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Is compliance required for pvt. co for f.y 14-15

Nupur Mimani (Company Secretary) (29 Points)

09 October 2014

Dear Friends i require to know that previously according to section 383A of co. act 1956 all co. having paid up capital of more than 10 lakhs not exceeding 5 crore require to have a compliance certificate.But now as per co. act 2013 do pvt. co which is neither listed nor subsidiary of any public co. require any certification from CS whether acompliance certifiacte or Signing of Annual Return.

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4 Replies

CS Mitesh Mehta (Company Secretary) (17139 Points)
Replied 09 October 2014

As per the Companies Act 2013, The annual return of the following companies, shall be certified by a Company Secretary in Practice: - listed company;
- a company having paid-up share capital of INR 10 Crore or more; or
- a company having turnover of INR 50 Crore or more.

KAUSTUBH (COMPANY SECRETARY) (24 Points)
Replied 09 October 2014

Dear Nupur, Please refer circular no. 8, which clarifies that Financial Statements, Auditors report and Boards report for FY 2013-14 shall be prepared as per Companies Act, 1956. Therefore, referring your query, any pure private company having paid up capital more than Rs 10 lakh up to Rs 5 cr, shall prepare directors report as per old act and attach a Compliance Certificate to it as an annenxure. In addition, need to file form 66 within 30 days of AGM. Regards

Nupur Mimani (Company Secretary) (29 Points)
Replied 09 October 2014

I know these requirements are for f.y. 2013-14,bt wat abt f.y 14-15 when new co. act 2013 gets effective.what will now pvt. co. upload in place of form 66 for checking their compliance.

Are pvt. companies exempted from filing compliance certificate from 14-15.

does pvt. co. require cs certificstion from now on.

KAUSTUBH (COMPANY SECRETARY) (24 Points)
Replied 09 October 2014

Any company filing form 66 under old act, would not require to file any corrosponding form or obtain Compliance Certificate from PCS from FY 14-15 onwards. Its effective only for FY 2013-14.

New Act has done away with this concept and introduced Secretarial Audit u/s 204 in its place. If any company falling under prescribed category shall get the secretarial audit done from PCS and enclose Secretarial Audit Report to the Boards' report.