EXAMINATION OF BALANCE SHEETS BY ROCs

EXAMINATION OF BALANCE SHEETS BY ROCs

GENERAL CIRCULAR NO. 37/2012, DATED 6-11-2012

It is considered expedient to issue the following circular for general information.

2. Every company registered under the provisions of the Companies Act, 1956 is required to file its balance sheet annually with the office of the Registrar of Companies within whose jurisdiction the registered office of the company is located. Presently, there are more than 8 lakh companies registered with various offices of the RoCs located all over the country. Balance sheets of all the companies who carry out the filing are available for public inspection on the portal of this Ministry (http://www.mca.gov.in). The underlying idea behind the filing of balance sheets and other documents which require similar filings is to publicly disclose information which reflects various aspects of the working of a company so that the company's public accountability is maintained. It is neither intended nor feasible for the Registrars to scrutinize or verify the contents of filing except on a random basis. Companies and its Directors and officials are liable to be penalized for any incorrect, false or misleading information that such filing disclose. In the following cases, however, the Registrars routinely scrutinize balance sheets:

 (i)  of companies against whom there are complaints;

(ii)  of companies which have raised money from the public through public issue of shares/debentures etc.;

(iii)  in cases where the auditors have qualified their reports.

(iv)  Default in payment of matured deposits and debentures.

(v)  References received from other regulatory authorities pointing out violations/irregularities calling for action under the Companies Act, 1956.

3. After the scrutiny suitable steps are initiated wherever necessary to obtain explanation and clarification and to institute inspections, investigations and prosecutions wherever warranted.

SEBI allowed Change of Name in the Beneficial Owner (BO) Account

SEBI allowed Change of Name in the Beneficial Owner (BO) Account

SEBT CIRCULAR
CIR/MRD/DP/ 27 /2012          November 01, 2012
To,
The Depositories,
Dear Sir / Madam,
Sub: Change of Name in the Beneficial Owner (BO) Account
1. In order  to  simplify the procedure of change of name in individual Beneficial
Owner’s (BO) account, it has been decided that an individual BO may be allowed
to change his/ her name, subject to the submission of following documents at the
time of change of name of the individual in the BO account.
i. In case of change in name on account of marriage following documents shall
be submitted:
a. Marriage Certificate or copy of  Passport showing husband’s name or
publication of name change in official gazette.
ii. In case of change in name on account of reasons other than marriage
a. Publication of name change in official gazette.
iii. In case of change in father’s name
a. Publication of name change in official gazette.
2. The Depository Participants (DPs) shall collect the self attested copies of above
documents and maintain the same in their records after verifying with the original
document.
3. The Depositories are directed to
i. implement the above provisions within three months from the date of issue of this circular.
ii. ensure that they will have the system to keep audit trail of the name change in
the BO account similar to that of address change or any other change of coordinates;
iii. make amendments to the relevant Bye-Laws, Business Rules and DP
Operating Instructions for the implementation of the above decision, as may
be applicable or necessary;
iv. bring the provisions of this circular to the notice of the DPs and also to
disseminate the same on their website.
4. This circular is being issued in exercise of powers conferred under Section 11(1)
of the Securities and Exchange Board of India Act, 1992 read with Section 19 of
the Depositories Act, 1996 in the interests of investors in securities

ITR V FOR A.Y. 2010-2011 & 2011-2012 TILL 31ST DEC

EXTENSION OF TIME LIMIT FOR FILING ITR-V FORMS FOR A.Ys. 2010-11 AND

 2011-12

NOTIFICATION NO. 1/2012 UNDER CPR SCHEME 2011 [F. NO. DIT(S)-III/ITR-V EXTENSION/2012-13], DATED 23-10-2012

In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the 'Centralized Processing of Returns Scheme, 2011', issued vide C B D T Notification No. SO 16(E) dated 4.1.2012, the Director General of Income Tax (System) hereby extends the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically (without digital signature Certificate) for A.Y. 2010-11 (filed during F.Y. 2011-12) and for A.Y. 2011-12 (filed on or after 1st April, 2011). These ITR-V forms can now be filed upto 31st December, 2012 or within a period of 120 days from the date of uploading of the electronic return data, whichever is later. This direction is issued to mitigate the hardship and grievance of the tax payers who have been prevented by reasonable causes to file the ITR-V in time.

NEW BATCH FOR C.S. STUDENTS

NEW BATCH FOR C.S. STUDENTS

 “We believe nothing is unachievable once we determine to achieve it.”

INSTITUTE FOR CORPORATE ACHIEVERS (ICA) announces

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from 30^th October, 2012 at 5.30pm

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Online Chat facility made available by ICSI

ICSI Chat facility

Did you know that….?
ICSI has an online chat facility available for all students and members to interact with each other and build professional connections.
Click on the link below to download a .exe file and start using it…
http://www.icsi.edu/Facilities/Chat.aspx

Further Simplification and Revision of Softex Procedure

Further Simplification and Revision of Softex Procedure

Simplification and Revision of Softex Procedure

A software exporter from any part of India , whose annual turnover is at least Rs.1000 crore or who files at least 600 SOFTEX forms annually on all India basis, will be eligible to submit a statement in excel format

Attention of the Authorised Dealers is invited to Regulation 6 of the Notification No. FEMA 23/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, as amended by the Notification No.FEMA.36/2001-RB dated February 27, 2001, in terms of which designated officials of the Ministry of Information Technology, Government of India at the Software Technology Parks of India (STPIs) or at Free Trade Zones (FTZs) or Export Processing Zones (EPZs) or Special Economic Zones (SEZs), had been authorized to certify exports declared through SOFTEX Forms.

2. Considering the spurt in the volume of software exports from India in recent times, the complexity of work contracts involved, the voluminous nature of contract agreements and the duration involved in execution of each contract as well as the time-consuming process involved in the certification of SOFTEX forms, simplified and revised Softex procedure was introduced vide A.P. (DIR Series) Circular No.80 dated February 15, 2012. Initially the revised procedure was applicable in STPI at Bangalore, Hyderabad, Chennai, Pune and Mumbai with effect from April 01, 2012.

3. Since the revised procedure is running successfully at the 5 designated centres, it has been decided to implement the revised procedure in all the STPIs in Indiawith immediate effect.

4. As per the revised procedure, a software exporter, whose annual turnover is at least Rs.1000 crore or who files at least 600 SOFTEX forms annually on all India basis, will be eligible to submit a statement in excel format as detailed in our A.P. (DIR Series) Circular No.80 dated February 15, 2012

Ref- AP DIR- 47 dated 23 October 2012

MCA EXTENDED FILING DATE FOR FILING 23AC-XBRL & 23ACA-XBRL UPTO 15.12.2012 !!

MCA EXTENDED FILING DATE FOR FILING 23AC-XBRL & 23ACA-XBRL UPTO 15.12.2012 !!

Dear All,

In continuation of the earlier MCA Circular No. 16/2012 dated July 6, 2012 in respect of filing of e-form 23 AC-XBRL & e-form 23 ACA-XBRL, MCA has further extended the time period to file Financial Statements in XBRL mode without addiional fee/penalty upto 15th December 2012 or within 30 days of the Annual General Meeting, whichever is later.

The circular for the same shall be updated on MCA Portal shortly.