Institute Company Secretary of India
Shri Raiesh Verma, IAS
Ministry of Corporate Affairs
Government of India
Dr. Raiendra Prasad Road
New Delhi-110 001
Subject: Proposed amendment to Section 137(1) of the Companies Act, 2013, enabling Filing of financial statement within sixty days- Reg.
This has reference to our letter dated 3rd February, 2020 regarding the provisions of Section 137 and Section 92 of Companies Act, 2013 which require filing of Financial statements and Annual Return by every company with the Registrar within thirty days and sixty days respectively from the date of Annual General Meeting.
In this regard, we wish to submit that in view of the practical difficulties being faced in XBRL filings, being time consuming and require tagging the respective items / figures, every year by the corporates which are required to file the financial statements in XBRI, format based on the latest taxonomy, the Ministry of Corporate Affairs, since the year 2011 has been extending the dates of filing by another one month. Also, last dates for Income Tax returns for the Corporate Assessees along with Tax Audit reports & Transfer Pricing Reports falls during the same period.
In view of the above, we wish to submit that the provision of Section 137(1) of the Companies Act, 2013 requiring filing of financial statement within thirty days of the date of annual general meeting may be considered for amendment by prescribing a period of sixty days for such filing, aligning it with the date of filing of annual return.
We shall be pleased to provide any further information or clarification in this regard on hearing from your goodself.
(CS Asish Mohan)