Section 137 of CA 2013 : Section 137: Copy Of Financial Statement To Be Filed With Registrar

Explanation using Example

Imagine a company, "Tech Innovations Ltd.", has conducted its Annual General Meeting (AGM) on September 30, 2023, where the financial statements for the fiscal year ending on March 31, 2023, were adopted. According to Section 137 of the Companies Act, 2013, "Tech Innovations Ltd." is required to file these adopted financial statements with the Registrar of Companies (RoC) within thirty days of the AGM, which means by October 30, 2023.

If "Tech Innovations Ltd." fails to file the financial statements by the due date, they will be subject to a penalty starting from ten thousand rupees, and if the failure continues, an additional one hundred rupees for each day of delay, up to a maximum of two lakh rupees. Moreover, the managing director, the Chief Financial Officer, or other responsible directors could also be penalized up to fifty thousand rupees for the delay.