The Ministry of Corporate Affairs has vide its General Circular no. 8/2014 dated 4th April, 2014 clarified that companies whose financial year commenced from 1st April, 2014 shall be governed by the Companies Act, 2013 and those companies whose financial year commenced earlier than 1st April, 2014 i.e. where the financial year was from 1st January 2014 – then in that case the relevant statute would be the Companies Act, 1956. Therefore for the financial year ended 31st March, 2013, the relevant statute that will be applicable is the 1956 Act.
The relevant last para of the said circular is reproduced hereunder for easy reference.
Although the position in this behalf is quite clear, to make things absolutely clear it is hereby notified that the financial statements (and documents required to be attached thereto), auditors report and Board’s report in respect of financial years that commenced earlier than 1st April, 2014 shall be governed by the relevant provisions/Schedules/rules of the Companies Act. 1956.
A Copy of the circular can be found here i.e.