Annual Filings 2014-15

It's time to gear up for filing Annual Financial Statements at Registrar of Companies

Form AOC 4 of Companies Act 2013 is same as Form 23AC/ACA of Companies Act 1956. 

Form MGT 7 of Companies Act 2013 is same as Form 20B of Companies Act 1956

It is important to note that Form AOC 4 is to be filed for FY on or after 1st April 2014.

Additionally, the annual filing forms must also accompany the following;

-Corporate Social Responsibility Reporting

- Disclosure about related party transactions

- Secretarial Audit Report

- Board's Report

Relevant eForms would be;

- eForm MGT 7

As per Section 92 of Companies Act 2013, Annual Return is yearly statement required to be filed by every company.To be filed within 60 days of AGM

-eForm AOC 4

Every company needs to file its financial statements including Consolidated Financial Statements whether adopted or not within 30 days of the AGM

Take note that new forms eForm AOC 4 and eForm MGT 7 are now available at MCA. Check the link below;

http://mca.gov.in/MinistryV2/Download_eForm_choose.html

Documents required;

-Financial Statements duly authenticated including Board's Report, Auditors Report

-Company CSR Policy

- Directors Report

- Secretarial Audit Report if required by the Company

-List of Shareholders

-Details of Transfer of Shares, if any

Please don't get late as due date for AGM would be 30 September, 2015 and filing of Annual forms due date of 30 days of AGM plus MCA would be slow as large number of users file their Annual filings.

Though MCA has extended the last date of submission of Annual Return and Financial Statements. Click on the link below to know more about the extension. MCA Circular is also mentioned in the article below;

http://csnehasethassociates.blogspot.in/2015/10/relaxation-of-additional-fees-and.html

For drafts and other details, please contact us at csnehaseth@gmail.com or call us at 9871903449

Registration of Society as NGO

Why Society is formed?

A Society can be formed for the promotion of literature, science or fine arts or for charitable purposes. Briefly, a society can be registered for the following purposes;
- Grant of Charitable Assistance
- Creation of military orphan funds
- Societies established at general presidencies of India
- Promotion of science, literature, fine arts, foundation & maintenance of libraries, public museum and galleries of paintings, works of art, collection of natural history, mechanical and philosophical inventions, instruments, designs.

Minimum Requirements to form Society?

- Minimum members required are 7 (Seven). However, in case of Society with an all India character i.e. to operate all over India at least 8 (Eight) members from different states of India are required
- Registered Office Proof required to be submitted
- Each Member is required to provide ID & Address Proofs
- Requirements of Memorandum of Association. It should be framed covering the name of Society, the place of Registered Office of the Society, area of operation of Society, objects of the society and names, addresses, designation and occupation of the members of governing body and of desirous persons forming the Society
- Rules & regulations of the Society must contain the guidelines for the functioning of the members of the governing body and its internal management. They are binding on the members of the society.

Application is required to be made to Registrar along with the following documents;
- Request letter
- Memorandum of Association and Rules and Regulations including list of members
- Consent letters of all members
- Affidavit
- Residential cum Identity Proof
- Proof in respect of premise shown as Regd office of a society
- Power of Attorney in favour of representative
-Passport Size photo for all members

In case of further details, please contact CS Neha Seth @ csnehaseth@gmail.com or call us at 9871903449

MCA Update on Deposit From Relative By Private Limited Company:

MCA Update on Deposit From Relative By Private Limited Company:

Deposits rules are quickly getting aligned with old 58A exempted rules to private limited company.

Without any upper limit of amount, now a private company can  accept unsecured loans apart from director even from a relative (as per definition) of a director of the company with simple declaration saying the relative has not borrowed same from others. The relative need not be a shareholder of the company.

http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_15092015.pdf

For more updates, please contact CS Neha Seth at csnehaseth@gmail.com or call us at 9871903449

STEPS FOR ALTERATION IN NAME CLAUSE OF MEMORANDUM OF ASSOCIATION

STEPS FOR ALTERATION IN NAME CLAUSE OF MEMORANDUM OF
ASSOCIATION:

STEP-I
Call Meeting of Board Director:
 Issue Notice of Board Meeting to all the directors of company at least 7 days before the
date of Board Meeting.
 Attach Agenda of Board Meeting along with Notice

STEP-II
Hold A Board Meeting: Hold the Board meeting of Company for following purposes:
 Place before Board Suggestions for New names.
 Pass Board Resolution after Selection of Names.
 Authorize to Directors of company to make Application with ROC for Name approval

STEP-III
File – e-form- INC-1 with ROC: File form INC-1 with ROC for approval of name:
ATTACHMENTS:
 Copy of Board Resolution.
 Approval of Owner of Trade Mark or the applicant of such application
[If proposed name(s) are based on a registered Trade Mark or is a subject matter of an
application pending for registration under the Trade Mark Act, 1999]

STEP-IV
Name Approval Certificate from ROC, if applied name are available.

