Compliance of Reporting Norms by Companies

Posted: 02/05/2012 in News

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the reporting norms comprises of annual reporting of financial results and state of affairs by companies in the format prescribed under the Companies Act, 1956 and Rules made thereunder. For non -compliance of reporting norms, prosecutions have been filed against 366, 228 and 252 companies during the financial year 2008-09, 2009-10 and 2010-11 respectively.

For all the companies, the Schedule VI to the Companies Act, 1956 has been revised for more comprehensive disclosure. The Ministry has also introduced filing of documents by a class of companies under XBRL Mode.

The Minister was replying to a written question whether it is a fact that the Ministries reporting norms have not been complied with by many companies, their details and whether Government is taking active steps to ensure diligent corporate financial reporting.

Source: Press Information Bureau.

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