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Commentaries
Updated up to April 15, 2014
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CHAPTER 0 INTODUCTION
0.1 Date of commencement of the provisions of Companies Act, 2013 relating to accounts and audit
CHAPTER 1 BOOKS OF ACCOUNT
1.1 Obligation of the company to maintain books of account
1.2 Right of directors to inspect books of account and other books and papers maintained within India
1.3 Right of directors to inspect financial information maintained outside the country
1.4 Right of director to inspect books of subsidiary
1.5 Period of preservation of books of account
1.6 Penal provisions
1.7 Statutory presumption of correctness of books of account
1.8 Statutory registers & records
CHAPTER 2 FINANCIAL STATEMENTS
2.1 Definition of "financial statement"
2.2 Requirements to be satisfied by financial statements
2.3 Filing of Financial Statement - XBRL
2.3A Salient features of financial statements of subsidiaries/associates/joint ventures
2.4 Consolidated financial statements - Mandatory
2.6 Where any company contravenes the above provisions
2.7 Annual reports on Government companies
2.8 Accounts of foreign company
CHAPTER 3 APPROVAL ADOPTION OF ACCOUNTS
3.1 Approval of financial statements by board of directors
3.2 Signing of financial statement, including consolidated financial statement on behalf of the board
3.3 Auditor's report
3.4 Contents of Report of board of directors (in case of Companies other than OPCs)
3.5 Contents of report of BOD in case of one person company
3.6 Signing of Board's report
3.7 Circulation of Financial Statements
CHAPTER 4 ACCOUNTING STANDARDS
4.1 Constitution of the National Financial Reporting Authority (NFRA)
4.2 Functions of the NFRA [Section 132(2)/(4)]
4.3 Powers of the NFRA
4.4 Constitution and functioning of NFRA
4.5 Notification of accounting standards by the Central Government
4.6 Concept and objectives of accounting standards
4.7 Role of matching concept
4.8 Fair valuation principles
4.9 Role of accounting standards vis-à-vis determination of taxable income
4.10 Convergence with IFRS
4.11 Whether accounting standards are mandatory only for auditors and not for companies
4.12 Whether Accounting Standards are contrary to Companies Act
4.13 Whether (AS) 22 is ultra vires the Companies Act
CHAPTER 5 RE-OPENING OF ACCOUNTS ON COURT’S OR TRIBUNAL’S ORDER
5.1 No reopening of accounts/recasting of financial statements except under court's or Tribunal's orders
5.2 Recovery of remuneration of MD/WTD/Manager/CEO if Company required to restate accounts due to fraud
CHAPTER 6 VOLUNTARY REVISION OF ACCOUNTS OR DIRECTOR’S REPORT
6.1 Voluntary revision of accounts or director's report
6.2 Power of directors to revise accounts
6.3 Extent of revision
6.4 Power of Central Government to make rules
CHAPTER 7 SENDING FINANCIAL STATEMENTS TO MEMBERS FILING WITH ROC
7.1 Persons entitled to copies of financial statements
7.2 Filing of financial statements adopted at AGM (by companies other than OPCs) with registrar
7.3 Filing of financial statements adopted at AGM (by OPCs) with Registrar
7.4 If financial statement is not adopted in AGM or at Adjourned AGM (in case of companies other than OPCs)
7.5 If AGM of a company for any year is not held (in case of companies other than OPCs)
7.6 Penalties/punishments
CHAPTER 8 MANDATORY INTERNAL AUDIT
8.1 Definition of 'Internal Audit'
8.2 Internal audit mandatory for certain companies
8.3 Scope, functioning, periodicity and methodology of internal audit
