EXTENSION OF LAST DATE IN FILING OF VARIOUS MCA FORMS

EXTENSION OF LAST DATE IN FILING OF VARIOUS MCA FORMS

I am directed to inform you that the Ministry of Corporate Affairs has decided to extend the last date of filing and to relax the additional fees applicable on forms as per the provisions of Companies Act read with rules made thereunder, which have been ought to be filed post transition of MCA 21 w.e.f. 17.01.2013, but could not be filed due to technical issues in MCA-21 system.

2. It is hereby clarified that the following relaxation shall be considered by the Regional Director/Registrar of Companies on case to case basis while allowing for relaxation of fees or extension of last date with regard to forms to be filed by the stakeholders wherein :

(i) Last date of filing for Forms where the due date is falling on or after 17th January, 2013 is without charging additional fee.

(ii) All the documents which have been expired on or after 17th January due to non-submission/re-submission PUCL may be restored back.

(iii) All the cases related to filing of court orders/competent authority where the due date/date of filing was falling on or after 17th January is extended without payment of additional fees.

(iv) Name availability expired due to non-submission of incorporation documents will be made available for filing of the same.

(v) In case of charge documents the due date will be extended by Regional Director on case to case basis where the due date of filing was falling on or after 17/01/2013 and could not be filed.

(vi) The due date in above cases is hereby extended till 28/02/2013.

3. The Regional Director/Registrar of Companies will examine the request on case to case basis upon receipt of request from the stakeholders for allowing the relaxation without levying the additional fee.

4. The process of extending date will be as under:-

a. Company/ professional will make request by e-mail/post with RD/ROC alongwith the supporting documents if, any;

b. RD/ROC will raise ticket on service desk immediately after examining the application;

c. The team of operator will resolve the ticket as per the request of RD/ROC. A system generated mail will be sent to RD/ROC and user will be informed accordingly;

d. User should file the documents within the time given in the email.

5. The Regional Director/Registrar of Companies is authorized to allow such extension of time for filing form/alongwith necessary document. The RD/ROC will raise ticket in the service desk for allowing such extension of time for filing forms.

6. The stakeholders who are able to file the documents on or after 17/01/2013 till the date of this circular are not eligible for any fees relaxation or extension of last dates. Further they are not entitled for any refund.

Read more: http://www.simpletaxindia.net/2013/02/extension-of-last-date-in-filing-of.html#ixzz2Kl71sv53

List of enhancements in MCA21 XBRL validation tool – Version 2.0.1

The following enhancements have been released in the validation tool. These enhancements do not impact the instance documents which have already been filed on the MCA21 portal. This version of the tool needs to be downloaded by only those stakeholders who are facing the below mentioned issues. In case the instance document has been successfullyvalidated and pre-scrutinised from the existing version of the tool (V 2.0), the same shall be allowed to be filed on the MCA portal.

Changes in the Business rules:

1. In specific rule sheet, following validation for the element ‘Percentage Of Shareholding In Company’ has been relaxed as the class – wise breakup can also be given: ‘Summation of all shareholder for equity members should be less than or equal to 100%. Summation of all shareholder for preference members should be less than or equal to 100%’.

2. In specific rule sheet, the validation ‘Should be greater than or equal to zero’ has been removed from the following elements as negative value can be provided for these elements and to cater to the issues being faced while providing values as per calculation linkbase:

(a) Changes In Equity Share Warrants During Period

 (b) Other Decrease in Number of Shares

(c) Decrease In Number Of Shares During Period

(d) Number of Shares Redeemed

(e) Number Of Shares Bought Back

Changes in the Validation tool:

1. Validation error w.r.t. mismatch in the summation of values provided in the detailed schedules with the total amount entered in the balance sheet for certain elements. The issue was w.r.t. those elements where the figures were provided using the decimal attribute as ‘INF’. The same has been corrected.

2. Validation error was reported for the element ‘Whether Money Raised From Public Offering During Year’ that its expected value should be ‘True’ since value for Element ‘Amount Of Public Issue During Period’ is greater than zero. The same has been corrected

3. Certain tables like ‘Details Of Directors Signing Balance Sheet Table’, ‘Details Regarding Auditors Table’, Disclosure Of Principal Product Or ServicesTable were reported as mandatory even though their respective ELRs are not applicable for previous year. This issue was reported for those cases where reporting period was ending in 2011. The same has been corrected.

