Dear professional colleagues,

Sub: Request to comply with the provisions of the Companies Act, 2013.

I am extremely happy that you reposed confidence in me and CA. Nilesh S. Vikamsey, Vice President ICAI to lead the profession. We have confidence in the membership who has always been working positively in enhancing the quality of the profession and in serving to the corporates and towards public interest.

I would like to inform you that there was a meeting with the Ministry of Corporate Affairs to analyse the compliance with the provisions of the Companies Act, 2013 and Rules thereon wherein it was discussed that the members should take due care in enhancing compliance with the provisions of the Companies Act, 2013.

In this regard, I would request you to take necessary steps in ensuring the following compliances:

  • Quality of filing of forms and perform thorough due-diligence during filing of documents/e-forms on the MCA portal, so that number of resubmissions of e-forms is decreased.  Also, request you not to use unpleasant language while writing mails to the officials.
  • Ministry is regularly improving its services. With regard to this MCA issues various Circulars, notifications which are available on MCA website. Therefore, we request you to keep yourself updated with MCA website and especially the Instruction Kits for various forms.
  • To advise your clients to file the statutory documents, in particular, the annual financial statements and annual returns of the company in time.
  • Responsibility has been cast on the chartered accountants to report instances of frauds under section 143(2) of the Companies Act, 2013. In this regard, we request you to report such instances with all due care and build capacity.
  • While preparing the financial statements, the members are not complying with the Accounting Standards, we request you to prepare financial statements in accordance with the Accounting Standards

I would like to mention here that the above mentioned non-compliance may lead to penalties and prosecution.

I request you that in order to promote high standard of integrity and professionalism it is an essential part of the Professional duty of the Chartered Accountants to ensure compliance of various statutory and other regulatory requirements with regard to the relevant provisions of the Acts which regulate the functioning of Companies and LLPs.

We request you to please follow the highest standards of professionalism and best practices.
With regards,

(CA. M. Devaraja Reddy)
The Institute of Chartered Accountants of India

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February 2024