India: Ministry Of Corporate Affairs proposes window of immunity for companies that deliver financial statements late

The Ministry of Corporate Affairs (MCA) is proposing an amnesty in record time--proposal and approval occupied a window of only two days, last May 28-30--for Indian companies' delays in delivering financial statements.

Since ’56, companies that did not turn in their financial statements to the RoC (Register of Companies) by the end of October were legally actionable. As of May 30, 2010, the MCA gives a window of immunity to overdue companies, relieving them of the strict legal measures.

What is the Ministry of Corporate Affairs

The Ministry is mainly concerned with the administration of the Companies Act of 2013, the Companies Act of 1956, the Limited Liability Companies Act of 2008 and other related laws, and the rules and regulations issued under them, mainly to regulate the operation of the corporate sector in accordance with the law.

The Ministry is also responsible for the administration of the Competition Law of 2002 to prevent practices that adversely affect competition, to promote and support competition in markets, and to protect consumer interests through the commission established under the law.

It also exercises oversight over the three professional bodies, namely the Institute of Chartered Accountants of India (ICAI), the Institute of Company Secretaries of India (ICSI), and the Institute of Cost Accountants of India (ICAI), which were established under three separate Acts of Parliament for the proper and orderly growth of the professions concerned.

The Ministry is also responsible for carrying out the functions of the Central Government related to the administration of the Partnership Act, 1932, the Companies (Donations to National Funds) Act, 1951, and the Societies Registration Act, 1980.

Source: MCA India