Source :- http://taxguru.in/company-law/list-enhancements-mca21-xbrl-validation-tool-version-201.html

A Brief note on MCA's Green Initiative Circulars

A Brief note on MCA's Green Initiative Circulars

 

CA’S Green Initiative

In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by allowing paperless compliances by the companies under the provisions of the Companies Act, 1956. Indian Corporate regulators have recognized the electronic mode to comply various provision of companies act, 1956.

 

A brief note:

Some of the important initiatives are as under :

 

(i) Allowing service of Documents including Balance Sheets and Auditors report etc through e-mail addresses :  General Circular No:17/2011 dated 21.04.2011

 

In order to reduce cost of posting and speedy delivery of documents, service of documents through electronic mode has been permitted under section 53 of the Companies Act, 1956 in place of  service of document under certificate of posting.

 

Similarly, to reduce the consumption of papers and speedy secure delivery, service of copies of Balance Sheets and Auditors Report etc., to the members of the company as required under section 219 of the Companies Act, 1956 has been allowed to be served through electronic mode by capturing their e-mail addresses available with the depositories or by obtaining directly from the shareholders.

 

(ii) Participation by Directors and shareholders in meetings through video conferencing : To provide larger participation and for curbing the cost borne by the Company, Directors, and shareholders to attend various meetings under the provisions of the Companies Act, 1956, participation through video conferencing has been permitted subject to certain compliances.

 

General Circular No:28/2011 dated   20.05.2011 Meetings of the board of directors may now be conducted using video conference facility. However, each director must physically attend at least one meeting each financial year. More importantly, the participation of a director through video conference facility will be counted towards quorum. There are a number of other checks and balances introduced in the arrangement to ensure authenticity and credibility of the proceedings.

 

General Circular No:27/2011  :- Similar to board meetings, shareholder meetings too can be held using video conferencing subject to inbuilt safeguards.

 

MCA now requires that listed companies “must provide video conferencing connectivity during such meetings at least five places in India”. This will ensure the shareholders need not travel across cities to attend general meetings, especially when meetings are held in interior locations that are not easily accessible.

 

While shareholders may participate electronically, the quorum required for the meeting will have to be present physically at the place of the meeting. As far as quorum is concerned, there seems to be a distinction between board meeting and shareholders’ meeting. This may introduce some practical difficulties in closely-held companies with a small number of shareholders where a minimum number of shareholders required to constitute quorum will still have to physically congregate at the location of the meeting.

 

(iii) Voting in General Meeting of Companies through electronic mode :  General Circular No:18/2011 dated 29.04.2011:- 

 

In order to have secured electronic platform for capturing accurate electronic processes, Central Depository Services (India) Ltd (CDSL)  and National Securities Depositories Limited (NSDL) are being given approval by the Ministry of Corporate Affairs to provide their electronic platform for capturing accurate electronic voting in General meetings of the company.

 

Under the new initiative, a company may comply with this section “if the services of document has been made through electronic mode provided the company has obtained –email addresses of its members for sending the notice/documents through e-mail by giving an advance opportunity to every shareholders to register their e-mail address and changes therein from time to time with the company”.

 

This is a useful change as it now eases the burden of sending bulky documents such as the annual report to shareholders in physical form, particularly because it is unlikely that many small shareholders would review these in any detail at all.

 
(iv) Issue of Digital Certificates by Registrar of Companies :  General Circular No:29/2011

 

The Registrar of Companies has to issue a number of certificates to the companies and other stakeholders as required under the provisions of the Companies Act, 1956. In order to cut timelines and an another step towards “Green Initiative” it has been decided that all certificates and standard letters issued by the Registrar of Companies will now be issued electronically under the Digital Signatures of the Registrar of Companies.

 

Here sec .53 deal only with the Members of the company, a Company can send the document by physically to the registered address or by electronically to his registered Email address and it is legally permitted now by MCA.

