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of <h1>MCA Circular Enforces Companies Act Compliance: Defaulting Firms Restricted from Event-Based Filings Until Annual Reports Submitted.</h1> The circular issued by the Ministry of Corporate Affairs mandates compliance with the Companies Act, 1956, emphasizing the filing of Balance Sheets, Profit & Loss Accounts, and Annual Returns with the Registrar of Companies. It restricts defaulting companies from submitting event-based information until they comply with these filing requirements. Exceptions are made for specific forms, such as Form 32 and Form 20B. The circular also prohibits directors, company secretaries, and auditors of defaulting companies from filing with the MCA-21 system and warns of coordinated action against defaulters. It exempts companies unable to file due to legal orders and is effective from July 3, 2011.
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