Sd not allowed under Companies Act , 2013

Henceforth Sd/- not allowed for ROC filing purpose:

As per Rule 8(6) of the Companies (registration Offices and Fees), Rules, 2014  

'Scanned image of documents shall be of original signed documents relevant to the e-forms or forms and the scanned document image shall not be left blank without bearing the actual signature of authorised person'.

The professional , who carried out annual filing of the clients shall ensure upload the e forms only  signed documents  as attachment.

Points to be noted from ICSI Webinar on 8th October 2015

A webinar was conducted on e-filing of MGT-7 for the benefits of the professionals by ICSI wherein officials from MCA were also present. After going through the webinar, I am summarising below some important points which would be useful for fellow professionals while e-filing of Form MGT-7. Some useful information on ADT-1 is also provided.

1) ADT-1 is not required to be filed in case of ratification of Auditor appointment. SRN of GNL-2 is a valid SRN required to be disclosed while filling AOC-4. The same has been enabled by MCA in the said form.

Challenges still exist in cases of first auditor appointment in Board Meeting and also those appointed by CAG where ADT-1 is not mandatorily required to be filed. MCA has been appraised & taken note of it. Shall look into the matter.

2) Non-promoter, non-public shareholding to be disclosed in the "Others" category either under Public or Promoter with a suitable note/disclosure that these are not Public/Promoter in case of MGT-7. This is required because technically, the pre-scrutiny option matches the shareholding pattern with paid up capital while filing MGT-7. Till such time, MCA revises it, the same shall have to be done.

Shareholding Pattern in MGT-7 (unlike MGT-9 only requires equity break up) requires filling up information on both Equity & Preference Shareholding.

3) The registered office address and the details of type of company, category of the company and the sub-category of the company are dynamic in nature. The caution is even if the current details are filled in here but not filed as required in the Act, the master data will not change and neither will it be considered as duly complied.

 For example, if the registered office address is changed here, it will be allowed but the master data will keep on reflecting the old address unless INC-22 is filed for the same.

4) The email id of the Company and the telephone number though will be updated in the master data, as filled in MGT-7. The MCA updates the email id and telephone number on the basis of the last data filled in, in the columns of email id and telephone number. It is also advised that these data should be absolutely correct, valid and running. Professionals should desist from giving their personal email id and telephone number. In the column of telephone number, even mobile number is allowed to be filled in.

5) The para asking for the 'Principal Business Activities of the Company', should be filled in with the assistance of the annexure in the help form. The codes, both the main activity group and the business activity has been laid there for ready reference. The companies have to lay down the description of all their business activities in descending order. To illustrate, if one business activity is generating 9% of the total turnover of the company and the second is generating 5% of the total turnover and the third is generating 2% and so on...then the presentation should be made in the order starting from 9%. 

Trust you shall find the above information useful.

XBRL TAXONOMY RELEASED BY MCA

Exposure Draft for New XBRL Taxonomy for Financial Year 2014-15 has been released.  In New XBRL Taxonomy New disclosures have been added, few modified & few line items have been deleted as per Companies Act, 2013.

Key Changes in Draft XBRL C & I Taxonomy: 

Ø  Detailed Disclosure of Directors Report with 12 New Tables.

(Detailed disclosure required for Shareholding Pattern, Shareholding Of Promoters, Indebtedness Of Company, Penalty Punishment Compounding Of Offence , Particulars Holding Subsidiary And Associate Companies etc.)

Ø  New Disclosure on Corporate Social Responsibility.

Ø  New Disclosure on Secretarial Audit Report.

Ø  New Disclosure added for Subsidiaries/Joint venture/Associates which are yet to Commence Operations.

Ø  Joint venture, Associate etc. added in Consolidated Financial Statement.

Ø  Chief Financial Officer name included for signing Balance sheet..

Ø  Disclosure required of Web Link Of Company, Registration Date, Name of Registrar of Company.

Ø  Changes in the Auditors Report owing to the introduction of CARO 2015 in place of CARO 2003.

Ø  SRN of filing of B/S by Subsidiary, Subsidiary date, Classification of equity share capital, Guarantee party disclosure etc. no longer required in Subsidiary details.

Ø  Directors are replaced by Key Managerial Personnel details.

Ø  Detailed disclosure of Defined Benefit Plans Categories.

Further, please also take note of following:

v  Use new single e-form AOC-4 to be used for filing in place of 23AC/23ACA.

Comments have been invited by ICAI on Draft XBRL taxonomy to be submitted upto July 10, 2015.

CSR RULES & effective date

MCA has Notified CSR related provisions of the Companies Act, 2013, has Amended Schedule VII and has also notified CSR Rules.

 

(Section 135, Amended Schedule VII and CSR Rules to come into force from 1st April, 2014)

1.       MCA, vide Notification dated 27th February, 2014, has notified Section 135 and Schedule VII of the Companies Act, 2013 (provisions relating to CSR) which shall come into force from 1st April, 2014.

2.       MCA, vide Notification dated 27th February, 2014, has notified the Companies (Corporate Social Responsibility Policy) Rules, 2014. These Rules shall come into force on 1st April, 2014.

3.       MCA, vide Notification dated 27th February, 2014, has made amendments to Schedule VII of the Companies Act, 2013. The notification shall come into force with effect from 1st April, 2014.