The new Indian Company Act of 2013 made some smart and conservative amendments to the conditions relating to annual compliance for fair and efficient corporate governance and proper management of firms operating in different economic fields.
Two of the main changes introduced in the annual reports of the companies concerned by the new Indian Companies Act of 2013, effective from the 2014-15 financial year, are as follows: the Managing Directors Report will now include issues such as the Dates of Board Meetings held during the financial year, the No. of Board Meetings attended by Executives, Accountability.
The Regular Accounting Accounts currently contain the following —-Summary balance sheet and profit / loss account; Cash Flow Analysis and Combined Operating Results (except for small businesses and OPCs).
Once, each meeting must be conducted strictly in compliance with the provisions of the Secretarial Procedures and Companies Act 2013 as from 1 July 2015.
Annual implementation Forms and guidelinesMechanisms used for annual implementation by the various categories of businesses in the diverse economic sectors in India, as set out in the rules, specifications and guidelines of the current Indian Companies Act of 2013, are as follows: methods to be used to achieve annual compliance by One Person Companies (OPCs), Small Companies, and The Secretarial Standards-I & II for OPCs do not exist again, and the OPC can not write the Cash Balance Declaration.
Forms to be used by Unlisted Public Limited Companies to make compliance, both in accordance with annual criteria and the annual limits (compulsory and selective implementation): MBP-1; DIR-8; DIR-12; MGT-7; AOC-4; MGT-8; ADT-1; DPT-3; MR-1; etc. Forms for the rendering of annual compliances by the Listed Public Restricted Companies: MBP-1; DIR-8; MGT-14; MGT-15; MGT-14; CRA-2; ADT-1; here it is to be noted that all classified companies and public limited companies falling under the aforementioned sections, as provided for in the rules and regulations of the 2013 Companies Act , shall submit the Secretary Audit Report together with the Boar. MR-3:- whether Rs 50 Crore or more is the total money paid out; or whether the revenue is Rs 250 Crore or more.
To learn more about the annual conformity of the type of company involved, the formats and the required enclosures/attachments used, please contact: 9246536701 or also promptly submit queries to our lawyers to ensure that they are adhering to the various Indian market sectors on behalf of all kinds of companies.