India: the Ministry Of Corporate Affairs offers a window of immunity to companies that deliver late financial statements

The Ministry of Corporate Affairs (MCA) proposes an amnesty in record time - the proposal and approval took place in a window of just two days, from 28 to 30 May - for the delays of Indian companies in delivering their financial statements.

Since 1956, companies that did not deliver their financial statements to the RoC (Register of Company) by the end of October were liable to prosecution. Effective May 30, 2010, the MCA provides a window of immunity to late-paying businesses, relieving them of stringent legal measures.

What is the Ministry of Corporate Affairs

The Ministry is mainly engaged in the administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Companies Act 2008 and other related laws, as well as the rules and regulations issued thereunder, mainly to regulate the functioning of the corporate sector in accordance with the law.

The Ministry is also responsible for administering the Competition Law of 2002 to prevent practices that have adverse effects on competition, to promote and support competition in the markets, to protect the interests of consumers through the commission established under the law.

He also oversees 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 have been constituted under three separate Acts of Parliament for the proper and orderly growth of the professions concerned.

The Department is also responsible for carrying out Central Government functions relating 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