Filing of Form 68 for rectification of mistakes in Form 1, Form 1A and Form 44

General Circular No.42/2012, dated 21.12.2012

Rule 20G(1) of Companies (Central Government’s) General Rules and Forms (Second Amendment), 2010 allows for filing of an application for rectification of mistakes made while filing Form No.1, Form No.lA and Form No.44 electronically, on the Ministry’s website. Such applications are to be made to the Registrar of companies in Form No.68 and are required to be accompanied by a fee of Rs.1000 in case of Forms No.1, Form 1A and Rs.10000 for Form 44. Rule 20G(2) permits filing of an application in Form No.68 to be filed with the Registrar within a period of three hundred and sixty five days from the date of approval of the aforesaid forms by the Registrar concerned.

2. Requests have been received from time to time by this Ministry to extend the facilities for rectification of mistakes as above companies incorporated prior to the year 2009 and to other companies which could not avail of this facility earlier. After due consideration it has been decided to allow such companies to rectify mistakes in Forms 1, 1A and 44 by filing Form 68 on payment of fee stipulated above.

3. Form 68 (electronic mode) may be filed for rectification of mistakes in the forms referred above within a period of 180 days from the effective date.

4. This circular is effective from 23/12/2012.

Click here to download the complete text of the above Circular in PDF Format.

Source: Ministry of Corporate Affairs.

MCA XBRL Validation Tool

Final version of the MCA XBRL Validation Tool (for Financial Statements based upon new Schedule VI of the Companies Act, 1956) has been released. XBRL filings of financial statements for accounting year commencing on or after 01.04.2011 have been enabled on MCA website with effect from 14.10.2012. Stakeholders are also advised to refer to the ‘Filing Manual’ available on the XBRL portal for filing the financial statements in XBRL format.

Click here for MCA XBRL Validation Tool V2.0.2 MCA

List of Enhancements to MCA XBRL Validation Tool 2.0.2 MCA

Click here for Filing Manual V2.0 MCA

Source: Ministry of Corporate Affairs.

Updated Taxonomy & Business Rules for C & I Companies for FY 11-12 Filings

Updated Taxonomy & Business Rules for C & I Companies for FY 11-12 Filings

Based on the feedback received from various stakeholders, the C&I taxonomy has been updated. The business rules have also been revised based on the updated taxonomy.

Click here for the Updated C&I Taxonomy v1.1 dated 04.10.2012

Click here for the list of changes in Updated C&I taxonomy v 1.1

Click here for Revised Business Rules based on updated XBRL C&I taxonomy 2012 dated 06.10.2012

Source: Ministry of Corporate Affairs.

Delegation of Powers to Regional Directors u/s 17, 18, 19, 141 and 188 of the Companies Act, 1956

Delegation of Powers to Regional Directors u/s 17, 18, 19, 141 and 188 of the Companies Act, 1956

F. No.1/1/2003 – CL.V (Pt. file), dated 30th Aug, 2012

To

The Secretary,

Company Law Board

I am directed to refer to this Ministry’s letter of even no. dated 31.7.2012 on the subject cited above and say that wherever fee on pending cases under section 17, 18, 19, 141 and 188 of the Companies Act, 1956 have already been paid by the companies/stakeholders at the time of filing of petition, consequent upon the transfer of applications/petitions from Company Law Board to the concerned Regional Directors, which is on account of operation of law, the company/stakeholders need not pay fee for the same petitions. Further, all pending cases before CLB under these sections stand transferred to Regional Directors. Lastly, objections, if any, received by CLB with respect to these petitions shall be forwarded to the concerned RDs by the Secretary, CLB in writing.

Click here to Download the above in PDF Format.

Source: Ministry of Corporate Affairs.

Clarification Regarding- Gazette Notification GSR 534(E) dated 14/07/2011

Gazette Notification GSR 534(E) dated 14/07/2011- Clarification Regarding

Notification, dated 16.08.2012

[F. No. 14/11/2012-CL-VII]

To,

All Regional Directors,

All Registrars of Companies,

The Institute of Company Secretaries of India,

The Institute of Chartered Accountants of India,

The Institute of Cost Accountants of India,

I am directed to refer to the Gazette Notification No. GSR 534(E) dated 15^th July, 2011 whereby companies were exempted from obtaining the approval of the Central Government for payment of remuneration exceeding the limits imposed by the Companies Act, 1956 in respect of the managerial persons not having any interest in the capital of the company and not related to the directors or promoters thereof.

In this regard, a number of representations have been received from stakeholders pointing to the corporate practice of allocating shares by way of qualification shares and/or shares under any scheme for allotment of shares to the employees of the company including under Employees’ Stock Option Plan (ESOP).

It is hereby clarified that any employee of a company holding shares of the company up to 0.5% of paid up share capital thereof under any scheme formulated for allotment of shares to such employees including under Employees’ Stock Option Plan or by way of qualification shares are also covered under the category of persons not having any interest in the capital of the company in terms of the Ministry’s notification GSR 534(E) dated 14.07.2011.

Click here to download the complete text of the above Notification in PDF Format- Notification, dated 16.08.2012.

Source: Ministry of Corporate Affairs.