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    Prepare and file periodical financial statements

    Posted By : CS Shiriti / Published on : 01-Mar-2021 12:30 PM / View : 511 / Comment : 2

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    Section 129 A- Specified unlisted entities to prepare and file periodical financial statements Amendments related to Chapter IX and X
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      22-09-2022 / 07:41:23 AM
    • Section 129A was introduced in the Companies Act, 2013 through the Companies (Amendment) Act, 2020. The section requires specified unlisted companies to prepare and file periodical financial statements with the Registrar of Companies (RoC) in accordance with the rules prescribed by the central government.

      The specified unlisted companies under Section 129A include companies that:

      1. have listed their debt securities;
      2. have been public companies for at least three years;
      3. have a turnover of at least Rs. 50 crores or more in any financial year since their incorporation;
      4. have aggregate outstanding loans, debentures, and deposits exceeding Rs. 10 crores or more at any time since their incorporation.

      Such companies are required to prepare and file periodical financial statements with the RoC in addition to the annual financial statements filed under Section 129 of the Companies Act. The periodical financial statements are required to be filed within 30 days from the end of the respective periods as prescribed by the central government.

      Additionally, the Companies (Amendment) Act, 2020 also made amendments to Chapters IX and X of the Companies Act, which deal with the provisions related to the appointment and remuneration of managerial personnel, and the meetings of the Board and its powers. These amendments were made with the aim of simplifying and rationalizing the provisions of the Companies Act and reducing the compliance burden on companies.

      04-04-2023 / 08:47:22 AM
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