General Circular No. 22/2014, No. 1/ 34 /2013-CL-V
(Part-I), dated 25th June, 2014
Clarification with regard to Format of Annual Return
applicable for Financial Year 2013-14 and Fees to be charged by Companies for
allowing Inspection of Records
Government
has received requests for clarification about the applicability of form of
annual return (MGT-7) prescribed under rule 11(1) of the Companies (Management
and Administration) Rules, 2014 for financial year(s) commencing earlier than 16th
April, 2014. The matter has been examined in the light of provisions of Section
92(1) of the Act which requires annual return to contain particulars as they
stood on the close of the financial year. It is, clarified that Form MGT-7
shall not apply to annual returns in respect of companies whose financial year
ended on or before 1st April, 2014 and for annual returns pertaining to earlier
years. These companies may file their returns in the relevant Form applicable
under the Companies Act, 1956.
2. Companies have
also sought clarity about permitting free of cost inspection of records under
rule 14(2) and rule 16 of the rules cited above and till a fee is prescribed
for the purpose in the Articles. It is clarified that until the requisite fee
is specified by companies, inspections could be allowed without levy of fee.
3. This issues with
the approval of the competent authority.
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