Board Resolution Format for Extension of Financial / Fiscal Year

Draft of Board Resolution for Extension of Financial Year

❝RESOLVED THAT pursuant to the provisions of section 2(41) and other applicable provisions of the Companies Act, 2013 and rules made thereunder, including any amendments thereto from time to time, and subject to the approval of the Registrar of Companies, ............, the financial year 20xx-xx of the Company commencing from ..(date).. and ending on ..(date).., be extended by three more months and be ended on ..(date)...

RESOLVED FURTHER THAT (Name of the Director/ CS/ Officer), (Designation) be and is hereby authorized to make an application to the Registrar of Companies, ............, and do all such acts, deeds and things as may be necessary for the purpose of giving effect to the foregoing resolution.❞

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Please refer the latest provisions of the Act and rules thereunder, and any other applicable provisions before finalising the resolution. The above mentioned resolutions are only specimen copy of resolutions for reference purpose only.

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Imp. Notes:

Under Section 210(4) of the Companies Act, 1956, there was specific provisions as to extension of the financial year of a company and the requirement to obtain the approval of the ROC for this purpose.

But, there is no such provision under the Companies Act, 2013 as to extension of the financial year of a company. The extension is possible only to bring the financial year period of the company in uniformity with the period prescribed under Section 2(41) of the Companies Act, 2013 so that it ends on March 31.

A company can seek extension for holding the AGM beyond due date after obtaining approval of the ROC as per the Section 96(1) of the Companies Act, 2013.