MCA grants extension of time for filing Annual Financial Statements (AOC-4) and Annual Returns (MGT-7) without additional fees.
The Ministry of Corporate Affairs has recently granted the much-needed relief by extending the dates for filing of the 5 important e-forms with the removal of additional fees on the e-forms, namely Forms Annual Financial Statements -AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL, and Annual Returns -MGT -7 / MGT -7A, filing to the Financial Year ended 31st March 2021 under the Companies Act 2013.
The extended due dates for filing of e-forms such as AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL are 15th February 2022 and for filing of e-forms such as MGT-7, and MGT-7A are 28th February 2022, for all stakeholders, without any additional fees.
The extension of due dates has been done as per the demand of the stakeholders for the filing of financial statements for the financial year ended 31.03.2021.
Extension of last date to file e-forms AOC-4, AOC-4 CFS, AOC-4 XBRL, AOC-4 Non-XBRL and MGT-7/7A for the FY 2020-21 to 31.12.2021
On October 29, 2021, the Ministry of Corporate Affairs (MCA) has announced the relaxation in levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7 / MGT-7A for the financial year ended on March 31, 2021 under the Companies Act, 2013.
It has been decided no additional fees shall be levied upto 31st December 2021 for the filing of e-forms in respect of the financial year ended on 31.03.2021.
During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.
Keeping in view of various requests received from stakeholders regarding relaxation on levy of additional fees for annual financial statement filings required to be done for the financial year ended on 31.03.2021, it has been decided that no additional fees shall be levied upto 31.12.2021 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and MGT-7/MGT-7A in respect of the financial year ended on 31.03.2021. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.
Further to the extension of time for holding of Annual General Meeting (AGM) for the financial year ended on 31/03/2021, granted by MCA on 23 rd September, 2021 by two months, this relaxation is now announced by MCA to facilitate the filing of Annual Financial Statements by the stake holders.
MCA has extended the Due Date for Holding of AGMs by the companies, by 2 months from the original due date in respect of the financial year 2020-21 ended on 31/03/2021. Accordingly, respective ROCs have issued extension Orders, which are available at the link below:
MCA Office Memorandum dt. 23/09/2021: Extension of time for holding of Annual General Meeting (AGM) for the Financial year ended on 31/03/2021
1. The Central Government has received representations seeking extension of time for holding Annual General Meeting (AGM) for the financial year 2020-21 ending on 31/03/2021 citing many difficulties faced due to second wave of Covid-19 and consequent lockdowns etc.
2. Accordingly, it has been decided to advise the Registrar of Companies (RoCs) to accord approval for extension of time for a period of two Months beyond the due date by which companies are required to conduct their AGMs for the financial year 2020-21 ended on 31/03/2021.
3. Kindly find enclosed a copy of the standard template for the order to be issued by RoCs under third proviso to sub-section (1) of section 96 of the Companies Act, 2013 ( the Act) for granting extension of time for conducting of AGM for the Financial Year 2020-21 ended on 31/03/2021.
4. Please take this action with utmost urgency and issue order before the close of the office today and forward the copy of the order to this office before for consolidation and uploading it on the MCA21 website. Also display this order on the Notice Board of your respective offices.
5. This issues with approval of the Competent Authority.
The extension of time by two months issued by ROC, Chennai is as below. The respective ROCs in the country have issued orders under third proviso to sub-section (1) of section 96 of the Companies Act, 2013 granting extension of time by 2 months for conducting of AGM for the Financial Year 2020-21 ended on 31/03/2021.
The extension of time by two months issued by ROC, Chennai is as below. The respective ROCs in the country have issued orders under third proviso to sub-section (1) of section 96 of the Companies Act, 2013 granting extension of time by 2 months for conducting of AGM for the Financial Year 2020-21 ended on 31/03/2021.
The Ministry of Corporate Affairs (MCA), considering requests to waive additional fee for late filing of statutory forms which fall due between 1 April and end of May owing to the COVID-19 restrictions and disruption, has granted extra time without additional fee for filing statutory forms till the end of July, 2021
The ministry of corporate affairs (MCA) has offered relaxation in certain compliance requirements for businesses, including a longer interval between two board meetings in view of the hardships during the second wave of the pandemic.
Companies are normally required to hold a minimum of four board meetings in a year with the interval between them not exceeding 120 days. This has now been relaxed by 60 days so that the interval could go up to 180 days, the ministry said in a notification issued on Monday.
The ministry also said in a separate notification that it has received several requests to waive the additional fee for late filing of statutory forms which fall due between 1 April and end of May in view of the covid-19 restrictions and disruption.
The ministry said these requests have been examined and taking into account the difficulties due to resurgence of coronavirus infections, extra time without additional fee has been granted till the end of July for filing statutory forms. In the case of filing forms to report creation or modification of a charge (lien or claim) on the assets of a company under various circumstances, the ministry has issued another notification granting relief. Accordingly, in cases where due date had expired before 1 April, extra time has been granted till end of May.
