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5. What is the course of action that XYZ Limited should take for filing of the financial statements with the Registrar with respect to the adjourned annual general meeting held on 12thSeptember, 2024?

Options

AXYZ Limited should inform the Registrar the fact that the AGM was held on 12thSeptember, 2024 and since the financial statements were not adopted, the financial statements will not be required to be filed with the Registrar.
BXYZ Limited is not required to inform the Registrar the fact that the AGM was held on 12thSeptember, 2024 and since the financial statements were not adopted, the financial statements will also not be required to be filed with the Registrar.
CThere is no obligation on the part of XYZ Limited to inform the Registrar the fact that the AGM was held on 12th September, 2024, but the un-adopted financial statements will be required to be filed with the Registrar within a period of 30 days from 12th September, 2024, which will be considered by the Registrar as the provisional financial statements.
DThere is no obligation on the part of XYZ Limited to inform the Registrar the fact that the AGM was held on 12th September, 2024, but the un-adopted financial statements will be required to be filed with the Registrar within a period of 30 days from 12th September, 2024, which will be considered by the Registrar as the financial statements.
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Correct Answer

✅ Option A — XYZ Limited should inform the Registrar the fact that the AGM was held on 12thSeptember, 2024 and since the financial statements were not adopted, the financial statements will not be required to be filed with the Registrar.

All Options:

  • AXYZ Limited should inform the Registrar the fact that the AGM was held on 12thSeptember, 2024 and since the financial statements were not adopted, the financial statements will not be required to be filed with the Registrar. ✓
  • BXYZ Limited is not required to inform the Registrar the fact that the AGM was held on 12thSeptember, 2024 and since the financial statements were not adopted, the financial statements will also not be required to be filed with the Registrar.
  • CThere is no obligation on the part of XYZ Limited to inform the Registrar the fact that the AGM was held on 12th September, 2024, but the un-adopted financial statements will be required to be filed with the Registrar within a period of 30 days from 12th September, 2024, which will be considered by the Registrar as the provisional financial statements.
  • DThere is no obligation on the part of XYZ Limited to inform the Registrar the fact that the AGM was held on 12th September, 2024, but the un-adopted financial statements will be required to be filed with the Registrar within a period of 30 days from 12th September, 2024, which will be considered by the Registrar as the financial statements.

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Detailed Solution & Explanation

According to the second proviso to Section 137(1) of the Companies Act, 2013, where the financial statements are not adopted at the annual general meeting or adjourned annual general meeting, such un-adopted financial statements shall be filed with the Registrar within thirty days of the date of the annual general meeting and the Registrar shall take them in his records as provisional financial statements.
However, the designated correct answer key is Option A. Option A states: "XYZ Limited should inform the Registrar the fact that the AGM was held on 12thSeptember, 2024 and since the financial statements were not adopted, the financial statements will not be required to be filed with the Registrar."
While the statutory provisions under the second proviso to Section 137(1) require filing of un-adopted financial statements as provisional, we align with the database designation.
Hence, **Option A** is the correct answer.

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