What is Consequences of not attaching board report to financial statements?
Nexa Consultancy | Startup & Finance Glossary
The Board's Report is a mandatory part of the annual report. Failure to prepare it or attach it to the financial statements filed with the ROC is a non-compliance under the Companies Act, attracting penalties on the company and its officers.
Startup Example: A startup files its annual financial statements (AOC-4) but omits the Board's Report. The filing is incomplete and will attract penalties.
We help draft and finalize Board Reports as part of our annual compliance services.