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Board Resolution for Adoption of Financial Year of the Company

draft board resolution for fixing of financial year endAccording to sub-section (41) of section 2 of the Companies Act, 2013, a "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. Certain exceptions to this have been prescribed in the provisos to the said sub-section.

After the incorporation, the Board of Directors in their first meeting can adopt the period of the financial year of the company.


You may refer the following template of such board resolutions while preparing the resolution for your company.

SAMPLE #1

#. Adoption of the Financial Year of the Company

“RESOLVED THAT pursuant to the provisions of section 2(41) and any other applicable provisions of the Companies Act, 2013 read with rules made thereunder, including any amendments / re-enactments thereto from time to time, the first financial year of the Company be the period from the date of incorporation of the company i.e. ..(date).. till 31st March, ......., both days inclusive.

RESOLVED FURTHER THAT the subsequent financial years of the Company be for a period of twelve months commencing on 1st April of the year and ending on 31st March of the following year.”

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SAMPLE #2

#. To adopt the first and subsequent fiscal years of the company

“RESOLVED THAT the first financial year of the Company be the period from the date of incorporation of the company i.e. ..(date).. till 31st March, ......., both days inclusive, and the subsequent financial years of the company be for a period of twelve months commencing on 1st April of the year and ending on 31st March of the following year.”



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Imp. Note: 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.

Comments

  1. Ravindra Kale7/13/2018

    This site is being quite handy for me lately at times of preparation of meeting minutes.

    ReplyDelete

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