Archive for the ‘Registrars of Companies (ROC)’ Category


Filing of Balance Sheet and Profit and Loss Account in Extensible Business Reporting Language (XBRL) Mode for financial year commencing on or after 01.04.2011.

General Circular No. 16/2012, No. 17/161/2012-CL-V, dated July 6, 2012.

To

All Regional Directors

All Registrars of Companies

Vide Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 notified vide GSR No. 748E dated 5.10.2011, select class of companies are required to file their Balance Sheet and Profit & Loss Account and other documents as required u/ s 220 of Companies Act, 1956 with the Registrar of Companies for the financial year ending on or after 31st March, 2011.

2. It has now been decided by the Ministry to mandate the following select class of companies to file their Balance Sheet and Profit & Loss Account in XBRL mode for the financial year commencing on or after 1.4.2011:

(i) all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or

(ii) all companies having paid up capital of Rupees five crore and above; or

(iii) all companies having turnover of Rupees one hundred crore and above; or

(i) all companies who were required to file their financial statements for FY 2010-11, using XBRL mode.

However, banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing till further orders.

3. The applicable taxonomy as per Schedule VI of the Companies Act, 1956 has already been placed on the Ministry’s website www.mca.gov.in. The Business Rules, validation tools, etc. required for preparing the financial statements in XBRL format, as per the revised Schedule-VI and Accounting Standards, are under preparation and would soon be made available by the Ministry. The actual date for enabling XBRL filing will be intimated separately.

4. Additional Fee Exemption: All companies referred to in Para-2 above, will be allowed to file their financial statements in XBRL mode without any additional fee/ penalty upto 15th November, 2012 or within 30 days from the date of their AGM, whichever is later.

5. Training Requirement: Stakeholders are advised to visit the Ministry’s website www.mca.gov.in/XBRL/index.html regularly to have training in XBRL on taxonomy related issues.

Yours faithfully,

(Sanjay Shorey)

Joint Director

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 16/2012 dated 06.07.2012.

Source: Ministry of Corporate Affairs.


Extension of time in Filing of annual return by Limited Liability Partnerships (LLPs)

Circular No. 15/2012, F.No. 1/12011 –CL-V, dated 29.06.2012

All the Regional Directors,

All the Registrar of Companies/Official Liquidators,

All Stake holders

In continuation of this Ministry’s Circular No 13/2012, dated 06.06.2012 on the subject cited above, it is stated that the time for filing the Annual Return by LLPs (i.e. Form 11) has been extended up to 31st July, 2012.

2. In order to have better understanding of the circular, it is clarified that the time limit of 60 days shall be read as 122 days for filing of Form 11 by LLPs in respect of the Financial Year ending on 31.03.2012. This circular shall be effective from 30.06.2012.

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 15/2012 dated 29.06.2012.

Source: Ministry of Corporate Affairs.


 

Imposing Fees on certain e-forms filed with ROC, RD or MCA(HQ) under MCA-21 where at present no fee is prescribed.

General Circular No. 14/2012, F.No. 17/187/2011 CL.V, dated 21st June, 2012

To

All Regional Directors,

All Registrar of Companies,

All Stakeholders.

The Ministry of Corporate Affairs has decided that fees shall be applicable on the following forms at the rates indicated in the table below:-

S.No.

Form No.

Particulars of the Form

Applicable fee

1. Form 1 of

Investor

Education

protection

Fund Rule

Statement of amounts credited to Investor Education and Protection Fund. As per Schedule X to the Act.
2. Form 23B Information by statutory auditor to the Registrar of companies Act, 1956 pursuant to section 224(1)(a) of the Companies Act, 1956.

 

As per Schedule X to the Act.
3. Form 24A Application to RD-

(a) For Appointment of Auditors under section 224(3)

 

(b) Others

 

As per Companies (Fee on Application) Rules,

1999

4. Form 36 Receiver’s or manager’s abstract of receipts and payments (charge related form) As per Schedule X to the Act.
5. Form 61 Application to RoC-

(a) Compounding of Offences u/s

621A

 

(a) As per Companies (Fee on Application) Rules, 1999
(b) Application for extension of

Annual General Meeting upto 3

months u/s 166 of the Act

 

(b) -Do-

 

(c) Application for extension of

time for preparation of Annual

Accounts upto 18 months u/s 220 of the Act.

