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General Circular No.38 /2012 , Dated 23.11.2012 In continuation of General Circular No. 30/2012 dated 28.09.20 12 on the subject cited above, I am directed to say that Due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI (applicable for the accounting year commencing on or after 1.4.2011 ) has been extended upto 24.11.2012 for Companies holding AGM or whose due date for holding AGM is on or after 2 1.09.2012.
On a consideration of the facts on record, it has to be concluded that the appellants have not acted in compliance with the statutory requirements of the director of a company. The director of a company is expected to exercise due care and diligence in the approval of documents brought on the table during Board meetings.
Though Division Bench has specifically made an observation to provide an opportunity to the parties to lead evidence, that has not been complied by the parties. More particularly the petitioner in proving his claims and virtually the claim is made only on the basis of the typed script and no original material is produced and the parties are not at all examined.
Usually financial year of a company consists of 12 months. However, in some cases it may not be so. In case of newly incorporated company, financial statements have to be prepared from the date of incorporation of the company till the year-end date of the financial year which may not be of 12 months. Similarly in case of subsequent change of financial year by the company, the financial year in the year of such change may not necessarily be of 12 months.
Order [F. No. 52/26/CAB-2010], Dated 6-11-2012 – Consequent upon notification of the Product or Activity Group classification published vide S.O. 1747(E) dated 7th August, 2012 and in supersession of the earlier Orders issued vide even number dated 2nd May 2011, 3rd May 2011, 30th June 2011 and 24th January 2012, the Central Government hereby makes the following Order.
In the following cases, the Registrars routinely scrutinize balance sheets:(i) of companies against whom there are complaints; (ii) of companies which have raised money from the public through public issue of shares/ debentures etc.; (iii) in cases where the auditors have qualified their reports.
If a company or the cost auditor contravenes any provisions of this circular, the company and every officer thereof who is found to be in default, and the cost auditor in case he is in default, shall be punishable as per applicable provisions of the Companies Act, 1956.
Ministry of Corporate Affairs vide General Circular No. 15/2011, dated April 11, 2011 had prescribed a revised procedure to be followed for appointment of cost auditors. As per the revised procedure, each company is required to e-file its application with the Central Government in the prescribed Form 23C within ninety days from the date of commencement of each financial year, which shall be approved by MCA within 30 days.
It is therefore necessary that there must be debt due and the company must be unable to pay it. If the debt is a disputed debt and the defence is substantial one order of winding up should not be passed. It is also note worthy that after the petitions were admitted no other persons have raised any claim and, therefore, this Court finds that the debt being disputed and there exists a bona fide dispute.
It is evident from the clauses referred to hereinabove, and from what has been narrated in this order earlier, that the bondholders were deliberately misled to believe that they would receive at least Rs. 250 in cash for each bond of Rs. 1,000, i.e., at least one-fourth of their principal latest by September 30, 2003. It is also clear that this scheme of arrangement was formulated by the petitioners only to avoid discharging the legitimate dues of the bondholders, even the principal amount due to them ;
