Corporate Updates – 22-07-2015

MCA:

MCA has issued Clarification with regard to circulation and filing of Financial Statement under the provisions Section 101 & 136 of the Companies Act, 2013. Accordingly, if Companies calling their AGM at shorter meeting in compliance to the provisions of Section 101, can circulate Annual financial statements to be laid/considered at said AGM, at such shorter notice. Further, it is clarified that in case of a foreign subsidiary, which is not required to get its accounts audited as per legal requirements prevalent in their country, the holding Indian company may place/file such unaudited accounts to comply with requirements of Section 136(1) and 137(1) as applicable. These, however, would need to be translated in English, if the original accounts are not in English.

MCA:

The Companies Law Committee set up by the Government to make recommendations on issues arising from the implementation of the Companies Act, 2013 invites comments/suggestions to assist its deliberations. Suggestions/ comments may kindly be sent only through the Ministry of Corporate Affairs’ online portal www.mca.gov.in in the prescribed format available on the website. The Committee requests that companies should route their comments/suggestions through their respective Industry Chambers, and professionals [Chartered Accountants, Company Secretaries, Cost Accountants, Lawyers etc.] should route their comments/suggestions through their respective Institute or representative body, whichever is applicable. The last date for submission of suggestions/ comments to Company Law Committee extended upto 31st July, 2015.

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