Annual Return under Companies Act

Pvt. Co. - Under annual return format of ROC (sch V) we find a statement by directors saying "we certiy that" there it contained a clause that "The company did not have an average turnover of Rs. 10 crores or more during the relevant period" pls explain me about this clause. Ours is a private company and present turnover for the FY 2010-11 exceeded 13 crores how should I do with this clause  pls suggest me the actions to be done here:

1. whether can I file annual returns inculding 10 crores turnover clause even though my turnover is 13 crores

2. What are the addditional actions to be taken

3 Are any deemed provisions apply here (like some people said on the previous postings) if it is so pls suggest further actions too

I need to file Annual Returns pls suggest. thank you  to all the member here for the valuable support.

Replies (1)

The format of  Schedule V is old. These turnover limits were of significance when we had the concept of "deemed public companies" under Section 43A. With the scrapping of this section, these limits are of no relevance now. So stike out whichever columns are not applicable and submit the return.

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