 

Conclusion:

Great Steps……………… Save the Tree ,,,,,,, Save the Resources

 

Pravin Gupta

Source : www.caclubindia.com

A Brief Note on Mandatory Annual filing in XBRL format

A Brief Note on Mandatory Annual filing in XBRL format

 

Background:        

Ministry of Corporate Affairs (MCA) vide its General Circular No 09/2011 has Mandated certain class of Companies to file their Annual Financial Statements in XBRL format only.  Therefore the companies falling under the defined category of MCA have to comply with this circular w.e.f. financial year 2011-12.

 

Applicability:

In the first instance, the following type of companies will require to file their annual financial statements in XBRL format:

 · All companies listed in India & their subsidiaries including overseas subsidiaries

 · All companies having a paid up capital of Rs. 5 Crore or more & above or a Turnover of Rs. 100 Crore or above.

 

What is XBRL?

XBRL stands for extensible Business reporting Language. It is basically an open royalty free soft ware of a universally preferred language for online transmission of information. XBRL is specifically used to transmit the financial information in a common Business Reporting Language.

 

What should be done to file the Annual Financial Statements In XBRL format:

MCA has issued guidelines on its portal to file the Annual Financial Statements in the XBRL format. However a brief procedure for the same shall be as follows:

 

Steps for filing financial statements in XBRL form in MCA21 system:

Step 1 – Creation of XBRL instance document:

I. Map Company’s each financial statement element to a corresponding element in published taxonomy

Firstly each & every element in the Financial Statement of the company should be converted into a corresponding element in the Business Taxonomy.  To get this done, the companies have to do tagging (classification) of the XBRL taxonomy elements with the corresponding accounting heads in the Financial Statements. This mapping of taxonomy elements will help to convert the accounting related information into XBRL format.

However the said conversion will require the precise judgment & caution. Therefore it is advisable to involve those in the conversion procedure who are well conversant with the financial statements.

 

II. Creation of instance document for Balance sheet and Profit and loss Account-

Having passed the mapping & classification stage, an instance document is to be created for the financial statements. An instance document is a XML file that contains business reporting information and represents a collection of financial facts and report-specific information using tags from the XBRL taxonomy. Separate instance documents need to be created for the following:

1. Stand Alone Balance sheet of the company

2. Stand Alone Profit and Loss Account of the company

3. Consolidated Balance sheet & Consolidated Profit and Loss Account of the company.

 

It is to be noted that no extensions to the core Taxonomy will be allowed.

III. Review and verify the instance document

Once the instance document is prepared, it needs to be ensured that the instance document is a valid instance document and all the information has been correctly captured in the instance document.

 

Step 2 – Download XBRL validation tool from MCA portal

Validating the instance document is a pre requisite before filing the balance sheet and profit & loss account on MCA portal.  A validation tool is to be downloaded from MCA portal to validate the instance document. The validation should be done according the business taxonomy available on the MCA portal. 

 

Step 3 - Perform pre-scrutiny of the validated instance document through the tool

Once the instance document is successfully validated from the tool, the next step is to pre-scrutinise the validated instance document with the help of the same tool. This can be easily done by connecting to internet.

 

Step 4 - Attach instance document to the Form 23AC and Form 23ACA

There shall be a separate set of Form 23AC and Form 23ACA available on the MCA portal for filing in XBRL form. After filing the form on MCA portal a validated & prescrutinized instance document is to be attached for Balance sheet, Profit & Loss A/C & Consolidated financial Statements. Separate instance documents need to be attached w.r.t. Standalone financial statements and consolidated financial statements.

 

Step 5 - Submitting the Form 23ACA and Form 23ACA on the MCA portal

Once the instance documents are validated & pre-scrutinize, e-form can be uploaded easily on the MCA portal.

 

Step 6 - Viewing of balance sheet and profit and loss submitted in XBRL form on MCA portal:

The XBRL instance documents submitted along with Form 23AC and 23ACA are in machine readable format. Therefore, for viewing the same in a human readable format, these shall be converted into human readable format by the MCA21 system. For viewing the same on MCA21 portal and for taking certified copies of the same, these converted documents shall be made available.

In a nutshell, this is how the filing in XBRL format will take place.

 

Notes:

1. Business Taxonomy for filing Annual Financial Statements in XBRL format is available on MCA portal.

2. A separate webpage is also created by Ministry Of Corporate Affairs on its portal for clarification.

3. For more details log on to http://xbrl.icai.org