Ministry of Corporate Affairs (MCA) vide General Circular No.39/2014 dated 14th October 2014 has issued Clarification on matters relating to Consolidated Financial Statement and the text of the same is reproduced as below:-
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| Clarification on matters relating to Consolidated Financial Statement. |
After receiving representations from stakeholders seeking clarifications on the manner of presentation of notes in Consolidated Financial Statement (CFS) to be prepared under Schedule III to the Companies Act, 2013(Act), MCA has clarified that Schedule III to the Act read with the applicable Accounting Standards does not envisage that a company while preparing its CFS merely repeats the disclosures made by it under stand-alone accounts being consolidated. In the CFS, the company would need to give all disclosures relevant for CFS only.
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Ministry of Corporate Affairs vide General Circular No. 40/2014 and 41/2014 dated 15th October 2014 has extended the date of filing under Company Law Settlement Scheme, 2014 and has also issued clarification in this regard u/s 164 of the Companies Act, 2013 respectively and the text of the same is reproduced as below:-
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| Company Law Settlement Scheme, 2014 (CLSS-2014) – General Circular No. – 40/2014 |
In continuation to the Ministry's General Circular No. 34/2014 dated 12.08.2014 on the subject cited above, this Ministry has, on consideration of requests received from various stakeholders, has decided to extend the Company Law Settlement Scheme (CLSS 2014) upto 15th November, 2014.
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Company Law Settlement Scheme, 2014 (CLSS-2014) – Clarification u/s 164(2) of the Companies Act, 2013 – General Circular No. 41/2014
- Representations have been received from stakeholders seeking clarification as to whether immunity from disqualification of directors pursuant to clause (a) of sub-section (2) of section 164 (Disqualifications for appointment of Director) of the Companies Act, 2013 will be applicable with respect to companies who have filed Balance Sheets and Annual Returns on or after 01/04/2014, but before coming into force of CLSS-2014 with effect from 15.08.2014 as contained in General Circular No. 34/2014 dated 12/08/2014.
- The matter has been examined and it is hereby clarified that in case of companies, who have filed their balance sheets and annual returns on or after 01/04/2014 but prior to launch of CLSS-2014, disqualification under clause (a) of sub-section (2) of section 164 of the Companies Act, 2013 shall apply only for prospective defaults, if any, by such companies.
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