Chapter 9 - Corporate Law Reporter

Form AOC-3 of Companies Act, 2013 – Statement containing salient features of Balance Sheet and Profit and Loss Account

Statement containing salient features of Balance Sheet and Profit and Loss Account Pursuant to first proviso to sub-section (1) of section 136 of the Act and Rule 10 of Companies (Accounts) Rules, 2014 Read More

Form AOC-2 of Companies Act, 2013 – Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto Pursuant to clause (h) of sub-section (3)of section 134 of the Act and Rule 8(2) of the Companies… Read More

Form AOC-1 of Companies Act, 2013 – Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures

Statement containing salient features of the financial statement of subsidiaries or associate companies or joint ventures Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014 Read More

Section 138 of Companies Act, 2013 – Internal Audit

SECTION 138. INTERNAL AUDIT [Effective from 1st April, 2014] EXEMPTION In case of a Specified Public Company Section 138 shall apply if the articles of the company provides for the same, vide Notification No. 8(E) dated 04th January, 2017. In case of a Specified private Company Section 138 shall apply if the articles of the… Read More

Section 137 of Companies Act, 2013 – Copy of Financial Statement to be Filed with Registrar

SECTION 137. COPY OF FINANCIAL STATEMENT TO BE FILED WITH REGISTRAR [Effective from 1st April, 2014] (1) A copy of the financial statements, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such financial statements under this Act, duly adopted at the annual general meeting… Read More

Section 136 of Companies Act, 2013 – Right of Member to Copies of Audited Financial Statement

SECTION 136. RIGHT OF MEMBER TO COPIES OF AUDITED FINANCIAL STATEMENT [Effective from 1st April, 2014] (1) [***] [1] A copy of the financial statements, including consolidated financial statements, if any, auditor’s report and every other document required by law to be annexed or attached to the financial statements, which are to be laid before a… Read More

Section 135 of Companies Act, 2013 – Corporate Social Responsibility

SECTION 135. CORPORATE SOCIAL RESPONSIBILITY [Effective from 1st April, 2014] EXEMPTION Section 135 shall not apply for a period of five years from the commencement of business of a Specified IFSC Public Company, vide Notification No. 8(E) dated 04th January, 2017. Section 135 shall not apply for a period of five years from the commencement… Read More

Section 134 of Companies Act, 2013 – Financial Statement, Board’s Report, etc.

SECTION 134. FINANCIAL STATEMENT, BOARD’S REPORT, ETC. [Effective from 1st April, 2014] [(1) The financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors before they are signed on behalf of the Board by the chairperson of the company where he is authorised by the Board or by two… Read More

Section 133 of Companies Act, 2013 – Central Government to Prescribe Accounting Standards

SECTION 133. CENTRAL GOVERNMENT TO PRESCRIBE ACCOUNTING STANDARDS [Effective from 12th September, 2013] The Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949 (38 of 1949), in consultation with and after examination… Read More

Section 132 of Companies Act, 2013 – Constitution of National Financial Reporting Authority

SECTION 132. CONSTITUTION OF NATIONAL FINANCIAL REPORTING AUTHORITY [Sub section (3) and (11) notified w.e.f. 21st march, 2018, sub section (1) and (12) notified w.e.f. 1st October, 2018, remaining sub-sections notified w.e.f. 24th October, 2018] (1) The Central Government may, by notification, constitute a National Financial Reporting Authority [9] to provide for matters relating to accounting and… Read More

Section 131 of Companies Act, 2013 – Voluntary Revision of Financial Statements or Board’s Report

SECTION 131. VOLUNTARY REVISION OF FINANCIAL STATEMENTS OR BOARD’S REPORT [Effective from 1st June, 2016] (1) If it appears to the directors of a company that— (a) the financial statement of the company; or (b) the report of the Board, do not comply with the provisions of section 129 or section 134 they may prepare… Read More

Section 130 of Companies Act, 2013 – Re-Opening of Accounts on Court’s or Tribunal’s Orders

SECTION 130. RE-OPENING OF ACCOUNTS ON COURT’S OR TRIBUNAL’S ORDERS [Effective from 1st June, 2016] (1) A company shall not re-open its books of account and shall not recast its financial statements, unless an application in this regard is made by the Central Government, the Income-tax authorities, the Securities and Exchange Board, any other statutory… Read More

Section 129 of Companies Act, 2013 – Financial Statement

SECTION 129. FINANCIAL STATEMENT [Effective from 1st April, 2014] (1) The financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified under section 133 and shall be in the form or forms as may be provided for different class or… Read More