If you are late for school but if you have a good reason, you may be excused. But if you are habitually late, say, more than three times in a short space time, then your excuses may wear a little thin. You could end up in detention class or whatever they call it these days. In earlier days, it could even have meant the rotan!
According to the Companies Commission of Malaysia, a “company’s financial statement need (sic) to be tabled (at the AGM) within six months after financial year ended.”
And then, Section 165 of the Companies Act 1965 requires all companies to lodge the annual return (which includes the financial statements and the auditor’s report) within one month of the AGM.
Of course, the company can apply for an extension under Section 143(2) and/or section 169(2) of the Act if it has a special reason for not holding the AGM in time. The Registrar will then have to assess if the reason given is valid.
One experienced company secretary told me, “The Registrar is now very strict about these deadlines.”
So, what happens if a firm is habitually late? What happens if it misses the usual deadline for tabling or submission of accounts, not once but five times?
Let’s take a look at a company which has been very much in the news.
Serially late
1MDB’s financial year ends on 31 March each year. The chronology shows it has missed the initial six-month deadline (30 September) for tabling of accounts five times. The latest financial statements for the year 31 March 2015 are still not out even after six months have lapsed. The firm has reportedly been granted an extension.
Full article on Aliran website.
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Ceramah Perdana – Majlis Perasmian Wisma Amanah Negara, Kuala Lumpur 28/11/2015
Adakah Penjualan Aset IPP Kepada China Menguntungkan 1MDB?
https://www.youtube.com/watch?v=yOWyKx2OzzQ
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Missing billions of 1MDB:
https://www.youtube.com/watch?v=dM5NpaSFu28
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Bikin Panas: Najib Razak Skandal 1MDB (Perdana Menteri Malaysia dan Juga Presiden UMNO) disaran agar meletakkan Jawatan oleh Wakil 108 cawangan yang terdiri daripada Ketua-ketua Cawangan serta sayap daripada 7 bahagian UMNO negeri Johor
https://www.youtube.com/watch?v=P77fa4H0xN0
https://jebatmustdie.wordpress.com/
Read the article “Arul Kanda said so many stupid things about 1MDB, it is just sickening”
Creative accounting, fictional stories, political propaganda,
investigation after investigation by overseas financial regulatory authorities.
On important item missing is contingent liabilities like guarantees, Lettter of Credits etc.
1MDB case might as well be delayed another 5 years!
Better go sell Nasi Kanda.
Just out – Arul’s briefing on 1MDB today:
Arul clarifies 1MDB’s finance cost
https://m.youtube.com/watch?v=H7xGF6FRomY
Arul explains ‘brazen sky’ and ‘unit’
https://m.youtube.com/watch?v=xFgZel4_vkk
Arul on Najib’s role in 1MDB
https://m.youtube.com/watch?v=pfJsrqzU2pY
Arul Kanda is having Q&A with the press on 1MDB today according to TV1. Not sure if he could explain the issue on lateness.
Arul Kanda said today at PWTC briefing of 1MDB that even after disposing some of its assets to settle its RM42 billion debt, 1MDB would still have assets worth between RM10 billion and RM12 billion.
http://sakmongkol.blogspot.my/
(Datuk Sak used to be a political aide of Najib)
http://syedsoutsidethebox.blogspot.my/
(Mr Syed Akbar Ali is an UMNO supporter)
Who repeatedly granted extensions for submission of audited accounts to 1MDB?
It should 1MDB tak boleh!