8.4 Appointment of cost auditor as internal auditor
8.5 WHETHER STATUTORY AUDITOR CAN BE INTERNAL AUDITOR
CHAPTER 9 AUDIT COMMITTEE
9.1 Audit committee mandatory for listed and other pres-cribed classes of companies
9.2 Composition of Audit Committee
9.3 Role and functions of the audit committee
9.4 Meetings of Audit Committee
9.5 Right of auditors of company and KMP to attend audit committee meetings
9.6 Disclosures regarding audit committee in BOD report
9.6 VIGIL MECHANISM (WHISTLE BLOWERS PROTECTION)
9.7 Vigil mechanism (whistle blowers protection)
CHAPTER 10 CORPORATE SOCIAL RESPONSIBILITY (CSR)
10.1 Concept of 'corporate social responsibility'
10.2 Mandatory CSR provisions introduced by the Companies Act, 2013
10.3 How section 166(2) differs from section 172(1) of UK Companies Act, 2006
10.4 Companies to which CSR obligations under section 135 apply
10.5 Applicability of obligations to Indian companies
10.6 Applicability of CSR to foreign companies
10.7 Net Worth
10.8 Turnover
10.9 Net Profit
CHAPTER 11 AUDIT
22.1 Definition of "audit"
22.2 Objectives of audit
22.3 Process of audit
22.4 Nature of audit
22.5 Inherent limitations of an audit
22.6 Audit is not an official investigation into alleged wrongdoing
CHAPTER 12 QUALIFICATIONS FOR AUDITOR
23.1 Auditor should be independent
23.2 Qualifications of auditors
23.3 Signing of audit report of firm/LLP
23.4 Proprietary firm whether qualifies for appointment as auditor in firm name
CHAPTER 13 DISQUALIFICATIONS OF AUDITORS
24.1 Disqualifications of auditors
24.2 Disqualification of bodies corporate other than LLPs
24.3 Disqualification of officer or employee of the company
24.4 Partner or employee of officer or employee of company
24.5 Holding security of the company
24.6 Disqualification due to indebtedness
24.7 Disqualification of business relationship
24.8 Disqualification - Relative is director/KMP of company
24.9 Disqualification of person in full-time employment elsewhere
24.10 Disqualification - Auditor of more than 20 companies
24.11 Disqualified for 10 years if convicted for fraud
24.12 Disqualification if engaged in consulting services
24.13 Definition of subsidiary, holding company etc. for various disqualifications
24.14 Casual vacancy - Vacancy caused by disqualification
CHAPTER 14 APPOINTMENT OF AUDITORS OF GOVT. COMPANIES
25.1 Definition of Government Companies
25.2 Appointment of auditors by government companies [Section 139(5)/(7)/(8)]
CHAPTER 26 APPOINTMENT OF AUDITORS IN CASE OF COMPANIES OTHER THAN GOVERNMENT COMPANIES
26.1 Appointment of auditors by Non-government Companies
26.2 Manner and procedure of selection of auditors
26.3 No appointment by Central Government if Auditor not appointed or re-appointed at AGM
26.4 Ordinary Resolution required for appointment at AGM
CHAPTER 27 COMPULSORY ROTATION OF AUDITORS
27.1 Concept of mandatory audit firm rotation
27.2 Rationale of mandatory rotation of auditors - To enhance audit quality
27.3 Companies to which provisions for compulsory rotation of auditor's apply
27.4 Provisions as to compulsory rotation of auditors
CHAPTER 28 ROTATION OF AUDIT PARTNERS
28.1 Rotation of auditor/audit firm vis-à-vis rotation of audit partners
28.2 Enabling provision for rotation of audit partners
CHAPTER 29 REAPPOINTMENT OF RETIRING AUDITORS
29.1 Reappointment of retiring auditor
CHAPTER 30 REMUNERATION OF AUDITORS
30.1 Fixing remuneration of auditors
30.2 Definition of 'remuneration'
CHAPTER 31 JOINT AUDITORS
31.1 Appointment of joint auditors
