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ICAI : Announcement regarding Commencement notification of the provisions of Companies (Amendment) Act, 2017

Announcement regarding Commencement notification of the provisions of Companies (Amendment) Act, 2017 w.e.f. 05th March, 2021 in respect of provisions relating to Annual Return by CL&CGC, ICAI

Corporate law and corporate governance committee of the Institute of Chartered Accountants of India has announced commencement notification of the provisions of Companies (Amendment) Act, 2017 w.e.f. 05th March, 2021 in respect of provisions relating to Annual Return to its members. 

In the notification, the ICAI has omitted certain terms which shall not be required to furnish in Annual Return. 

The terms are,

  • “Its indebtedness”
  • “indicating their names, addresses, countries of incorporation, registration, and percentage of shareholding held by them” in respect of shares held by or on behalf of the Foreign Institutional Investors.

Further, it has been mentioned that the Central Government may prescribe the abridged form of annual return for “One Person Company, small company and such other class or classes of companies as may be prescribed.

The Central Government has prescribed abridged form of annual return for “One Person Company, small company.


March, 12th 2021

Corporate Laws & Corporate Governance Committee

The Institute of Chartered Accountants of India

10th March 2021

 

ANNOUNCEMENT

Sub: Commencement notification of the provisions of Companies (Amendment) Act, 2017 w.e.f. 05th March 2021 in respect of provisions relating to Annual Return

This is to inform you that the Central Government has notified the provisions of clause (i) of section 23 of the Companies (Amendment) Act, 2017 w.e.f. 05th March 2021 i.e. the provisions of sections 92(1) of the Companies Act, 2013.

Accordingly, w.e.f. 05.03.2021 the following particulars as stood on the close of the financial year shall not be required to be furnished in the annual return:

  1. “Its indebtedness”
  2. “indicating their names, addresses, countries of incorporation, registration, and percentage of shareholding held by them” in respect of shares held by or on behalf of the Foreign Institutional Investors

Further, it has been mentioned that the Central Government may prescribe the abridged form of annual return for “One Person Company, small company and such other class or classes of companies as may be prescribed.

The Central Government has prescribed abridged form of annual return for “One Person Company, small company.

Notification is available at the link- http://mca.gov.in/Ministry/pdf/CommencementNotification_05032021.pdf

Members may note the above.

Sincerely Yours,

Chairman and Vice-Chairman

Corporate Laws & Corporate Governance Committee

The Institute of Chartered Accountants of India

TaxClue Team

Taxclue is an online news portal for reporting all news, articles, judgments, Circulars, orders, and notifications relating to various corporate and tax laws in India. We use the tagline ‘Simplifying Laws’. Our mission is to Simplify the Laws and make people aware of their rights and duties in relation to tax matters in order to equip them to participate in nation-building. TaxClue is a team of young professionals. We started in December 2016 with the mission of knowledge sharing. TaxClue would like to hear your valuable suggestion. Please write to our editorial team at [email protected]

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