By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants Sejal Vasa | Company Secretary
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Part D : company law
Changes relating to Company Law for the period November 15,
2010 to December 15, 2010.
36. Reopening/revision of annual accounts after their
adoption in the annual general meeting — General Circular No. 5/2010, dated
2-11-2010.
The Ministry, vide General Circular Number 1/2003 (F.No.
17/75/2002), dated 13-1-2003 had directed the grounds and manner in which
accounts can be re-opened/revised by companies and thereafter adopted by
shareholders.
It has now come to the notice of the Ministry that few
companies have been filing their annual accounts u/s.220 more than once
resulting into filing/availability of more than one such accounts in the
Registry for a particular financial year.
The matter has been examined in the Ministry in detail and it
has been concluded that keeping in view the provisions of S. 220 of the Act read
with the Ministry’s General Circular 1/2003, a Company cannot lay more than one
set of annual accounts for a particular financial year, unless it has
reopened/revised such annual accounts after their adoption in the Annual General
Meeting on the grounds specified in Ministry’s Circular No. 1/2003.
Accordingly, it is hereby directed that ROCs should keep a
watch on such kinds of repeat filings of annual accounts and such accounts
should not be accepted except in accordance with provisions of S. 220 read with
Ministry’s General Circular 1/2003.