31.2 Manner of appointment of joint auditors
CHAPTER 32 REMOVAL OF AUDITORS
32.1 Removal of auditor before expiry of term
32.2 Resolution at AGM Appointing as auditor a person other than a retiring auditor
32.3 Tribunal may direct the company to change its auditors
CHAPTER 33 RESIGNATION OF AUDITOR
33.1 What constitutes 'resignation'
33.2 Resignation of auditor
33.3 Punishment for not complying with above provisions
CHAPTER 34 POWERS AND DUTIES OF AUDITORS AND AUDITING STANDARDS
34.1 Powers of the auditor of a company
34.2 Duty of auditor to inquire into specified matters
34.3 Auditor obliged to comply with the auditing standards
34.4 Auditor's Report to members on accounts
34.5 Statutory affirmations in auditor's report
34.6 Reasons for qualified or negative answers to matters in audit report
34.7 Duties of auditor-general principles
CHAPTER 35 REPORTING FRAUDS TO CENTRAL GOVERNMENT
35.1 Duties of Auditor/Cost Auditor/Secretarial Auditor to report fraud to Central Government
35.2 Above provision is based on Singapore Companies Act
35.3 Only frauds against company by officers/employees to be reported
35.4 Frauds by the company not to be reported
35.5 Manner of reporting to the Central Government
35.6 No change in auditor's responsibilities regarding fraud prevention/detection
35.7 Reporting u/s 143(12) is not a substitute to reporting in audit report
35.8 Offence of fraud
35.9 Applicable to branch auditors also
35.10 Reason to believe vs. Sufficient reason and information
35.11 Comparison of fraud reporting obligations under CARO, 2003 and section 143(12) of the 2013 Act
35.12 Punishment for contravention of section 143(12)
CHAPTER 25 BRANCH AUDIT
36.0 Definition of 'branch office'
36.1 Audit of accounts of a branch office
36.2 Duties and powers of branch auditor
36.3 Duties and powers of the company's auditor with reference to the audit of the branch and the branch auditor
CHAPTER 26 AUDIT IN CASE OF GOVERNMENT COMPANIES
37.1 Audit report in case of Government Company
37.2 Powers of C&AG to conduct a supplementary audit in case of Government Companies [Section 143(6)]
37.3 Power of CAG to cause test audit of accounts
37.4 Duties of Govt. Company as regards supplementary audit or test audit by C&AG
37.5 Summary of powers of CAG under sub-sections (5) to (7) of section 143
CHAPTER 27 AUDITOR NOT TO RENDER CERTAIN SERVICES
38.1 Services which auditor should not provide to the auditee-company
38.2 "Directly or indirectly"
CHAPTER 28 SIGNING OF AUDIT REPORTS
39.1 Signing of audit reports
39.2 Reading out auditor's report in general meeting and inspection of the same by members
CHAPTER 29 AUDITORS TO ATTEND AGM
40.1 Notices of general meetings to be forwarded to the auditor of the company
40.2 Auditor's duty to attend general meeting and right to be heard at general meeting
40.3 Response by auditors to questions at general meetings
CHAPTER 30 LIABILITY OF AUDITORS
41.1 Auditor's liability for professional negligence in the realm of law of torts
41.2 Concept of "professional negligence" under the law of torts
41.3 "Duty of care" vis-à-vis "standard of care"
41.4 "Duty of care" as evolved by courts to limit auditor's liability
41.5 Efforts made by Companies Act, 2013 to clarify auditor's liability
CHAPTER 31 DISCIPLINARY JURISDICTION OF NFRA OVER CHARTERED ACCOUNTANTS (CAs)
42.1 Power of NFRA to investigate and punish professional/other misconducts of CAs in practice
42.2 Disciplinary proceedings by NFRA vis-à-vis disciplinary proceedings under CA Act, 1949
CHAPTER 32 COST AUDIT
43.1 Cost Audit
