Brem Limited, a public company, held its Annual General Meeting (AGM) on 31st August, 2024. During this AGM, the financial statements for the…

According to first provision to section 137 (1) of the Companies Act, 2013, where the financial statements are not adopted at Annual General Meeting (AGM) or adjourned AGM, such unadopted financial statements along with the required documents shall be filed with the Registrar within thirty days of the date of Annual General Meeting and the Registrar shall take them in his records as provisional till the financial statements are filed with him after their adoption in the adjourned Annual General Meeting for that purpose. According to second proviso to section 137 (1) of the Companies Act, 2013, financial statements adopted in the adjourned AGM shall be filed with the Registrar within thirty days of the date of such adjourned AGM with such fees or such additional fees as may be prescribed. In the instant case, the accounts of Brem Ltd. were adopted at the adjourned AGM held on 15th September, 2024 and filing of financial statements with Registrar was done on 5th October, 2024 i.e. within 30 days of the date of adjourned AGM. However, Brem Ltd. has not filed its unadopted financial statements within 30 days of the date of the Annual General Meeting held on 31st August 2024. Hence, Brem Ltd. has not complied with the statutory requirement regarding filing of unadopted accounts with the Registrar, but has certainly complied with the provisions by filing of adopted accounts within the due date with the Registrar.