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Relationship with struck off companies

The financial statements of a company are not merely meant to show the profit or loss and/or assets and liabilities of the company. <br>The notes to such financial statements also disclose various nuances that the shareholders of the company shall be aware of. Such disclosures may vary from material transactions with related parties to the purpose of inter-corporate loans, guarantee or security. <br>The financial statements are meant to be prepared in accordance with Schedule III (u2018Scheduleu2019) to the Companies Act, 2013 (u2018Actu2019). On March 24, 2021, MCA introduced more elaborative disclosure requiremen

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Relationship with struck off companies

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  1. Relationship With Struck off Companies

  2. Introduction • The financial statements of a company are not merely meant to show the profit or loss and/or assets and liabilities of the company. • The notes to such financial statements also disclose various nuances that the shareholders of the company shall be aware of. Such disclosures may vary from material transactions with related parties to the purpose of inter-corporate loans, guarantee or security. • The financial statements are meant to be prepared in accordance with Schedule III (‘Schedule’) to the Companies Act, 2013 (‘Act’). On March 24, 2021, MCA introduced more elaborative disclosure requirements regarding financial statements of companies which are effective from April 1, 2021 i.e. for financial statements prepared for FY 2021-22.

  3. The following particulars are to be disclosed in such case: • Name of the struck off company • Nature of transactions with company • Balance outstanding and relationship with the struck off the company. • The transaction can be in the nature of investment in securities, receivables, payables, shareholding of the struck-off company in the company and any other outstanding balances. • Before digging deep on the disclosure requirements, it is imperative to understand the provisions for striking off a company by RoC both under the Act as well as the Companies Act, 1956

  4. Under the Companies Act, 1956

  5. Under the Act

  6. Practical Difficulties in Disclosures

  7. Strike That is A Service That Helps You Get The Details Of “MCA struck off companies, for Hassle-free Compliance With The New MandatoryDisclosure Requirement Of Schedule III. • ConTeTra provides solution for below Two Steps only- Step 1- Step 2- Receive the output in recordtime (powered by our AI-enabled tool that scrapes throughMCA website for you – leaving noroom for manual errors) Upload your list of vendors/supplierswith their GST numbers (whichis easily available with everyfinance team). For those vendorswhere GST number is not available,our tool can also do a PAN or CINbased search.

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