Tuesday, September 13, 2011

Revised Schedule VI is simplified for the benefit of Stake Holders: Mr. E Selvaraj

The FAPCCI In association with Ministry of Corporate Affairs, Government of India have jointly organized an Interactive Meeting on “Recent Amendments to Schedule-VI of Companies Act 1956”, today afternoon at FAPCCI. Mr. Mr. E. Selvaraj, Regional Director, South Eastern region, Ministry of Corporate Affairs, Government of India was the chief guest for the meeting.

Mr. M.V. Chakranarayan, Registrar of Companies, Govt. of India, Mr. V.S Raju, President, FAPCCI, Mr. Hari Govind Prasad, Chairman, Corporate Affairs Committee, FAPCCI, Mr. Lakshmi Niwas Sharma, Advisor, Corporate Affairs Committee, FAPCCI , Mr. Sripad K, Review Manager, Laxminiwas Neeth & Co-CAs, Mr. C.Sridhar Babu, Co Chairman, Corporate Affairs Committee, FAPCCI, Mr. M.V. Rajeshwara Rao, Secretary General, FAPCCI have the other key speakers at the occasion.

Mr. E Selvaraj, Said in his Chief Guest address is that the - Revised Schedule VI to Corporate Law is amended recently making it simplified for the benefit of Stake Holders. After 49 years the Companies Act taking new shape with these new amendments’. The new schedule VI are implementing with two new changes of noncurrent liabilities and current liabilities instead of previous four amendments of Companies Act 1956. Amendments’ to the Schedule VI revised is line of simplification and understanding by all the stakeholders, ie financial statements, balance sheet, profit and loss notes to the accounts and significant account in policies followed or understood in the same parlance.

Mr. MV. Chakranarayan requested the stakeholders’ for utilizing the Schedule-VI of Companies Act scheme by companies and professionals. Several technologies, e filing, e payment and other process for better felicitation and compliance by companies and professional fraternity in respect of registration or incorporation of company, filing of annual returns, scrutiny of technical issues are on website. The long pending company’s amendments’ bill is also in the final stages off. The companies’ law settlement scheme (CLSS 2011) is also in place up to 31st October for filing belated annual returns under amnesty scheme with 25% additional fees.

Mr. V.S Raju said the history of Companies Act 1956 in his welcome address. He said that the Indian Companies Act was made with the support of English Companies Act in 1956.

Mr. Hari Govind Prasad said in his remarks is that the simplified Schedule VI to the Companies Act, 1956 has been prepared to have readable, useful, transparent and user friendly form, to set out minimum disclosure requirements which are considered essential to ensure true and fair presentation of the financial position and financial performance of the company and comparability both with the company’s previous periods and with other companies.

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