The finance ministry has already given relief for various compliance requirements related to income tax and goods and services tax (GST), besides exempting basic customs duty and agriculture cess on various medical supplies used in the prevention and treatment of coronavirus disease. The pandemic has taken a heavy toll on lives with over 222,000 deaths.
The central government has not favoured a lockdown of the country during the second wave, but several states had to impose curbs on movement and assembly of people to break the chain of infections. India has so far vaccinated over 15 crore people, or roughly 12% of the population. The second wave is expected to slow India’s economic recovery from an expected 7.7% contraction in FY21.
SEBI made multiple relaxations for Indian firms, including market intermediaries and depositories, in terms of filing of financial details, disclosure on fund utilization and updating client records
The Securities and Exchange Board of India (SEBI), on Thursday, relaxed the deadline for listed Indian firms to announce their financial results in the wake of surging covid-19 cases in the so-called second wave of the pandemic in the country.
SEBI made multiple relaxations for Indian firms, including market intermediaries and depositories, in terms of filing of financial details, disclosure on fund utilization and updating client records.
In a circular, SEBI said listed Indian companies, which are currently required to announce their quarterly financial results within 45 days from the end of the quarter or by 15 May, 2021, are now allowed to file their March quarter results for fiscal 2021 by 30 June.
The deadline for filing annual audited financial results too has been extended by the markets regulator. Currently all companies are required to file their audited financials within 60 days from the end of the financial year, i.e. by 30 May. This deadline has been extended till 30 June, 2021 by SEBI.
“SEBI is in receipt of representations from listed entities, professional bodies, industry associations, market participants etc. requesting extension of timelines for various filings and relaxation from certain compliance obligations under the LODR (listing obligations and disclosure regulations) norms due to ongoing second wave of the CoVID-19 pandemic and restrictions imposed by various state governments,” said SEBI in its circular.
So far, 170-odd listed companies in India have announced their financial results for the March quarter and fiscal year 2021.
SEBI has also extended the deadline for companies to file their annual secretarial compliance report by a month till 30 June, 2021.
Also, the deadline for submitting the statement of deviation or variation in use of funds (along with the financial results) has been extended by a month till 30 June, 2021.
Clarification to be handy for India Inc as the government had recently allowed corporate India to vaccinate their employees at the companies’ premises.
In a significant boost to corporate India looking to undertake CSR around the COVID-19 pandemic, the corporate affairs ministry (MCA) has clarified spending of CSR funds for setting up “makeshift hospitals and temporary Covid care facilities” would be treated as an eligible CSR activity.
This would be permitted as an eligible Corporate Social Responsibility (CSR) activity under schedule VII of the companies Act regarding promotion of healthcare, including preventive healthcare and, disaster management respectively, the MCA said in a circular.
The MCA has said that companies may undertake the activities of setting up makeshift hospitals and temporary Covid care facilities in consultations with the State governments. This will be allowed so long as companies comply with the Companies ( CSR Policy) rules 2014 and the circulars related to CSR issued by the ministry from time to time, it added.
Handy for India Inc
This clarification from MCA may come in handy for India Inc as the government had recently allowed corporate India to vaccinate their employees at the companies’ premises without them having to go to vaccination Centres.
Recently there has been a lot of debate on whether India Inc can treat the inoculation expenses that they want to spend on behalf of their employees as an eligible CSR spend or not.
While the current thinking is that the Centre may not agree to such expenses undertaken solely for employees as being counted as CSR activity, however the latest move to allow corporates to set up makeshift hospitals and temporary Covid care facilities as an eligible CSR activity would certainly encourage India Inc to take up such activities.
This provides an opportunity to the ICAI members to expand their professional horizons and to foster working relations between the two accounting institutes. The Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ) will have an opportunity to play the leadership role in addressing new challenges facing the profession in a globalized environment.
The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a fresh Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ).
Impact:
The MOU intends to develop mutually beneficial relationship in the best interest of members, students and their organizations and is expected to provide an opportunity to the ICAI members to expand their professional horizons and to foster working relations between the two accounting institutes. The two accountancy institutes will have an opportunity to play the leadership role in addressing new challenges facing the profession in a globalized environment.
Benefits:
The engagement between the two Institutes is expected to result in greater employment opportunities for Indian Chartered Accountants and also greater remittances back to India.
Details:
The Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) & Chartered Accountants Australia and New Zealand (CA ANZ) would mutually recognize the qualification and admit the Members in good standing by prescribing a bridging mechanism between the two Institutes. The ICAI and CA ANZ aim to establish a mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancement of the interests of their respective members and contribute positively to the development of the accounting profession in Australia, New Zealand and India.
Implementation strategy and Targets:
The MoU provides for mutual recognition of qualification of members of other body, who have achieved membership by completing the Examination, professional program and practical experience membership requirements of the two parties.
Background:
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament of India, The Chartered Accountants Act, 1949′, to regulate the profession of Chartered Accountancy in India. Chartered Accountants Australia and New Zealand (CA ANZ), emerged from the merger of the Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants in October 2014.
