Regulation 2(1)(i)of LODR
“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:
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:
Provided further that any application pending before the Tribunal as on the date of commencement of the Companies (Amendment) Act, 2019, shall be disposed of by the Tribunal in accordance with the provisions applicable to it before such commencement.
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 may, on an application made by that company or body corporate in such form and manner , allow any period as its financial year, whether or not that period is a year:
Provided further that any application pending before the Tribunal as on the date of commencement of the Companies (Amendment) Ordinance, 2018, shall be disposed of by the Tribunal in accordance with the provisions applicable to it before such commencement.
Provided that on an made by a company or body corporate, which is a holding company or a subsidiary of a company incorporated outside India and is required to follow a different financial year for consolidation of its accounts outside India, the Tribunal may, if it is satisfied, allow any period as its financial year, whether or not that period is a year:
Provided further a company or body corporate, existing on the commencement of this Act, shall, within a period of two years from such commencement, align its financial year as per the provisions of this clause
also that in case of a Specified IFSC public company, which is a subsidiary of a foreign company, the financial year of the subsidiary may be same as the financial year of its holding company and approval of the Tribunal shall not be required.
also that in case of a Specified IFSC private company, which is a subsidiary of a foreign company, the financial year of the subsidiary may be same as the financial year of its holding company and approval of the Tribunal shall not be required.
2.1.40-Companies (Incorporation) Rules,2014
(1) The application for approval of concerned Regional Director under sub-section (41) of section 2, shall be filed in along with the fee as provided in the companies (Registration offices and Fees) Rules, 2014 and shall be accompanied by the following documents, namely:-
(a) grounds and reasons for the application;
(b) 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;
(c) Power of Attorney or Memorandum of Appearance, as the case may be;
(d) details of any previous application made within last five years for change in financial yea and outcome thereof along with copy of order.
(2) Where the Regional Director on examining the application, referred to in sub-rule (1), finds it necessary to call for further information or finds such application to be defective or incomplete in any respect, he shall give intimation of such information called for or defects or incompleteness, on the last intimated e-mail address of the person or the company, which has filed such application, directing the person or the company to furnish such information, or to rectify defects or incompleteness and to re-submit such application within a period of fifteen days, in .
Provided that a maximum of two re-submissions shall be allowed.
(3) (a) In case where such further information called for has not been provided or the defects or incompleteness has not been rectified to the satisfaction of the Regional Director within the period allowed under sub-rule (2), the Regional Director shall reject the application with reasons within thirty days from the date of filing application or within thirty days from the date of last re-submission made as the case may be.
(b) tn case where the application is found to be in order, Regional Director shall allow and convey the order within thirty days from the date of application or within thirty days from the date of last re-submission, as the case may be.
(c) where no order for approval or re-submission or rejection has been explicitly made by the Regional Director within the stipulated time of thirty days, it shall be deemed that the application stands approved and an approval order shall be automatically issued to the applicant.
(4) 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.
- Substituted vide MCA Notification dated 02.08.2023 regarding Companies (Incorporation) Second Amendment Rules, 2023. To view the Notification, Click here.
- Form RD-1 has been substituted vide MCA Notification dated 19.01.2023 regarding Companies (Incorporation) Amendment Rules, 2023. To view the Notification, Click here and to view the revised Return, Click here.
- Form RD-1 is substituted vide the companies (Incorporation) Seventh Amendment Rules, 2019 dated 28.08.2019. To view the new Form RD-1, Click Here. To view the Notification, Click Here.
- Refer Clarification on filing of e-form RD- 1 for Conversion of public company into private company and change in a Financial Year dated 11.03.2019. To view the Circular, Click Here.
- To view the old Return, Click Here
- Omitted vide MCA Notification dated 19.01.2023 regarding the Companies (Incorporation) Amendment Rules, 2023. To view the Notification, Click here.
- Form RD-GNL-5 is substituted vide the companies (Incorporation) Seventh Amendment Rules, 2019 dated 28.08.2019. To view the new Form RD-GNL-5, Click Here. To view the Notification, Click Here.
- To view the old Return, Click Here
27.3.67-National Company Law Tribunal Rules, 2016.
67. Petition under sub-section (41) of section 2-
The petition under the sub-section (41) of Section 2 be filed to the Tribunal in and shall be accompanied by such documents as are mentioned in .
Companies (Removal of Difficulties) Third Order, 2014 [S.O. 1429 (E) dated 02/06/2014
Commencement Notification dated 09.02.2018
Delegation of powers u/s. 2(41) to Regional Directors vide Notification No. S.O.6225(E) dated 18.12.2018
Enforcement Notification S.O. 902(E) dated 26/03/2014
Exemption to Specified IFSC Private company [GSR 09(E)] dated 04/01/2017
Exemption to Specified IFSC Public company [GSR 08(E)] dated 04/01/2017
MCA Notification dated 02.08.2023 regarding Companies (Incorporation) Second Amendment Rules, 2023
MCA Notification dated 19.01.2023 regarding Companies (Incorporation) Amendment Rules, 2023
The Companies (Amendment) Act, 2017 (Effective from 03.01.2018)
The Companies (Amendment) Act, 2019 dated 31.07.2019
The Companies (Amendment) Ordinance, 2018 dated 02.11.2018 [repealed vide the Companies (Amendment) Ordinance, 2019]
The Companies (Amendment) Ordinance, 2019 dated 12.01.2019 w.e.f., 02.11.2018
The Companies (Incorporation) Fourth Amendment Rules, 2018 dated 18.12.2018
The companies (Incorporation) Seventh Amendment Rules, 2019 dated 28.08.2019
Clarification on filing of e-form RD- 1 for Conversion of public company into private company and change in a Financial Year dated 11.03.2019