Amendments in Schedule III of Companies Act 2013 - Part 2

Neethi V. Kannanth | Last updated: 30 May 2022

Save Share

Quick Summary

This article details further amendments to Schedule III of the Companies Act 2013, focusing on crucial disclosure requirements for companies. It covers specifics regarding benami property, working capital borrowings, wilful defaulter status, and transactions with struck-off companies. Additionally, it outlines new rules for reporting registration of charges, compliance with company layers, various financial ratios, approved schemes of arrangements, and the utilisation of borrowings.

In continuation of the previous part on Amendments in Schedule III let us discuss the remaining changes- 10. Details of Benami Property held Where any proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,

Daily Limit Reached

You have reached your daily limit of 2 Free Articles

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?

No Ads
WhatsApp Broadcasts
Daily E-Newsletter
Unlimited Articles Access

BEST VALUE

2 YEAR PLAN

3,499

(Inclusive of GST)

1 YEAR PLAN

1,999

(Inclusive of GST)

View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

FAQ :

Companies must disclose details of benami property, including acquisition year, amount, beneficiaries, balance sheet references, and the nature and status of any related proceedings.

Companies with borrowings secured by current assets must confirm if quarterly statements filed with lenders agree with their books, and if not, provide a reconciliation and reasons for discrepancies.

If declared a wilful defaulter, companies must disclose the date of declaration, details of the defaults including amount and nature.

Companies must disclose the name of the struck-off company, the nature of transactions, outstanding balances, and any existing relationship.

Companies must disclose ratios like Current Ratio, Debt-Equity Ratio, and Net Profit Ratio, explaining the components and any changes exceeding 25% from the previous year.

Companies that traded or invested in cryptocurrency must disclose profits or losses, the amount held at the reporting date, and any deposits or advances received for trading purposes.