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The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had certified 12 cases of wrong e-filing by certain listed companies in their e-forms. During the examination it was found that the data furnished in the e-forms were totally different as compared to the records of the company.
Union Ministry of Corporate Affairs today said it will organise a Lok Adalat for companies for the first time on June 11, with an intention of minimising litigation and avoid unnecessary prosecution against defaulting companies. The Ministry of Corporate Affairs has decided to organise Lok Adalat for companies for settlement of compoundable offences for the first time ever. The first such Lok Adalat is going to be held in Chandigarh, Registrar of Companies (Punjab, Himachal Pradesh and Chandigarh) Raj Singh said here.
Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the company,” Corporate Affairs Secretary D K Mittal told reporters on the sidelines of an AIMA event here. Singapore-based Speak Asia, promoted by Hariender Kaur, was incorporated last year. So far, it only has operations in India and claims to have 19 lakh members or panelists in the country.
The Ministry of Corporate Affairs today said efforts were on to create a platform where different regulators could sit together with an aim to align regulatory overlaps for the benefit of corporates. When we have multiple regulators there has to be some way that they interact with each other so that the procedures are in line with each other. We are in the process of finalising something…, MCA Secretary D K Mittal told reporters on the sidelines of a AIMA event here.
Consider the enormity of the data-over 8 and a half lac companies, over hundred online services offered to them, over sixty e-forms. hundreds of data fields and crores of pages of pdf attachments. If this speaks about something. it is the challenge before the Regulator, the Ministry of Corporate Affairs (MCA), which is humongous. While MCA is responsible for providing convenient and transparent registry and e-filing services to one set of stakeholders, which is the corporate and the professionals, it is also expected to protect the interest of millions of investors from every single instance of attempted fraud or financial irregularity by firms.
On 1 April 2011, the Ministry of Corporate Affairs (MCA) in India posted a circular on its website mandating a certain class of companies (Phase 1) to file balance sheets and profit and loss accounts for the year 2010-11 onwards by using eXtensible Business Reporting Language (XBRL). The financial statements required to be filed in XBRL format will be based upon the taxonomy on XBRL developed for the existing Schedule VI and non-converged accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended).
Companies will have to maintain a data bank of email addresses of its members and shareholders, the ministry said, adding that the shareholders should be given enough time and opportunity to get their email-ids registered, and also convey if there are any changes in such addresses. Further, companies will have to make sure that these documents are displayed on its website well before the mandatory period and also issue advertisements in English and vernacular newspapers about the availability of such documents on its website.
Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities on which comments, if any, are invited by MCA by 30th April, 2011. Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account. Comments, if any, are invited on the same by 30th April, 2011.
All stakeholders are hereby informed that the provisions regarding stamp duty payment on Form No. 1, Memorandum of Association, Articles of Association, Form No. 5 and Form No. 44 electronically, at the time of their e-filing through MCA portal (www.mca.gov.in) ,in addition to the already existing list of States and Union Territories published on the MCA portal,will also be mandatory for the State of Jammu and Kashmir ,with effect from 1st May,2011.
Chartered accountants, cost accountants and company secretaries can now directly upload certified annual documents of firms on MCA”s portal, without prior approval of the ministry, while holding them responsible for such submissions. The move is seen as a major initiative towards expeditious e-filing.
