Unpaid and unclaimed amounts lying with companies - eForm 5INV
Investor Education and Protection Fund (Uploading of
information regarding unpaid and unclaimed amounts lying with companies) Rules,
2012, has mandated every company to file eForm 5INV containing the information
of unclaimed and unpaid amounts as referred to in sub- section (2) of section
205C of the Companies Act, 1956. This
information is required to be filed every year within a period of 90 days after
the holding of Annual Genera l Meeting or the date on which it should have been
held as per the provisions of section 166 of the Act, and every year thereafter
till completion of the seven years’ period.
The information is to be filed in eForm 5- INV as per the
above mentioned rules; and thereafter an excel sheet containing detailed
investor wise details is to be filed separately.
The eForm, the excel template and detailed steps are
provided in the IEPF application link on the portal www.iepf.gov.in
MCA Clarification under Section 372A(3) of the Companies Act, 1956
The Ministry of Corporate Affairs (MCA) vide its General Circular
No. 06 /2013 dated 14.03.2013 has provided a clarification under
Section 372A (3) of the Companies Act, 1956, which says that in such
cases where the effective yield (effective rate of return)
on tax free bonds is greater than the yield on prevailing bank rate,
there is no violation of Section 372A(3) of Companies Act, 1956.
It is observed from the Budget 2013-14 authorizes Union Govt to raise Rs. 50,000 crores (Tax Free Bonds). These bonds carry a lower rate of interest, currently in the range of 6.75% to 7.50% which is tax free under Section 10(15) (iv)(h) of the income Tax Act, 1961. Such bonds were also provided for in Budget 2012-13, but the response had been poor due to restrictions under Section 372A(3) of the Companies Act, 1956.
2. Ministry of Finance had drawn
the attention of this Ministry to Section 372A (3) of the Companies Act
with a view to effectively implement the announcement made in the Budget. Section 372A (3) of the Act inter-alia provides that “”No loan to any body corporate shall be made at a rate of interest
lower than the prevailing bank rate, being standard rate made public
under section 49 of the Reserve Bank of India Act, 1934 (2 of 1934)”.
3. It is hereby clarified that in cases where the effective yield (effective rate of return)
on tax free bonds is greater than the yield on prevailing bank rate,
there is no violation of Section 372A(3) of Companies Act, 1956.
4. This circular is effective from the date of issue.
5. This issues with the approval of Hon’ble Corporate Affairs Minister.
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MCA Circulars – Dec 2012
MCA Circulars:
1. Extension of date
in filing the Cost Audit. Company Report in the XBRL format:
Circular No : 43/2012 dated Dec 26, 2012
Crux of the Circular:
As per this circular all the Companies / Cost Auditors are
allowed to file the Cost Audit Reports and Compliance Reports for the year
2011-12 [including the overdue reports relating to any previous year(s)] with
the Central Government in the XBRL mode, without any penalty, within 180 days
from the close of the company’s financial year to which the report relates or
by January 31, 2013, whichever is later.
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2. Filing of Form 68
for rectification of mistakes in Form 1, Form 1A and Form 44:
Circular No : 42/2012 dated Dec 21, 2012
The Companies are allowed to rectify the mistakes made in
Form 1, Form 1A and Form 44 filed in electronic form by filing Form 68 with the
respective fee as follows:
Fee details to be
filed along with Form 68:
For Form 1 and 1A : Rs. 1000
For Form 44: Rs. 10000
Form 68 has to be filed with 365 days from the date of
approval of the aforesaid forms by the Registrar concerned.
In this regard the first Form 68 can be filed within 180
days from the effective date of this circular ie. Dec 23, 2012
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