43.2 Power of Central Government to prescribe cost records [Section 148(1)]
43.3 Power of Central Government to direct audit of cost records (cost audit) [Section 148(2)]
43.4 Cost audit shall be by CWA in practice [Section 148(3)/(4)/(5)]
43.5 Cost Auditing Standards [Section 148(3)]
43.6 Cost audit report [Section 148(5)/(6)/(7)]
43.7 Distinction between cost audit and financial audit
43.8 Remuneration of cost auditor
43.9 Penal provisions
43.10 Applicability of provisions of section 143 mutatis mutandis to cost auditors
CHAPTER 33 SECRETARIAL AUDIT
44.1 Secretarial audit
44.2 Secretarial audit by company secretary in practice mandatory for bigger companies
44.2A Secretarial audit report in Form No. MR-3
44.3 Punishment for default in complying with section 204
44.4 Applicability of provisions of section 143 mutatis mutandis to secretarial auditors
44.5 Comparison of auditor, cost auditor and secretarial auditor
CHAPTER 34 INTRODUCTION
45.1 Schedule III - General structure
45.2 Salient features of Schedule III
45.3 ICAI's Guidance
CHAPTER 35 SALIENT FEATURES OF BALANCE SHEET PROFIT AND LOSS ACCOUNT
46.1 Salient features of Balance Sheet format (Part I of Schedule III)
46.2 Salient features of Profit and Loss Account format (Part II of Schedule III)
46.3 Applicability of Schedule III to Insurance Companies/Banking Companies/Electricity Companies
CHAPTER 47 GENERAL INSTRUCTIONS TO SCHEDULE III
47.1 General Instructions applicable to both the Balance Sheet and the P&L Account
47.2 General Instructions (Notes) for the preparation of the Balance Sheet
47.3/4 No need to classify "equity" as current and non-current
47.5 Previous year's classification - Whether required to be changed as a result of change in classification in current year
47.6 Fixed Assets Held for sale - Whether current asset or non-current asset
47.7 Investments in preference shares convertible into equity shares within one year from the balance sheet date - Whether current asset or non-current asset
47.8 "Provision for bad and doubtful debts" - Whether to be classified as current and non-current
47.9 Slow moving stock of stores and spares - Whether current asset or non-current asset
47.10 Classification of long-term loan liability when there is a breach of a major debt covenant as on the balance sheet
47.11 Long-term loan classified as NPA by bank - Whether to be reclassified as current
47.12 Classification in rollover/refinance cases
47.13 3-year loan for a company whose operating cycle is 4 years - Whether current or non-current liability
47.14 Fixed deposits having a maturity of more than 12 months from the balance sheet date - Current or non-current
47.15 FDs not convertible into cash before agreed period in view of lien over FDs
47.16 Security deposits from customers/dealers - Whether current or non-current
47.17 Security deposits paid to lessor of premises/security deposits paid for electricity connection
47.18 Net deficit in fund in defined benefit plans
47.19 Provision for Gratuity and Leave Encashment - Bifurcation of current and non-current portions
47.20 Provision for tax (net of advance tax)/advance tax (net of provision) - Current/non-current
47.21 Provision of 0.25% on standard assets made by NBFC as per RBI directions vide notification No. DNBS.223/CGM (US)-2011 dated January 17, 2011
CHAPTER 48 EQUITY AND LIABILITIES
48.1 Equity
48.2 Liabilities
CHAPTER 38 SHAREHOLDERS' FUNDS
49.1 Presentation of Shareholders' Funds on the face of the 'Balance Sheet'
49.2 Share Capital