STEP-V
Call Meeting of Board Director:
 Issue Notice of Board Meeting to all the directors of company at least 7 days before the
date of Board Meeting.
 Attach Agenda of Board Meeting along with Notice.

STEP-VI
Hold Board Meeting: Hold the Board meeting of Company for following purposes:
 Place Name Availability Certificate before the Board.
 Fix Day, Date, Time of Extra-ordinary General Meeting.
 Place Draft Notice of Extra-ordinary General Meeting before Board.
 Authorization to Director to issue Notice of Extra-ordinary General Meeting.

STEP-VII
Call Extra-Ordinary General Meeting:
 Give Atleast 21 clear days Notice of Extra-ordinary General Meeting along with
explanatory statement through Electronic Mode or in Writing to:
o All the Directors of Company.
o All the Members of Company
o Auditor of Company.
 The notice shall specify the place, date, day and time of the meeting and contain a
statement on the business to be transacted at the EGM.
 Authorize Director & Company Secretary of company to issue notice of EGM.

STEP-VIII
Hold Extra-Ordinary General Meeting:
 Check the Quorum.
 Check whether auditor is present, if not. Then Leave of absence is Granted or Not. (As
per Section- 146).
 Pass Special Resolution.[Section-114(2)]
 Approval of Alteration in MOA & AOA.

STEP-IX
Filling of e-Form with ROC:
1) E-form MGT-14 within 30 days of passing of Special Resolution.
ATTACHMENT:
 Notice along with Explanatory Statements.
 Certified True Copy of Special Resolution.
 Altered in MOA & AOA.
 Minutes of General Meeting.
2) E-form INC-24 within 30 days of passing of Special Resolution
ATTACHMENT:
 Notice along with Explanatory Statements.
 Certified True Copy of Special Resolution.
 Altered in MOA & AOA.
 Minutes of General Meeting

STEP-X
After completing Above Procedure ROC will issue a New Certificate of Incorporation
in form No. – 25. (Rule-29 of THE Companies (Incorporation) Rules, 2014). Name will
be effective from the date of issue of Certificate.
Documents Required;
a. Board Resolution
b. Significance of New Name
c. Notice EOGM along with Explanatory Statement
d. Altered MOA AOA
e. Latest MOA AOA of the Company
f. Certified true copy of Special Resolution

For more information, please contact us at CS Neha Seth at csnehaseth@gmail.com or call us at 9871903449

Companies (Accounts) Second Amendment Rules, 2015

Companies(Accounts) Second Amendment Rules, 2015, 

1. Form AOC-4 has been amended for certification by CS/CA/ Cost Accountant. 

2. Indian Accounting Standards shall mean Accounting Standards referred to in Rule 3 and Annexure to the Companies (Indian Accounting Standards) Rules, 2015

3. Rule 8(3) shall not be applicable on government company engaged in producing defence equipments. (Conservation of energy, Technology Absorption, Forex Earnings and Outgo).

(Yet to be published in Official Gazette)

In exercise of the powers conferred under sub-sections (1) and (3) of section 128, sub-section(3) of section 129 , section 133, section 134, sub-section(4) of section 135, sub-section (1) of section 136, section 137 and section 138read with section 469 of the Companies Act,2013, the central government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014, namely :-

1. (1) These rules may be called the   Companies (Accounts) Second Amendment Rules, 2015.

(2) They shall come into force from the date of their publication in the official gazette.

 

2. In the Companies (Accounts) Rules, 2014,

 

(i) In rule 2, in sub-rule (1), after clause (d), following shall be inserted, namely:-

 

“(da) “Indian Accounting Standards” means the Indian Accounting Standards referred to in rule 3 and annexure to the companies (Indian Accounting Standards) Rules, 2015”.

 

(ii) After rule 4, the following rule shall be inserted, namely:-

 

“4A. Forms and items contained in financial statements.- The financial statement shall be in the form specified in Schedule III to the Act and comply with Accounting Standards or Indian Accounting Standards as applicable:

                       

Provided that the items contained in the financial statements shall be prepared in accordance with the definitions and other requirements specified in the Accounting Standards or Indian Accounting Standards, as the case may be.”

 

(iii) In rule 8, in sub-rule (3), the following proviso shall be inserted at the end, namely:-

 

“Provided that the requirement of furnishing information and details under this sub-rule shall not apply to a government Company engaged in producing defence equipment.”

 

(iv) In rule 12, for sub-rule (1) the following sub-rule shall be substituted, namely:-

 

(1) Every company shall file the financial statements with registrar together with form AOC-4 and the consolidated financial statement, if any, with form AOC-4 CFS.”

For more updates, contact CS Neha Seth at csnehaseth@gmail.com or call us at 9871903449