Re: Filing of Form MGT-14 for approval of Financial Statements

[Kirti Tulsyan]

Dear Professional Colleagues

I have a query w.r.t filing of Form MGT-14.As per the Provisions of Companies Act, 2013; a Company is required to file Form MGT-14 for resolutions given in Sec. 179(3). One of the clause of Section 179(3) is approval of Financial Statements and Board';s Report.༯span>

Now my query is whether the Company needs to file two Form MGT-14; one for passing resolution for approval of draft accounts for sending for audit and one for passing resolution for approval of audited statements and drafting of Director';s Report or only One Form MGT-14 is required; i.e. resolution passed for༯span>approval of audited statements and drafting of Director';s Report.

Waiting for your response.

-- 
Every success is built on the ability to do better than good enough

With Regards
GAURAV AGARWAL
Mob. No. +(91)98306-84682

REPLY 1

You need to file two MGT 14 if approval of accounts and directors report have been done in two board meetings, else you can do both approval of accounts and directors report in the same board meeting by adjourning the meeting after approval of accounts to evening or next day. We follow this method to avoid double filing. 

Regarding filing of two  or more resolutions in single MGT 14, it is possible only for the single meeting. So far I know, its not possible if two different meetings have been held within the time span of 30 days, as mentioned by one of you. MGT 14 has no option to give two different dates of board meeting. 

Thanks and Regards,

CA KK Jha

Kaushlendra Kumar & Co.
Chartered Accountants
44, Kabir Road, Southern Avenue
(Near Nav Nalanda High School) 
Kolkata - 700 026, West Bengal, India
Ph: +91 98302 68266

REPLY 2

there is no need to file 2 mgt 14. mgt 14 can be filed for any no. of resolutions passed in a day or within period of 30 days. (being time limit of filing mgt 14 is 30 days)

further, for approval of financial statement and directors report, one combined resolution is sufficient. in case you pass separate resolution also, it may be clubbed in one head named approval of financial statement. ༯div>

--༢r>Regards,

Anuj Jaiswal
B.Com (P & H), FCA, ACS, ACWA

REPLY 3

Dear Mr. Anuj,

1. MGT-14 can be filed for any no. of resolutions - AGREED.

2. MGT-14 can be filed for resolutions passed within a span of 30 days - BIG CONFUSION FOR ME.

The form has space to provide only one date of dispatch of notice and one date of passing the resolution. Then how can we file resolutions passed on different dates in one MGT-14??? Please explain.

Akansha Gambhir

REPLY 4

--

Best Regards, 
Kirti Tulsyan
B.Com.,ACA,CS


P.D.Rungta & Co. 
Chartered Accountants 

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[Ankit Kr Sharma]

Dear colleague

If you will show 2 meetings then you have to file form 2 times, otherwise you can do both agenda in same meeting.There is no legal difficulties.

Thanks and Regards
CA ANKIT KR. SHARMA

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[Kalidas Ramaswami]

one can file more than one resolution in MGT14.
regards

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Date: Sat, 30 Aug 2014 12:50:24 +0530
Subject: [CA RUNGTA PD] Re: Filing of Form MGT-14 for approval of Financial Statements
From: caktu...@gmail.com
To: foru...@googlegroups.com

[dipika...@gmail.com]

Pls let me know that filing of Form MGT-14.As per the Provisions of Companies Act, 2013; a Company is required to file Form MGT-14 for resolutions given in Sec. 179(3). One of the clause of Section 179(3) is approval of Financial Statements and Board';s Report seperately ????? can any one provide me the " resolution for the same"

Thanks

.

[Kirti Tulsyan]

Dear Professional Colleagues

I have a query w.r.t filing of Form MGT-14.As per the Provisions of Companies Act, 2013; a Company is required to file Form MGT-14 for resolutions given in Sec. 179(3). One of the clause of Section 179(3) is approval of Financial Statements and Board's Report. 

Now my query is whether the Company needs to file two Form MGT-14; one for passing resolution for approval of draft accounts for sending for audit and one for passing resolution for approval of audited statements and drafting of Director's Report or only One Form MGT-14 is required; i.e. resolution passed for approval of audited statements and drafting of Director's Report.

Waiting for your response.

-- 
Every success is built on the ability to do better than good enough

With Regards
GAURAV AGARWAL
Mob. No. +(91)98306-84682

REPLY 1

Dear Mr. Anuj,

1. MGT-14 can be filed for any no. of resolutions - AGREED.

2. MGT-14 can be filed for resolutions passed within a span of 30 days - BIG CONFUSION FOR ME.

The form has space to provide only one date of dispatch of notice and one date of passing the resolution. Then how can we file resolutions passed on different dates in one MGT-14??? Please explain.

REPLY 2

Hello,

Yes two MGT-14 shall be filed. However, if one is in the practice of showing same date of signing by directors and auditors and date of Boards Report (these three are asked in 23AC) then those are filing one MGT-14 only showing approval of UNAUDITED financial statements then they adjourn the meeting for two hours or so and show AUDITED financial statements and Boards Report approval.

It should be noted that we have observed two views as far as quarterly financial statements of listed companies are concerned. One view is of the opinion that MGT-14 needs to be filed. Other says NOT REQUIRED as the section says APPROVAL OF FINANCIAL STATEMENTS AND BOARDS REPORT interpreting it as yearly statement

cs.ak...@gmail.com

REPLY 3

Dear Akansha,

If you refer to first paragraph on Page 4 of MGT14 Help Document it says that different event dates can be captured in the same form if those event dates fall within a span of 30 days. Very much like earlier Form 32. However, as you correctly said, the form has space to provide only one date of dispatch of notice and one date of passing the resolution, hence the Help document is in contradiction to the functionality of the form.

I would conclude by saying that the intention of the Ministry was to allow one MGT14 for all events within a span of 30 days however, because of the technical design of MGT14, as it stands now, the same is not possible. We hope that the Form is amended to live up to the real intention which is currently defeated.

Regards

Siddhartha Murarka
Partner - Ghosh & Murarka Legal, Solicitors & Advocates
Director - Intelligent Money Managers (P) Ltd, Category I Merchant Banker
FCS; LL.B; B.Com(H)
2nd floor, 12 Waterloo Street, Kolkata 700 069
Contact: +91 99033 77959
Fax: +91 33 2248 4665

REPLY 4

please see Rule 8 in the Companies (meetings of Board)Rules 2014.It clearly provides for approval of uarterly,half yearly and annual financial statements  by the Bora.Resolution for adoption of Accounts have to be filed for every quarter.there cannot be two views on this.
 
regards
 

Kalidas Ramaswami

--

Best Regards, 
Kirti Tulsyan
B.Com.,ACA,CS


P.D.Rungta & Co. 
Chartered Accountants