Form AOC 4 is for filing the company’s financial statement (WHETHER STANDALONE OR CONSOLIDATED) for every financial year with the Registrar of Companies. Financial statements are the written records that convey the business activities and the financial performance of a company. They are the source on the basis of which the Board of Directors and shareholders can evaluate the performance of a company.
The balance sheet provides an overview of assets, liabilities, and stockholders’ equity and the income statement focuses on a company’s revenues and expenses during a particular period. Once expenses are subtracted from revenues, the statement produces a company’s profit figure called net income.
Every company is required to file e form AOC- 4 on time i.e. within 30 days from the date of AGM, if the said form is filed after the period of 30 days, company have to bear the penalty of Rs.100/- per day after 30 days till the actual filing of the form.
General details required in e form AOC- 4 are –
- CIN of the company
- AGM date
- Details of directors signing the board report.
- Company’s Auditors details
- Financial statements
- Notice of AGM, Board Report and many other details.
The due date for filing AOC- 4 for the FY 2020-2021 is 30 days from the date of AGM. (the extended date for AGM for the FY 2020-2021 is 30th November, 2021)
Now the question arises – which companies are required to file e form AOC- 4 XBRL?
The following companies are required to file AOC 4 XBRL (extensible business reporting language):
- All companies listed with any stock exchange in India and their Indian subsidiaries.
- All companies with a capital of 5 crores or above.
- All companies with a turnover of 100 crores or more.
There are some companies which are even exempted from AOC- 4 XBRL –
They are – Non-banking financial companies, Housing finance companies and Companies engaged in the business of Banking and Insurance sector are exempted from filing of financial statements with Form AOC-4 in XBRL.
Who all can certify AOC- 4 / AOC-4 XBRL –
AOC- 4 / AOC-4 XBRL need to be certified in case of other than small company and OPC and it can be certified by either Chartered Accountant (in whole time practice) or Company Secretary (in whole time practice) or Cost Accountant (in whole time practice).
SOME POINTS RELATING TO MGT – 9
After the amendments related to MGT- 9 there is no need to prepare MGT – 9 from the Financial Year 2020-21 & onwards irrespective of the fact that whether the Company has website or not.
Effects of the above amendments –
The effects of the above amendments in Section 92, Section 134 and Rule 12 are as follows –
If Company does not have Website: The Company is not required to prepare Form MGT-9. Hence, there is no requirement to attach the Extract of the Annual Return in the Board’s Report.
If Company has Website: The Company shall place a copy of the annual return in Form MGT-7 or Form MGT-7A (as applicable) on its website and the web-link of such annual return shall be disclosed in the Board’s Report of the Company.
Another e form to be filed yearly is MGT – 7 (ANNUAL RETURN) –
Every company other than Small Companies and One Person Company (OPC) need to file their Annual Return through E Form MGT-7.
In case of Small Companies and One Person Company (OPC), Annual Return needs to file through E Form MGT-7A.
If Companies failed to file their annual return (MGT -7 OR MGT – 7A) before the due date which is 60 the date of AGM, Companies will be liable to pay the penalty of Rs. 100/- per day from the expiry of 60 days along with the normal fees.
General details required in e form MGT – 7 Or MGT – 7A are –
- CIN of the Company
- PAN of the Company
- Principal Business Activities of the Company
- Details related to Share Capital, Debentures And Other Securities of the Company with break up
- Transfer details (if any)
- Turnover and net worth of the company
- Meetings details during the year
- Remuneration of directors and key managerial personnel (KMP) and many other details.
- Details of penalty or punishment imposed on the company, its directors or officers and facts of the composition of offences and appeals made against such penalty or punishment.
The mandatory attachment required in MGT – 7 are –
- List of shareholders, debenture holders
- Approval letter for extension of AGM (if any extension is taken by the company)
- Copy of MGT- 8 (if applicable)
Explanation –
MGT-8 is applicable on –
1. Every listed company or
2. a company having
- paid-up share capital of Rs 10 crore or more and
- a turnover of Rs 50 crore or above
are required to have their annual return certified by the company secretary in practice, and the certificate shall be in Form No MGT 8.
Who all can certify MGT- 7 / MGT-7A –
Since MGT -7A is to be filed by small companies and OPC (One Person Company); there is no need of certification.
Whereas in case of other companies (other than small companies and OPC) MGT – 7 needs to be certified only by a –
- Company secretary
- Company secretary in practice.
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