valid as on 28/09/2020

Section 2(41) financial year
Effective from 01-04-2014 and font in blue w.e.f., 02-11-2018

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.

Substituted vide the Companies (Amendment) Act, 2019 dated 31.07.2019 w.e.f., 02.11.2018. To view the Amendment Act, Click Here.
Substituted vide the Companies (Amendment) Ordinance, 2019 which repealed the Companies (Amendment) Ordinance, 2018. W.e.f., 02.11.2018. To view the Ordinance, 2019, Click Here. To view the Ordinance, 2018 Click Here
Central Government delegates its powers u/s 2(41) and second proviso to 14(1) to Regional Directors at Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad and Shillong vide its notification dated 18.12.2018 published in the Official Gazette on 20.12.2018. To view the Notification,Click Here 
Refer Rule 40 of the Companies (Incorporation), 2014. To view the Rule, Click Here
Refer Rule 67 National Company law Tribunal Rules 2016.To view the rule,Click Here
Inserted vide Companies (Amendment) Act, 2017 dated 03.01.2018 effective from 09.02.2018. To view the notification,Click Here
Substituted vide the Companies (Amendment) Act, 2019 dated 31.07.2019 w.e.f., 02.11.2018. To view the Amendment Act, Click Here 
 Inserted vide GSR 8(E) Exemption Notification to specified IFSC Public Company .To view the notification,Click Here
 Inserted vide GSR 9(E) Exemption Notification to specified IFSC Private Company .To view the notification,Click Here

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.

  Inserted vide the Companies (Incorporation) Fourth Amendment Rules, 2018 dated 18.12.2018. To view the Notification, 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

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 .

 

To view the return,Click Here
To view the annexure,Click Here

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


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


Form NCLT 1-Original Application / Reply / Rejoinder / Interlocutory Application or filing of additional documents under directions of the Bench

Inserted vide the National Company Law Tribunal (Amendment) Rules,2020 notification dated 03.02.2020. To view the notification,Click Here

FORM NO. RD GNL-5 (Substituted vide the companies (Incorporation) Seventh Amendment Rules, 2019 dated 28.08.2019)


FORM NO.RD-1 (Substituted vide the companies (Incorporation) Seventh Amendment Rules, 2019 dated 28.08.2019)


Form RD GNL-5


Form RD-1


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