Company petition to NCLT -compounding and EGM to adopt accounts

[Jayanta Bandyopadhyay]

Would you please guide us in the following scenario :

FY 22-23--AGM took place to appoint auditor etc but not made it Adjourned to adopt standalone / consolidated (incl of wholly owned foreign subsidiary) financial statements -a mistake

FY 23-24- AOC4 was submitted but not MGT 7 & 8 as we can not mention date of proper AGM in FY 22-23

Planning to go to NCLT for compounding above non-compliance-- is there any direct course correction?

Please guide- how to resolve this

AI Summary

Company Must Hold EGM to Adopt Financial Statements After AGM Failure, Then File MGT 7 & 8 Forms A company failed to properly adopt financial statements during its FY 22-23 AGM and subsequently couldn't file MGT 7 & 8 forms for FY 23-24 due to missing the proper AGM date reference. The recommended solution includes calling an EGM specifically to adopt the financial statements, then filing the missing forms with updated information. If direct correction isn't possible, the company should approach NCLT for compounding under Section 441 of the Companies Act, 2013, which would involve paying prescribed penalties. Consulting with a company secretary or legal expert is advised for case-specific guidance.