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Non-Xbrl Companies allowed to file annual filing form 23AC & 23ACA till 15th September 2012 without additional fee

This year New Schedule VI has been made applicable on companies to prepare its financial statements. The ROC is in the process of finalising new Form 23AC & 23ACA incorporating the changes. In view of the same non-xbrl companies are permitted to file Annual Balance Sheet and Profit & Loss Account in Form 23AC & 23ACA without any additional fees or penalty by 15th September, 2012 if the due date of filing is before 15th September. After 15th September the normal rules will apply. The text of the notification is provided below for your reference.

General Circular No 21/2012

File No. 17/160/2012-CL-V; Government of India; Ministry of Corporate Affairs; Dated02/08/2012

All the Regional Directors, All the Registrar of Companies

Sub: Filling of Balance Sheet and Profit and Loss Account by Companies in Non- XBRL for accounting year commencing on or after 01.04.2011.

Notification no. S.O-447 (E) dated 28.02.2011 on revised schedule VI is effective from  1st April 2011. The current year filing is based on revised schedule VI is due for filing. The revised form 23AC & ACA is under finalization and will be notified shortly on the MCA website.

All companies who are required to file non XBRL eform 23AC & ACA as per revised schedule VI be allowed to file their financial statement without any additional fee/penalty upto 15th September 2012 or within 30 days from the date of their AGM, whichever is later.

Sanjay Kumar Gupta

(Deputy Director)

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Applicability of Fees on Form 23B for Auditor’s Appointment deferred till 12th August 2012

The Ministry of Corporate Affairs (MCA) has decided to defer levying of fees on filing of Form 23B for Auditor’s Appointment till 12th August, 2012. So all those companies who have not filed Form 23B intimating ROC of the Auditor’s Appointment for any previous year are advised to file the Form 23B before 12th August, 2012 to avoid levying of fees. The text of the circular is enclosed for your reference.

General Circular No. 22/2012

F.No. 17/187/2011 – CL.V ; Government of India; Ministry of Corporate Affairs; Dated the 3rd Aug, 2012

To

All Regional Directors, All Registrar of Companies, All Stakeholders.

Sub : Imposing fees on certain e-forms filed with ROC, RD or MCA(HQ) under MCA-21 where at present no fee is prescribed.

Sir,

I am directed to refer to the Ministry’s General Circular no. 14/2012 dated 21st June 2012 & General Circular no. 19/2012 dated 27th July 2012 and to say that fees on Form 23B (Information by statutory auditor to the Registrar) has been further deferred for one week and shall now be applicable from 12th August, 2012.

Yours faithfully,

(Sanjay Shorey)

Joint Director

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Liberalisation of External Commercial Borrowings Norms by RBI

The Reserve Bank of India (RBI) has libralised External Commercial Borrowings (ECB) norms on various issues, the details of which are given below:

Repayment of Rupee loans

In furtherance to the circulars dated 23rd September, 2011 and 20th April 2012 regarding liberalization of ECB norms for infrastructure sector and power sector, with respect to repayment of rupee loan, RBI has further liberalized the norms for both the sector. In this regard, RBI has allowed Indian companies (Power and Infrastructure Sector) to raise ECB for repayment of rupee loan(s) availed from domestic banking system and/ or for fresh rupee capital expenditure, under approval route, subject to the following conditions:

Such companies should have been a consistent foreign exchange earner during the past three financial years,
Such companies are not in default list/ caution list of the Reserve Bank of India,
The ECB shall be utilized only for repayment of rupee loan availed of for “capital expenditure” incurred earlier and are still outstanding in the books of domestic banking system and/ or fresh rupee capital expenditure

Limits

The overall ceiling of above mentioned ECBs shall be USD 10 (ten) billion subject 50% of average annual export earnings realized during past 3 financial years

Requirements

The Companies seeking to avail ECB, may submit Form ECB through their Authorized Dealer Bank along with the following:

Certificate from the statutory auditor regarding utilization of rupee loan(s) w.r.t ‘capital expenditure’ incurred earlier,
Certificate from the statutory auditor that the Company is a consistent net foreign exchange earner during the past three financial years,
The outstanding rupee loan(s) shall be certified by the domestic lending bank(s) and the designated authorized dealer bank.

The Company shall draw down the entire facility within a month after obtaining Loan registration Number from the Reserve Bank.

Rationalization of Form 83

The Indian companies proposing to avail ECB are required to obtain Loan Request Number by submitting the revised Form 83 to Reserve Bank of India. The Reserve Bank of India has rationalized the Form 83 vide circular no —– dated and has come out with the new format. Major changes are:

The Instruction have been given at the end the revised format i.e. Annex I.
Annex II – showing the method to calculate Average Maturity period is added.
Form has to be addressed to The Director, Balance of Payments Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-8-9 Bandra-Kurla Complex, Mumbai- 400 051.
Separate Parts have been categorized for the details of Lenders, Borrowers, Loan, Charges, ECB already availed.

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Integration of LLP System in MCA-21 System by June 2012

Ministry of Corporate Affairs (MCA) is going to integrate the LLP system into the currently working MCA-21 system by June 2012. All the old forms requiring resubmission in the LLP system will expire after the deadline of 21-05-2012. If anybody has any pending LLP forms for resubmission then please take prompt action or the form will expired and fresh fee would required to be deposited.

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Additional Fees imposed on delay in filing form 23C for Appointment of Cost Auditor

The Ministry of Corporate Affairs have decided to levy additional fees in delay in filing of Form 23C -Application to the Central Government for Appointment of Cost Auditor. The additional fees will range from two times of normal fees to 9 times of normal fees on delay of more than 90 days. Companies which are required to file form 23C are advised to file the form within time to avoid paying additional fees. The text of notification is provided below for your reference.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA,

EXTRAORDINARY PART-II, SECTION-3, SUB-SECTION (i)]

GOVERNMENT OF INDIA; MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

NEW DELHI, the 7th August, 2012

G.S.R. 617(E).- In exercise of the powers conferred by sub-section (1) of section 642, read with sub-section (2) of section 637A of the Companies Act, 1956 (1 of 1956), the Central Government hereby amends the notification of the Government of India in the erstwhile Ministry of Law, Justice and Company Affairs (Department of Company Affairs) number G.S.R. 501(E), dated the 6th July, 1999 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 6th July, 1999, namely:-

2. In the said notification, after sub-rule (3), and Table-III, the following sub-rule (4) and Table-IV shall be inserted, namely:-

“(4) In case of delays in filing applications with the Central Government under sub-section (2) of section 233B of the said Act, the fee as specified in the Table-IV below shall be applicable:

Table – IV

Period of Delay Fee Payable with the Application
Upto 30 days Two times of normal fee
More than 30 days and upto 60 days Four times of normal fee
More than 60 days and upto 90 days Six times of normal fee
More than 90 days Nine times of normal fee

Note: Normal fee means the fee as given in the Table-I above.”

[File No. 52/5/CAB-2011]

B.B.GOYAL

Adviser (Cost)

Note:- The principal notification was published in the Gazette of India, Extraordinary

Part II, section 3, sub-section (i), vide G.S.R. 501(E), dated the 6th July, 1999,

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