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GEODESIC LTD. - Outcome of Board Meeting
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12 May 2014
Geodesic Ltd has informed BSE that the Board of Directors had passed a circular resolution on March 28, 2014 for change of Financial Year 2013-14 to end on March 31, 2014 as per the provisions of the Companies Act, 2013.&lt;br/&gt;&lt;br/&gt;The Company had to recast its Accounts for FY 2011-12 which resulted in delayed audit for FY 2012-13.&lt;br/&gt;&lt;br/&gt;The Annual General Meeting of the Company for FY 2012-13 was convened on May 10, 2014. It would be challenging for the Company to adopt the Audited Results for FY 2013-14 within 60 days of the end of Financial Year i.e. till May 31, 2014 as per the provisions of the Listing Agreement.&lt;br/&gt;&lt;br/&gt;According to the proviso to Section 2(41) of the Companies Act, 2013, the Company can align its financial year according to the act within two years from the enforcement of the Act.&lt;br/&gt;&lt;br/&gt;The Board of Directors, in their meeting held on May 12, 2014, reviewed their decision and decided that the FY 2013-14 would remain for 12 months from July 2013 to June 2014.
View all announcements for GEODESIC LTD. Source: BSE India