Copy of financial statement to be filed with Registrar and Internal audit of companies. Section 137 and 138 of Indian Companies Act 2013

 Copy of financial statement to be filed with Registrar and Internal audit are defined under Section 137 and 138 of Indian Companies Act 2013. Provisions under these sections are:

Section 137 of Indian Companies Act 2013 "Copy of financial statement to be filed with Registrar"

(1) A copy of the financial statements, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such financial statements under this Act, duly adopted at the annual general meeting of the company, shall be filed with the Registrar within thirty days of the date of annual general meeting in such manner, with such fees or additional fees as may be prescribed within the time specified under section 403:

 

Provided that where the financial statements under sub-section (1) are not adopted at annual general meeting or adjourned annual general meeting, such un adopted financial statements along with the required documents under sub-section (1) shall be filed with the Registrar within thirty days of the date of annual general meeting and the Registrar shall take them in his records as provisional till the financial statements are filed with him after their adoption in the adjourned annual general meeting for that purpose:

Provided further that financial statements adopted in the adjourned annual general meeting shall be filed with the Registrar within thirty days of the date of such adjourned annual general meeting with such fees or such additional fees as may be prescribed within the time specified under section 403:

Provided also that a One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty days from the closure of the financial year:

Provided also that a company shall, along with its financial statements to be filed with the Registrar, attach the accounts of its subsidiary or subsidiaries which have been incorporated outside India and which have not established their place of business in India.

(2) Where the annual general meeting of a company for any year has not been held, the financial statements along with the documents required to be attached under sub-section (1), duly signed along with the statement of facts and reasons for not holding the annual general meeting shall be filed with the Registrar within thirty days of the last date before which the annual general meeting should have been held and in such manner, with such fees or additional fees as may be prescribed within the time specified, under section 403.

Punishment for violation of Section 137 of Companies Act 2013 regarding filing of Financial Statement with the Company

(3) If a company fails to file the copy of the financial statements under sub-section (1) or sub-section (2), as the case may be, before the expiry of the period specified in section 403, the company shall be punishable with fine of one thousand rupees for every day during which the failure continues but which shall not be more than ten lakh rupees, and the managing director and the Chief Financial Officer of the company, if any, and, in the absence of the managing director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees, or with both.

Section 139 of Indian Companies Act 2013 "Internal audit"

(1) Such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company.

(2) The Central Government may, by rules, prescribe the manner and the intervals in which the internal audit shall be conducted and reported to the Board.

What is Report on annual general meeting? What is the Applicability of this Chapter to One Person Company? What is Declaration of dividend? How to keep Unpaid Dividend Account? Section 121, 122, 123 and 124 of Indian Companies Act 2013

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What is Right to dividend, rights shares and bonus shares to be held in abeyance pending registration of transfer of shares? What is the Punishment for failure to distribute dividends? Section 126 and 127 of Indian Companies Act 2013

What are the Books of account, etc, to be kept by company? What is Financial statement? Section 128 and 129 of Indian Companies Act 2013

What is Re-opening of accounts on courtís or Tribunalís orders? What is voluntary revision of financial statements or Boardís report? Section 130 and 131 of Indian Companies Act 2013

What is Constitution of National Financial Reporting Authority? Section 132 of Indian Companies Act 2013

Central Government to prescribe accounting standards and Financial statement, Boardís report, etc? Section 133 and 134 of Indian Companies Act 2013

What is Corporate Social Responsibility? What is the Right of member to copies of audited financial statement? Section 135 and 136 of Indian Companies Act 2013

Copy of financial statement to be filed with Registrar, Internal audit of companies. Section 137 and 138 of Indian Companies Act 2013

Appointment of auditors Removal, resignation of auditor and giving of special notice. Section 139 and 140 of Indian Companies Act 2013

 

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