,

“Financial Year” in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up.

Provided that where a company or body corporate, which is a holding company or a subsidiary or associate company of a company incorporated outside India and is required to follow a different financial year for consolidation of its accounts outside India, the Central Government may, on an application made by that company or body corporate in such form and manner as may be prescribed, allow any period as its financial year, whether or not that period is a year.

PROCEDURE TO BE FOLLOWED:-

According to Rule 40 of Companies (Incorporation) Rules 2014,

The application for approval of concerned Regional Director under sub-section (41) of section 2, shall be filed in e-Form No .RD- 1 along with the fee as provided in the companies (Registration offices and Fees) Rules, 2014 and shall be accompanied by the following documents, namely:-

• Power of Attorney or Memorandum of Appearance, as the case may be,
• Brief Synopsis of the Parties
• Grounds and reasons for the application
• Petition
• MOA/AOA of the Parties
• List of Shareholders/List of Directors
• A copy of the minutes of the board meeting at which the resolution authorising such change was passed, giving details of the number of votes cast in favour and or against the resolution;
• Provisional Balance sheet / Audited Balance Sheet
• Details of any previous application made within last five years for change in financial year and outcome thereof along
• Auditor Certificate
• Master Data
• Memo of Appereance
• GN-1
• RD-1

NOTE :- Maximum of two re-submissions shall be allowed.

The order conveyed by the Regional Director shall be filed by the company with the Registrar in Form No. INC-28 within thirty days from the date of receipt of the order along with fee as provided in the Companies (Registration Offices and Fees)Rules, 2014.