CG approval u/s 212(8)

Hi Meenu,

As per the Rule 7D of Companies (Central Government's) General Rules and Forms,1956, the Application for seeking exemption u/s 212(8) has to be made in eForm 23AAB. While filing the form, a copy of Board Resolution for the aforesaid purpose has to be attached. This form is available at MCA website.

Regards

Deepika Singh

Hi Deepika,

Thnxs for your reply. Could you pls provide any format for all the requisite documents required for the same.

Best Regards,

Meenu

Hi meenu,

There is no format prescribed. You have to download the eform from MCA website and just attach the Board Resolution to that file. For refernce you can read the instruction kit of the eform which is available at the website only.

Deepika

Hi Deepika,

Thnxs for your prompt reply.

Could u just suggest approx. how much time it will take to get the approval.

In my opinion there are some documents required as to be annexed with the application.

Any other view. Any pratical experience on this issue.

Best Regards,

Meenu

Hi meenu, Sorry i'm not havin any practical experience on this. It may take upto 10 days (it my approx). But i will suggest that you just file the eform. As stated in rules there is no other document prescribed. In case, there is a call for some other documents you send them afterwards.

Deepika

I would like to know if there is a time-limit for filing form 23AAB? as in within how many days of the passing of the resolution?

read this link :

/experts/form-23aab-143346.asp

Guidelines for filing statutory applications under Section 212

Applications seeking exemption under Section 212 of the Companies Act should be accompanied by:

(i)   Demand draft drawn in favour of the Pay & Accounts Officer, Department of Company Affairs and payable at New Delhi for amount as indicated below:

(a)      Rs. 500/-           for companies with authorised share capital of

less than Rs. 25 lacs

(b)     Rs. 1000/-           for companies with authorised share capital of

Rs. 25 lacs or more but less than Rs. 5crores.

(c)      Rs. 2000/-           for companies with authorised share capital of

Rs. 5 crores or more.

(ii)   Specific Board resolution in support of the proposal mentioning inter-alia the names of subsidiaries and their financial year under reference.

(iii)            Annual report of the company for the year previous to the one for which exemption is sought.

(iv)       Copies of approvals under Section 212 obtained, if any, during the last three financial years.

The following information should invariably be furnished with the application:

(i)                The financial year for which exemption is sought.  This year should also be the year mentioned in the accompanying board resolution.

(ii)              Precise reasons/justification for seeking exemption.

(iii)            Latest year for which Accounts have been adopted by the company.

(iv)            Names of subsidiaries in respect of which exemption is sought.

(v)              Dates on which the companies became subsidiaries of the applicant company.

(vi)            The financial years of the holding and subsidiary companies under reference.

The companies may have to furnish any other additional information as may be asked for by the Department.