As per section 2(41) of companies Act, 2013 every Company is required to follow uniform Financial Year ending on 31st March. Companies following a different FY were given a transition period of 2 years to comply with the requirement. It means Company has to comply with this provision by 31st March, 2016.
The new law has not provided any specific procedure for such alignment during the transitional period. Further, with respect to this provision there is no separate format or forms to intimate ROC and different ROC have different views on this matter.
It came to our notice in one case that ROC had given the extension under the old Act (Section 210(4) of Companies Act, 1956). Section 210 of the Companies Act, 1956 has been repealed w.e.f 01-04-2014 itself and neither the corresponding provision i.e. section 129 (Annual Financial Statements) nor section 2(41) of the Companies Act, 2013 prescribes any procedure for such extension. ROC probably had given extension during initial months of implementation of the new Act but has started rejecting the application by saying that the ROC does not have the power to grant extension under Section 129 of the Companies Act, 2013.
We are of the view that a company can align its financial year by passing a board resolution without any requirement of seeking permission of any authority under law and while doing Annual filing you need to attach the Board resolution.
For future convenience you need to inform this change to other authorities if any, like Income tax, SEBI (for listed Co.). etc.
If any Company which is holding or subsidiary of a company incorporated outside India and is required to follow a different financial year for consolidation of its accounts outside India, suitable application is to be filed with the Tribunal.