Wake up call! 30th November 2015! Get your annual returns certified at the earliest

What the new Act say? Who needs certification and who can do?

Signing requirement for Annual returns?

1. One person Company and Small Company – By CS or Director
2. Listed Companies and Other Companies having Paid up 10 Cr or More or having turnover 50 Cr or more – by Director and CS and Certified by PCS
3. Other than above Companies – By Director and CS – if no CS then PCS.

Role of PCS?

FOR LISTED AND OTHER APPLICABLE COMPANIES

1. PCS has to certify the AR prepared in MGT 7 by way of separate certificate in form MGT 8
2. Stating that the annual return discloses the facts relating to a company correctly and adequately
3. That the company has complied with ALL the provisions of the Companies Act
4. (3) An extract of the annual return in prescribed form shall form part of the Board’s report.
5. Similar Information to be attached to Board report as per Section 134
6. All old provisions are there and many new and detailed information and changes during the two financial years is to be included in the new AR in MGT- 7
7. AR has to be filed with 60 days of AGM but the data is as on accounting close.
   

Penalties?

• Note:

Attention is also drawn to provisions of Section 448 which provide for punishment for false statement and certification.

• Section 92:

Not filed within stipulated time – 50 thousand to 5 lacs, Imprisonment 6 months.

• PCS penalty –not be less than fifty thousand rupees but which may extend to five lakh rupees.

(Author can be reached at whitecollarlegal@gmail.com)