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Mistake in Munish bhandari law book?

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Deepika Khubchandani

student

52 Points Posted on 04 April 2020

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)

Quick Summary

This discussion seeks clarification on a potential discrepancy in Munish Bhandari's law book regarding exemptions from the maximum director limit (Section 149(1)). The user is questioning whether government companies and Section 8 companies lose their exemption if they default on filing annual returns and financial statements. While the book suggests both are affected, a revision lecture indicated only Section 8 companies are. The consensus from the discussion points to both government and Section 8 companies being exempt unless they default in filing their financial statements and annual returns, referencing relevant MCA notifications.

CA Naveen Chand

Chartered Accountant

12739 Points Posted on 04 April 2020

it is better to have updated / amended notes

Deepika Khubchandani

student

52 Points Posted on 04 April 2020

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.

CA Naveen Chand

Chartered Accountant

12739 Points Posted on 05 April 2020

SUCH company should not defaulted in filing Financial Statements u/s 132 and Annual Return u/s 92 then exemption is available otherwise NOT .

Chirag

Professional

1979 Points Posted on 06 April 2020

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.