 

(c) -Do-
(d) Others

 

(d) -Do-
6. Form 62 Form for submission of misc. documents under the below mentioned rules:

(a) Form 154 of the companies (Court) Rules, 1959

 

(b) Form 157 of the companies (Court) Rules, 1959

 

(c) Form 158 of the Companies (Court) Rules, 1959

 

As per Schedule X to the Act.
7. Form 65 Application to the Central Govt (HQ)-

(a) Application pursuant to rule 2 of the Companies (Application for Extension of Time or Exemption under Subsection (8) of Section 58A)

Rules, 1979.

 

(a) as per Companies (Fee on Application) Rules, 1999

 

(b) Information and explanation on reservations and qualification contained in the cost audit report by a company

 

(b) Nil

 

(c) Others

 

(c) as per Companies (Fee on Application) Rules, 1999

3. This circular will come into effect from 22nd July, 2012.

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 14/2012 dated 21.06.2012.

Source: Ministry of Corporate Affairs.

 


Circular No. 13/2012, F.No. 1/1/2011-CL-V, Dated 06.06.2012

All the Regional Directors,

All the Registrar of Companies/ Official Liquidators,

All Stakeholders

The Ministry has started the process of decentralization of the functions of the Registrar LLP by authorizing respective ROCs to discharge the functions of Registrar LLP also on and from 11.06.2012. Consequently, the LLP system shall remain closed from 31.05.2012 to 10.06.2012.

2. As per the provisions of section 35 of the LLP Act, LLPs which do not file Form 11 within a period of sixty days of the date of closure of their financial year are required to pay additional fees. In order to avoid payment of additional fees by such LLPs due to closure of the system from 31.05.2012 to 10.06.2012, it has been decided to extend the time-limit prescribed under the provisions of section 35 of the LLP Act by 30 days.

3. In order to have better understanding of the circular, it is clarified that the time-limit of 60 days shall be read as 90 days for filing of Form 11 by LLPs in respect of the Financial Year ending on 31.03.2012. This circular shall be effective from 31.05.2012.

Yours faithfully,

(U.C. Nahta)

Director (Inspection & Investigation)

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 13/2012 dated 06.06.2012.

Source: Ministry of Corporate Affairs.


Guidelines for declaring a Financial Institution as Public Financial Institution under section 4A of the Companies Act, 1956

General Circular No. 10/2012, F.No. 3/2/2011-CL V, Dated the 21st May, 2012

To,

All Regional Director,

All Registrars of Companies.

Section 4A of the Companies Act, 1956 was inserted by the Companies (Amendment) Act, 1974 (41 of 1974) with effect from 01st February, 1975. Sub-section (2) of Section 4A of the Act empowers the Central Government, subject to the provision of sub-section (1) of section 4A of the Act, to notify in the official Gazette such other institution as it may think fit to be Public Financial Institutions (PFI).

2. The Ministry had framed certain criteria for declaring a Financial Institution as PFI under section 4A, of the Companies Act, 1956 vide General Circular No. 34/2011 dated 2.6.2011. The issue has since been revisited and it has been decided that any Financial Institution applying for declaration as PFI shall fulfill the following criteria:-

(a) A company or corporation should be established under a special Act or the Companies Act, 1956 being a central act;

(b) Main business of the company should be industrial/infrastructural financing;

(c) the company must be in existence for atleast 3 years and its financial statements should show that its income from industrial/infrastructural financing activities exceeds 50% of its total income.

(d) the net-worth of the company should be minimum of Rs.1000 (Rs. One Thousand) crore.

(e) company is registered as a Infrastructure Finance Company (IFC) with RBI or as a Housing Finance Company (HFC) with National Housing Bank;

(f) NOC from RBI/NHB, in the case of IFC/HFC, with regard to supervisory concerns, if any, must be obtained and enclosed with the application.

(g) Such IFCs/HFCs, after being declared as PFIs are required to disclose in their audited Financial Statements that they are complying with the directions and conditions laid down by this Ministry.

3. It is, however, clarified that in the case of Central Public Sector Undertakings/State Public Sector Undertakings, no restriction shall apply with respect to financing specific sector(s) and net-worth as stated in para 2(c) and (d) above respectively.

This issues with the approval of the competent authority.

Yours faithfully,

(Sanjay Shorey)

Joint Director

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 10/2012 dated 21.05.2012.

Source: Ministry of Corporate Affairs.