First Notes - 14 July 2015

First Notes - 14 July 2015

The MCA extends the last date for filing of annual return and financial statements forms

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Background

Form for filing an annual return (MGT-7)

Section 92(4) of the Companies Act, 2013 (2013 Act) requires that every company should file with the Registrar of Companies (ROC), a copy of the annual return within 60 days from the date on which the annual general meeting (AGM) is held.
Rule 11(1) of the Companies (Management and Administration) Rules, 2014 requires that every company should prepare its annual return in the Form  MGT-7.
 
Form for filing financial statements (AOC-4/AOC-4 XBRL)

Section 137 of the 2013 Act requires that every company should file with the ROC the following items:

  • a copy of the financial statements, including consolidated financial statements (CFS), if any, 
  • documents which are required to be attached with such financial statements under the 2013 Act,

that have been duly adopted at the AGM of the company.
 
The above items should be filed with the ROC within 30 days of the date of the AGM with such fees and additional fees as may be prescribed in the 2013 Act.
Rule 12(1) of the Companies (Accounts) Rules, 2014 requires that every company should file the financial statements with the ROC together with Form AOC-4. Rule 12(2) provides that the class of companies notified by the Central Government should mandatorily file their financial statements in the eXtensible Business Reporting Language (XBRL) format and that the Central Government may specify the manner of filing under such notification for such class of companies.
 
Recent development

The Ministry of Corporate Affairs (MCA) has issued a general circular dated 13 July 2015 where it has clarified the following:

  • By 30 September 2015, the electronic version of the Forms AOC-4, AOC-4 XBRL and MGT-7 will be available for filing. 
  • By October 2015, a separate form for filing of CFS ‘AOC-4 CFS’ will be made available.
  • Till 31 October 2015, the Forms AOC-4, AOC-4 XBRL and MGT-7 can be filed with the ROC without payment of additional fees.
  • Till 30 November 2015, companies to which XBRL is not applicable but are required to file CFS would be able to do so in a separate form for CFS ‘AOC-4 CFS’ without payment of additional fees.

For the text of the circular issued by the MCA, please click here.

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