CHAPTER 50 RESERVES SURPLUS
50.1 Reserves and Surplus
CHAPTER 51 MONEYS RECEIVED AGAINST SHARE WARRANTS
51.1 Moneys received against share warrants
CHAPTER 52 SHARE APPLICATION MONEY PENDING ALLOTMENT
52.1 Disclosure of Share Application Money Pending Allotment
52.2 When Share Application Money Pending Allotment to be shown under 'Other Current Liabilities'
52.3 Disclosures required in respect of share application money received
CHAPTER 42 NON-CURRENT LIABILITIES
53.1 Presentation of non-current liabilities on the face of the balance sheet
53.2 Long-term borrowings
53.3 Net Deferred Tax Liability
53.4 Other Long-Term Liabilities
53.5 Long-term provisions
CHAPTER 54 CURRENT LIABILITIES
54.1 Presentation of Current Liabilities on the face of the Balance Sheet
54.2 Short-term borrowings
54.3 Trade Payables
54.4 Other Current Liabilities
43.5 SHORT-TERM PROVISIONS
CHAPTER 44 ASSETS
55.1 Asset - Definition of
CHAPTER 45 NON-CURRENT ASSETS
56.1 Presentation of non-current assets on the face of the balance sheet
CHAPTER 46 FIXED ASSETS
57.1 Classification of Fixed Assets
57.2 Classification of Tangible Fixed Assets in Notes to Accounts
57.3 Classification of Intangible Assets in notes to accounts
57.4 Capital work-in-progress
57.5 Intangible assets under development
CHAPTER 47 NON-CURRENT INVESTMENTS
58.1 Presentation of non-current investments in notes to accounts
58.2 Disclosures of investments required by section 186(4) of the 2013 Act
58.3 Trade investments
58.4 Investment property
58.5 Investments in debentures or bonds
58.6 Disclosures relating to partnership firms in which the company has invested, etc. (under current and non-current investment in the balance sheet)
58.7 "Controlled special purpose entities"
58.8 "Nature and extent of investment in each body corporate"
58.9 Basis for valuation
58.10 Quoted investments
58.11 Aggregate provision for diminution in value
CHAPTER 48 NET DEFERRED TAX ASSETS
59.1 Deferred Tax Asset (Net)
CHAPTER 49 LONG-TERM LOANS AND ADVANCES
60.1 Presentation of break-up of long-term loans and advances in notes to accounts
60.2 Disclosures required by section 186(4) in respect of loans given
60.3 Capital advances
60.4 Details of loans and advances to related parties need to be disclosed
60.5 Other loans and advances
CHAPTER 61 OTHER NON-CURRENT ASSETS
61.1 Presentation of other non-current assets in notes to accounts
61.2 Disclosures of unamortized portion of expense items such as share issue expenses, ancillary borrowing cost and discount or premium relating to borrowings
CHAPTER 51 CURRENT ASSETS
62.1 Presentation of current assets on the face of the balance sheet
62.2 Current investments
62.3 Inventories
62.4 Trade receivables (current)
62.5 Cash and cash equivalents
62.6 Short-term loans and advances
62.7 Other current assets
CHAPTER 52 CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR
63.1 Meaning of the words "to the extent not provided for"
63.2 Definition of "contingent liabilities" [as per AS 29/Ind AS 37]
63.3 Disclosure of contingent liabilities in notes to account
63.4 Disclosures of Guarantees and Letters of comfort
63.5 Definition of 'commitment'
63.6 Examples of 'commitments'
CHAPTER 64 PROPOSED DIVIDEND
64.1 Proposed dividend related disclosures
CHAPTER 54 UNUTILISED AMOUNTS OF PROCEEDS FROM ISSUE OF SECURITIES
65.1 Disclosure of unutilized amounts from proceeds of issue of securities
CHAPTER 55 PART II OF SCHEDULE III - STATEMENT OF PROFIT AND LOSS
66.1 Vertical form of profit and loss account prescribed by Schedule III
