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Mistake in Munish bhandari law book?
please clarify one more doubt on similar lines. The exemption from maximum no. of directors provision u/s 149(1) is available to government companies and section 8 companies. in Munish bhandari it's written that the exemption won't be available to both govt companies and sec 8 co. if they default in filing annual return and financial statements u/s 92 and 137. But in the revision lecture, the teacher said that this prov of non availability of exemption is only for sec 8 co. and not govt co. please clarify which view is correct.
Replies (5)
it is better to have updated / amended notes
The book that I am referring is fully updated and applicable for may 2020 exams. Please clarify this doubt that whether govt co. Would still be exempted from this sec if it defaults in filing financial statements and annual return.
SUCH company should not defaulted in filing Financial Statements u/s 132 and Annual Return u/s 92 then exemption is available otherwise NOT .
Read The MCA exemption Notification dated 5/06/2015 vide Notification No. GSR 463(E) & GSR 584(E) dated 13/6/2017 ,There is no such specific criteria that A/R or F/S to be filed to get continue this exemption, Non Default in Filing of Annual Return (MGT-7) & Financial Statement ( AOC-4) is applicable for applicability of Secretarial Standards For section 8 company and opc.
It is exempted to both sec 8 and govt only if they aren't default in filling FS & AR.
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