Friday, September 2, 2016

Relaxation of additional fees in filing annual e-Forms-a boon for stakeholders

The Companies Act, 2013, (hereinafter referred to as “the Act”) contains various provisions which require a large number of filings to be made to ROC by:
Companies
Various officials of the Company like Directors/Key Managerial Personnel/Auditors

on meeting with the provisions of the Act.

Out of the various filings required under the Act, few such requirements are the filing of the annual e-Forms i.e. AOC-4, AOC-4 (XBRL), AOC-4 (CFS) pursuant to Section 137 read with Rule 12 of the Companies (Accounts) Rules, 2014, and MGT-7 pursuant to Section 92 read with Rule 11 of The Companies (Management and Administration) Rules, 2014, with the ROC by companies.

With the enforcement of the Act, as the filing of the e-Forms has become a cumbersome task for many corporates, due to the frequent revision of the e-Forms by the Ministry of Corporate Affairs (“the MCA”) which create problems for the stakeholders in understanding the new requirements incorporated in the e-Forms. Also, recently, annual e-Forms as mentioned above have faced number of revisions by the MCA on August 24, 2016, July 29, 2016, etc. which indeed makes it a challenging task for the corporates to file the e-Form at the earliest and within the timeline provided by the MCA.


Therefore, MCA has been issuing various circulars to provide relaxation to the stakeholders in filing

Recently, MCA again has come up with General Circular No. 08/2016 dated 29.07.2016 (hereinafter referred to as “the Circular”), which although came on 31st August, 2016, but been dated 29th July, 2016, provides relief to all the stakeholders in filing of annual e-Forms by providing them extended time line without paying additional fees. This would facilitate better understanding among the stakeholders in regard to the filing annual e-Forms as these annual e-Forms are a very crucial matter with regard to every stakeholder as these involve matters relating to their financial statements.

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