66.2 Definition of "income"
66.3 Item I - Revenue from operations
66.4 Item II - Other income
66.5 Share of profits/losses in a partnership firm/AOP
66.6 Share of profits/losses in a limited liability partnership (LLP)
66.7 Item III - Total Revenue
66.8 Item IV - Expenses
66.9 Item V - Profit before exceptional and extraordinary items and tax
66.10 Item VI - Exceptional Items
66.11 Item VII - Profit before extraordinary items and tax
66.12 Item VIII - Extraordinary Items
66.13 Item IX - Profit before tax
66.14 Item X - Tax Expense
66.15 Item XI - Profit (loss) for the period from continuing operations
66.16 Item XII - Profit/(loss) from discontinuing operations
66.17 Item XIII - Tax expense of discontinuing operations
66.18 Item XIV - Profit/(loss) from discontinuing operations after tax
66.19 4Item XV- Profit (Loss) for the period (XI+XIV)
66.20 Item XVI - Earnings per equity share (1) basic (2) diluted
66.21 Other additional information to be disclosed by way of notes to statement of profit and loss
66.22 Other disclosures required in statement of profit and loss by way of a note
CHAPTER 56 GENERAL INSTRUCTIONS FOR THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
67.1 Applicability of general instructions for the preparation of CFS
67.2 Requirements of general instructions relating to CFS
67.3 Disclosures in notes to accounts regarding consolidated entities
67.4 Disclosures regarding non-consolidated subsidiaries
CHAPTER 68 DIVIDENDS
68.1 Dividends
68.2 Right to dividend
57.3 DECLARATION OF DIVIDENDS
68.4 No dividend on equity shares if section 73/74 contravened [Section 123(6)]
68.5 Sources from which dividend may be declared/paid
68.6 Transfer of amounts to reserves is optional [first proviso to section 123(1)]
68.7 If owing to inadequacy or absence of profits in any financial year, the company proposes to declare dividend out of reserves [second proviso to section 123(1)]
68.8 Interim dividend [Section 123(3)]
68.9 Provisions of Table F of Schedule I regarding dividends and reserves
68.10 Deposit of amount of dividend in separate bank account [Section 123(4)]
68.11 Dividend to be paid only to registered shareholder [Section 123(5)]
68.12 Mode of payment of dividend [Section 123(5)]
CHAPTER 58 UNPAID DIVIDEND
69.1 Unpaid dividend account
69.2 Obligation of company to place details of transfer to unpaid dividend account on company's website [Section 124(2)]
69.3 Transfer to the Investor Education and Protection Fund
69.4 Penal provisions
CHAPTER 59 INVESTOR EDUCATION AND PROTECTION FUND
70.1 Investor Education and Protection Fund (IEPF)
70.2 Establishment of the fund
70.3 Amounts to be transferred by company to IEPF
70.4 Auditor's duties in relation to transfers to IEPF
CHAPTER 60 AUDITOR’S DUTIES REGARDING DIVIDENDS
71.1 Whether auditor responsible for improper declaration/payment of dividends
71.2 Audit of dividends
CHAPTER 61 CERTIFICATIONS REQUIRED FROM CA/ COST ACCOUNTANT/CS UNDER COMPANIES ACT, 2013 AND DRAFT RULES
72.1 Introduction
72.2 Certification of e-forms under MCA 21
CHAPTER 62 FORM NO. 2.6 - INTIMATION TO ROC ON CEASING TO BE OPC
73.1 Salient features of financials of subsidiaries, associates and JVs in Form AOC-1
73.2 Information to be furnished in Form AOC-1
73.3 Certification of statement in Form AOC-1
CHAPTER 63 FORM NO. 2.8 NOTICE OF PROVISIONS OF ENTRENCHMENT IN ARTICLES
74.1 Abridged financial statements - Applicable to listed companies
74.2 Abridged financial statements shall be in Form AOC-3
74.3 Director's report
