TOKYO -- Toshiba has given up on filing its financial statement for the year ended this March in time for the regulatory deadline, making it practically a certainty that its stock will be demoted from the Tokyo Stock Exchange's first section.
Japan's Financial Instruments and Exchange Act requires companies closing books in March to file their full-year financial statements by the end of June. But Toshiba and auditor PricewaterhouseCoopers Aarata, which are now finalizing the earnings figures, have no prospects for completing the work by the deadline. Consequently, the major conglomerate will not present its fiscal 2016 business results at its general shareholders meeting to be held on June 28.