Change of Financial Year
A foreign parent wants the Indian subsidiary on its December or June year end so that the consolidation works, and the client is surprised to learn it needs a Government order.
- 3 pages
- 43
- Word and PDF
- 12 September 2026
The 2 formats inside
- 1Board resolution, application to the Regional Director for a different financial years.2(41), Rule 40On its own₹149
- 2Contents of the application in Form RD-1, different financial years.2(41), Rule 40On its own₹149
Read the opening
The first part of “Board resolution, application to the Regional Director for a different financial year”, as it downloads. Blanks are highlighted.
Extract from the minutes of the meeting of the Board of Directors of [ABC Private Limited] held on [Date of the board meeting]
APPLICATION FOR ADOPTION OF A DIFFERENT FINANCIAL YEAR
The Chairman informed the Board that the Company is a [subsidiary / associate / holding company] of [name of the foreign company], a company incorporated in [country], which follows a financial year ending on [31 December / 30 June / ____] and which is required to consolidate the accounts of the Company with its own accounts outside India for that financial year. He informed the Board that under the first proviso to Section 2(41) of the Companies Act, 2013 the Company may apply to the Central Government for permission to follow a financial year different from the period ending on 31 March, and that the power of the Central Government in this behalf is exercised by the Regional Director, the application being made in Form RD-1 under Rule 40 of the Companies (Incorporation) Rules, 2014.