IMPORTANT NOTICE AT MCA WEBSITE

Forms DIR-12, CRA-4, SPICe and INC-27 are likely to be revised on MCA21 Company Forms Download page w.e.f 29th Jul 2017. Stakeholders are advised to check the latest version before filing.

With Regards

CS Prakash Verma

MCA Clarification regarding applicability of exemption u/s 143(3)(i) of Companies Act, 2013

MCA Update:

Clarification regarding applicability of exemption u/s 143(3)(i) of Companies Act, 2013

Ministry of Corporate Affairs (MCA) has issued a circular dated 25th July, 2017 clarifying the year from which the exemption u/s 143(3)(i) of the Act will be applicable to certain private limited companies.

Earlier, MCA had issued a notification dated 13th June, 2017 amending its previous notification dated 05th June, 2015 which has prescribed exemptions for Private Limited Companies. By this new notification dated 13th June, 2017, alongwith other matters, MCA has given exemption that Auditor is not required to mention details about internal financial control for certain private companies (small companies, OPCs and other specified Private companies).

However, it was not clear from which year this exemption can be implemented. Upon seeking clarifications by stakeholders, MCA by issuing the Circular dated 25th July, 2017 has clarified that this exemption shall be applicable to those audit reports in respect of financial statements pertaining to financial years commencing on or after 01st April, 2016 which are made on or after 13th June, 2017.

Copy of this Circular can be accessed at below link:
http://www.mca.gov.in/Ministry/pdf/GeneralCircular8_25072017.pdf

Copy of Notification dated 13th June, 2017 can be accessed at below link:
http://egazette.nic.in/WriteReadData/2017/176689.pdf

WBR
Prkverma

Important Notice on MCA Website about XBRL

Updated MCA XBRL Validation Tool version and business rules CSR reporting Business Rules related to the XBRL C&I taxonomy 2016 have been revised. 

Stakeholders are advised to make a note of the changes and use new version of MCA XBRL Validation Tool V3.0.6 while filing AOC-4 XBRL.

With Regards
CS Prakash Verma

IMPORTANT NOTICE AT MCA WEBSITE

Form AOC-4, CRA-2 and 21A are likely to be revised on MCA21 Company Forms Download page w.e.f 21st Jul 2017. Stakeholders are advised to check the latest version before filing.



With Regards
CS Prakash Verma

Insolvency resolution ecosystem is not ready yet, says SBI Chairperson, Arundhati Bhattacharya

Insolvency resolution ecosystem is not ready yet, says SBI's Arundhati Bhattacharya

http://economictimes.indiatimes.com/news/economy/policy/insolvency-resolution-ecosystem-is-not-ready-yet-says-sbis-arundhati-bhattacharya/articleshow/59547034.cms

NCLT Order - Misrepresentation in BS of the Company

Company wrongly shown issued capital as Rs.84  cr instead of Rs.100 cr. in violation of Sec.211 of CA 1956.  Co. contended that the  default did not cause any prejudice to members, creditors and no harm was caused to public interest.  NCLT however refused to  compound the offence:

http://nclt.c2k.in/OtherNCLT/Publication/Hyderabad_Bench/2017/Other/JellaJaganN.pdf

With Regards
Prakash Verma