IN RE Vs. GN AUDIO INDIA PRIVATE LIMITED

JUDGEMENT

(1.) This is a Petition filed by M/s. GN Audio India Private Limited under 1st proviso of Section 2 (41) of the Companies Act, 2013 seeking to change the financial year of the Company to January to December instead of the present one being adopted by following the financial year April-March and in respect of the same the following prayer is reflected in the Petition, namely:-

(2.) The facts in brief as submitted is that the petitioner is a company incorporated in India under the provisions of Companies Act, 2013 and presently is engaged primarily in the business of development, production and sales of headphones and speakers and other activities related thereto. The petitioner further submits that it has its registered office at 311B, DLF South Court, Saket, South Delhi-110017 falling within the jurisdiction of Registrar of Companies, NCT, Delhi & Haryana.

(3.) The Petitioner avers that the promoters/holding Company of the Petitioner is M/s. GN Audio A/S, a body corporate incorporated outside India having its office at Lautrupbjerg 7, 2750 Ballerup, Denmark which is holding 3,99,999 equity shares out of 400,000 equity shares of the petitioner and the remaining 1 (one) share of the equity share capital of the petitioner is held by GN Audio Singapore Pte Limited, a body corporate incorporated outside India having its registered office at 150 Beach Road, 15-05/06, Gateway West, Singapore 189720. It is submitted by the petitioner that presently, both the parent/shareholding companies follow as their financial year as January to December of the same year for their accounting and in order to bring the financial year of the Petitioner company in conformity with the financial year of parent/shareholding companies, this petition has been filed.