Companies Act Provisions

NOTE ON XBRL FILING {Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015} INTRODUCTION As per section 137 of the Companies Act, 2013, every Company is required to file its financial statements along with consolidated financial statements, if applicable, to the Registrar within 30 days of Annual General Meeting or due date of Annual General Meeting, whichever is earlier. But there are certain class of Companies as prescribed by the Central Government which are mandatorily required to file their financial statement in Extensible Business Reporting Language (XBRL) format. The XBRL means a standardised language for communication in electronic form to express, report or file financial information by companies. WHO SHALL FILE IN XBRL FORMAT The following class of companies shall file their financial statement along with consolidated financial statements, if applicable, and other documents under section 137 of the

CONDONATION OF DELAY BY CENTRAL GOVERNMENT IN CERTAIN CASES (Section 460 of the Companies Act, 2013) INTRODUCTION As per section 460 of the Companies Act, 2013 (“the Act”) , 1.       Where any application required to be made to the Central Government, and 2.       Where any document required to be filed with the Registrar is not filed within the time, the Central Government may, for reasons to be recorded in writing, condone the delay. Please Note that this section applies mostly in case of non-filing of Board resolution or agreement or special resolution, as per section 117 read with section 179 of the Companies Act, 2013 or the wherever written in the Act for passing and filing Board Resolution or Special Resolution, within the time prescribed in that section or with additional fee within the time prescribed under section 403. Clarification & Penalty for default : As per section 117 of the Companies Act, 2013, Board resolution or agreement or Special