Archives for November 7, 2017

Corporate Updates – 07-11-2017

MCA:

MCA has notified the revised Annual Filing Forms i.e Form AOC-4 (Form for filing financial statement and other documents with the Registrar), Form AOC-4 XBRL (Form for filing financial statement in XBRL (Non-Ind AS) and other documents with the Registrar) are being revised and are likely to be notified on 7th November 2017 including therein demonetization related changes. Stakeholders are advised to download the latest version before filing these forms w.e.f. 8th November 2017. Form- wise date of last version change is available at on the website of MCA.

MCA:

MCA has release a press release stating that based on the massive drive undertaken by the Ministry in the recent past, around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more. Further, over 3,000 disqualified Directors are Directors in more than 20 companies each, which is beyond the limit prescribed under the Law; To address the criminality angle, the Director, Additional Director or Assistant Director of SFIO have been recently authorized to arrest any person believed to be guilty of any fraud punishable under the Act. Steps are underway for setting-up National Financial Reporting Authority (NFRA), an independent body, to test check Financial Statements, prescribe Accounting Standards and take disciplinary action against errant professionals;. A separate initiative is underway to develop a State-of-the-Art software application to put in place an ‘Early Warning System’ (EWS) to strengthen the Regulatory Mechanism. Moreover with a view to check the problem of Dummy Directors, action is underway to seed DIN with PAN and Aadhaar at the stage of DIN application through biometric matching for new applications. The same may be extended to legacy data in due course.