The MCA21 is considered as one of the most successful mission mode project (MMP) having implemented many innovations viz. internet payments, credit card payment, electronic issuance of stamp paper (e-stamp), use of adobe e-forms, end-to-end electronic work flow and digital signature (DSC) based electronic filing.

Companies (Central Government’s) General Rules and Forms (Fifth Amendment) Rules, 2012 – (Form 23AC & 23ACA) NOTIFICATION [f.no.17/160/2012-clv], dated 21-9-2012 In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend [...]

We receive lost of questions regarding disclosure of Preliminary Expenses in Balance Sheet as per Revised Schedule VI. Every one have different opinion on how to disclose the same in revised schedule VI. In our view Miscellaneous / Preliminary Expenditure should be disclosed as follows in revised schedule VI :-

General Circular: 29/2012 The question of acceptance of documents by the Registrar of Companies for conversion of a Cooperative Society (not registered as the Multi State Society) under Section 581 J(5) of the Companies Act has been examined in the Ministry.

Even if a company which has good and solid financial foundation and also has capacity to pay, cannot avoid its obligation to pay and be allowed to neglect its financial obligations and when a company which is really financially sound and healthy does not make and neglects to make payment of the amount due and payable by it then the Court cannot fail in its duty to take note of such intentional neglect and Court cannot entertain and allow such stand or defence and, consequently, the court cannot deny the petitioner-creditor an order of winding up against the company which neglects, rather wilfully neglects, to discharge its financial obligation/debt.

MCA is pleased to announce that a refund process will be introduced by 16th September, 2012 for the unlinked incorrect NEFT payments. Revised refund e-Form along with instruction kit will be available on the MCA21 portal. Users are requested to avail this facility.

The term ‘Amalgamation’ or ‘Merger’ or ‘De-merger’ is not defined in the Companies Act, 1956. Chapter V of Part VI of Companies Act comprising sections 390 to 396A contain provisions regarding Compromises, Arrangement and Reconstructions.

1. Balance Sheet and Profit & Loss Accounts are to be filed as two separate documents with different e-Forms; 2. Each e-Form along with the relevant attachment(s) should be less than 2.5 MB. 3. The Balance Sheet, Profit & Loss Account and Annual Return are filed as attachments to the respective e-Forms.

General Circular No. 28/2012 This Ministry had issued General Circular No. 21/2012, dated 2-8-2012 for extending time for filing e-form 23AC and 23ACA (non-XBRL) as per revised Schedule VI without any additional fees/penalty up to 15-9-2012 or within 30 days from the date of their AGM, which ever later.

The period of August and September is normally very busy for the accounting as the finalisation of accounts is done by maximum companies in this period only. As the Finance heads are busy with the finalisations of the books of accounts, they may skip some of the important notifications which may have an implication on the finances and regulatory compliances.