Company Law India: Read latest Company law news & updates, acts, circular, notifications & articles issued by MCA amendment in companies Act 2013. Article on Loans Company formation XBRL, Schedule VI IFRS.
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The undersigned is to draw the attention on the Circular No. 14/2011 dated 08.04.2011 of this Ministry on the subject cited above. The following errata has been noticed which is rectified as under:- In the said circular in line 4 (Four) of Paragraph 2, the words should be inserted “including filing of Financial Statements in the Extensible Business Reporting Language (XBRL) mode from the year 2011-12 onwards” after the words “MCA in electronic mode”.
Increase in monetary limits :- The Central Government has on April 6, 2011 amended the said Rules to provide that no approval of the Central Government will be required under section 314 (1 B) of the Act if the monthly remuneration does not exceed Rs. 250,000 per month. Changes in procedure- The Rules also provide the procedure that may be adopted by the Central Government for considering application under section 314 (1 B) of the Act. One of the aspects to be considered by the Central Government is procedure followed by a company for selection and appointment of a relative of a director for holding office or place of profit in the company.
IFCI Ltd. Versus TFCI Ltd.- Delhi High Court – Brief facts of the present case are that the appellant company (hereinafter referred to as ‘IFCI’) owns 37.85% of shares of respondent-company (hereinafter referred to as ‘TFCI’). On 26th November, 2010 IFCI sent a requisition to TFCI for convening an Extra-Ordinary General Meeting (for short ‘EOGM’) with the objective of appointing four new directors and removal and replacement of one director on the Board of TFCI. However, TFCI vide letter dated 2nd December, 2010 questioned the validity of the requisition on the ground that though it was signed by the Company Secretary of IFCI, but specific authorisation/board resolution to file such requisition had not been annexed and it requested IFCI to send the said board resolution within a period of one week. Subsequently, on not getting the said information, TFCI through its board meeting held on 14th December, 2010 decided not to convene EOGM of TFCI. On receiving this information, IFCI on 15th December, 2010 initiated the process under Section 169(6) of the Act for convening an EOGM on 17th January, 2011. IFCI then filed the present Company Petition No. 124(ND) of 2010 under Sections 398 and 402 of the Act on the same day.
The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL) mode. Accordingly, the circular No. 9/2011 has been rectified as under:
Union Minister for Corporate Affairs Shri Murli Deora has desired that concerted action to be taken to expedite the process of liquidation of companies which is currently taking inordinately long. In the conference of Official Liquidators organised by the Ministry recently to discuss ways for expediting liquidation process the it was opined that one of the major factors responsible for India’s low rank in the global “doing business survey” conducted by the World Bank is the time taken for liquidation of companies.
Corrigendum to Circular no. 09/2011 dated 31.03.2011 In the said circular for clauses (i) and (ii) of paragraph 2 under the Heading Coverage in Phase I, the following shall be substituted and read as : (i) All companies listed in India and their subsidiaries, having paid up capital of Rs. 5 Crore and above or a turnover of Rs. 100 crore or above, excluding banking companies, insurance companies, power companies, Non Banking Financial Companies (NBFCs) and overseas subsidiaries of these companies.
In order to ensure compliance of the provisions of the Companies Act, 1956 and Rules made thereunder, it is observed that the majority companies are only filing their event based information through MCA-21 to the Registrar of Companies, however the statutory compliance related to Annual filings are not complied with. Therefore, it has been decided that the companies who have not filed their statutory Annual Reports (i.e. Balance Sheets, Profit and Loss Accounts and Annual Reports) with the Registrar of Companies, they should not to be allowed to file their other Forms except the following Forms till the companies has filed its updated Statutory Annual Accounts/ Annual Report in MCA-21 system:-
We have audited the attached Balance Sheet of……………….(name of the Company), as at 31st March, 2XXX and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
It has come to the notice of the Ministry that some companies are making applications for getting prior approval of Central Government when they propose to make any loan to, or give any guarantee or provide any security in connection with a loan made by any other person to a Public Limited Company of which any such Director is a Director or a member even when the proposal does not fall under Section 295(d) and Section 295(e) of the Companies Act, 1956. General Circular No. 24/2011, Dated: – 12th May, 2011
These rules may be called the Companies (Accounting Standards) Amendment Rules, 2011. They shall come into force on the date of their publication in the Official Gazette. In the said rules, in the annexure under the heading B. ACCOUNTING STANDARDS, in the sub-heading “Accounting Standard (AS) 11” relating to The Effects of Changes in Foreign Exchange Rates, in paragraph 46, for the words and figures “46. In respect of accounting periods commencing on or after 7th December, 2006 and ending on or before 31s` March 2011”, the following shall be substituted, namely,‑ 46. In respect of accounting periods commencing on or after 7th December, 2006 and ending on or before 31′ March 2012.
