Press Information Bureau

Government of India

Ministry of Corporate Affairs

24-June-2011 12:54 IST

Clarification on Ensuring Corporate Governance and Proper Compliance of Provisions of the Companies Act, 1956 and Rules made there Under

The Ministry of Corporate Affairs has clarified that ii its Circular No.33/2011 issued on June 01, 2011 shall be applicable to those defaulting companies and their Directors which have not filed their Balance Sheet and Annual Return for any of the financial year’s 2006-07, 2007-08, 2008-09 and 2009-10 with the Registrar of Companies as required under sections 220 and / or 159 of the Companies Act, 1956.

It is again reiterated that the above circular shall be effective from 3rd July, 2011.

It may be noted that in the circular of 1st June 2011 issued by the Ministry of Corporate Affairs it was informed that in order to ensure corporate governance and proper compliance of provisions of the Companies Act, 1956, no request, whether oral, in writing or through e-forms, for recording any event based information/changes shall be accepted by the Registrar of Companies from such defaulting companies, unless they file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the Registrar of Companies.

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Filing compliance: Registrars will refuse event-change updates from defaulting companies until balance sheet and annual return are filed. The Ministry conditions Registrar of Companies' acceptance of any event-based filings on prior compliance: under Circular No.33/2011, the Registrar will not accept oral, written or electronic requests to record event-based information or changes from defaulting companies and their directors who have not filed their Balance Sheet, Profit & Loss Accounts and Annual Return as required under sections 220 and/or 159 of the Companies Act, 1956, until those filings are made.