74.4 Consolidated financial statements
74.5 Audit of Abridged Financial Statements
CHAPTER 64 FORM NO. 2.9 - APPLICATION FOR INCORPORATION OF A COMPANY
APPENDIX 1 RELEVANT EXTRACTS OF COMPANIES ACT, 2013
APPENDIX 2 COMPANIES (ACCOUNTS) RULES, 2014
APPENDIX 3 COMPANIES (AUDIT AND AUDITORS) RULES, 2014
APPENDIX 4 COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014
APPENDIX 5 RELEVANT EXTRACTS OF CHARTERED ACCOUNTANTS ACT, 1949
CHAPTER 66 FORM NO. 2.12 FIRST DIRECTORS - PARTICULARS, CONSENT AND INTERESTS
11.1 Qualifying CSR activities/expenditure
11.2 Activities specified in Schedule VII to the 2013 Act
CHAPTER 67 FORM NO. 2.14 - APPLICATION FOR GRANT OF LICENSE UNDER SECTION 8
12.1 Mandatory CSR obligations of companies covered by section 135(1)
12.2 Composition of CSR Committee of directors
12.3 CSR policy to be formulated and recommended to the board by CSR Committee
12.4 Board to approve CSR policy, disclose it & ensure activities included in it are undertaken
CHAPTER 68 FORM NO. 2.15 - DECLARATION OF COMPLIANCE WITH SECTION 8 AND RULES
13.1 Mandatory CSR spends - 2% of average net profits
13.2 Is there any cap on CSR spends
13.3 Is 'mandatory CSR spend' a tax
13.4 Does CSR spend differ from charity
13.5 Can the company's CSR policy restrict CSR spends to only donations to PMNRF
13.6 Scope of CSR expenditure
13.7 Expenditure which will not be considered as CSR spends
13.8 Whether section 181-limits on charity applies to CSR spends
13.9 Whether contributions to national defence fund will be counted as CSR spends
CHAPTER 69 FORM NO. 2.21 CONVERSION OF SECTION 8 COMPANY INTO ANY OTHER KIND OF COMPANY
14.1 CSR pooling merits
14.2 Pooling allowed
CHAPTER 70 FORM NO. 2.24 - DECLARATION FOR COMMENCEMENT OF BUSINESS
15.1 CSR can be undertaken by setting up a trust/section 8 company/ society/foundation within India
15.2 Capacity building of personnel
CHAPTER 71 FORM NO. 2.25 - VERIFICATION OF REGISTERED OFFICE
16.1 Rationale for outsourcing CSR to established NGOs with readymade expertise
16.2 Company allowed to 'outsource' by contributing to established NGOs
CHAPTER 72 FORM NO. 2.25 - NOTICE OF CHANGE OF SITUATION OF REGISTERED OFFICE
17.1 Disclosures required in board of directors' report
17.2 Annual report on CSR to be included in board of director's report
17.3 In case of foreign company, balance sheet to contain annual CSR report
17.4 Display of CSR policy on company's website
CHAPTER 73 FORM NO. 6.1 - APPLICATION FOR REGISTRATION OF CHARGE CREATED ON COMPANY’S PROPERTY
18.1 Expenditure incurred on CSR activities [Clause (k) of Para 5(i)]
18.2 No requirement to disclosure break-up of CSR expenditure incurred
18.3 No requirement to disclose computation of 2% of average net profits
18.4 No requirement to disclosure shortfall of CSR spends/reasons therefor
18.5 Surplus in CSR
18.6 Critique of disclosure requirements
CHAPTER 74 FORM NO. 6.4 - REPORTING SATISFACTION OF CHARGE TO ROC
19.1 Requirement to disclose CSR in annual return
CHAPTER 75 FORM NO. 6.8 - APPLICATION TO CENTRAL GOVT. FOR RECTIFICATION OF REGISTER OF CHARGES
20.1 No specific duty to make a statement as to compliance with CSR obligations in auditor's report
20.2 Duty to consider CSR while forming and expressing auditor's opinion on truth and fairness of accounts
CHAPTER 76 FORM NO. 8.1 - STATEMENT OF UNPAID/UNCLAIMED DIVIDEND
21.1 Requirement for mandatorial secretarial audit of the listed companies and large public companies by practising CS
21.2 Duty of secretarial auditor to opine on CSR compliance in Form No. MR.3