12 Cases of Wrong E-Filing Detected
PrintListen to this Article
The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had certified 12 cases of wrong e-filing by certain listed companies in their e-forms. During the examination it was found that the data furnished in the e-forms were totally different as compared to the records of the company.
As per the Ministry of Corporate Affairs these are public documents and by furnishing false information to the government as well as to the other stakeholders of the company, the practicing professionals have neglected in discharging their duties and have rendered themselves liable for penal action under Companies Act, 1956 as well as professional misconduct.
If found guilty in preliminary enquiry by the Regional Director, the concerned professional institute will be informed to initiate an enquiry under their regulations. Simultaneously, the concerned professional shall be debarred to submit any document on MCA portal till final enquiry report is received from the respective professional institutes.
It may be noted that the MCA has been pushing the cause of electronic filing and approval regime. Objective is to do away with human intervention in MCA approvals to the maximum extent possible.
For this purpose, Ministry of Corporate Affairs has entrusted practicing professionals registered as members of the professional bodies namely, ICAI, ICSI & ICWAI with the responsibility of ensuring integrity of documents filed by them with MCA in electronic mode. Professionals are now to be responsible for submitting /certifying documents (to be signed digitally by them) and system would accept most of these documents online without approval by Registrar of Companies or other officers of the Ministry.
Also, the practicing professionals certify that they have verified the particulars given in the e-forms from the records of the companies and found them to be true and correct.
Category : Corporate Law | Comments : 0 | Hits : 850
Introduction The practice of a company keep track of its financial transactions is as old as trade itself. The upkeep of precise books of accounts has been vital for the long-term prosperity and viability of businesses, going back to the days of barter systems and continuing into today’s complex financial systems. This essay will examine the importance of books of accounts and all of the benefits they provide to companies of all kinds. What are Books of Accounts? The s...
Introduction In India, registering a company is a complex procedure. A company’s incorporation process involves a number of officials, including chartered accountants and company secretaries. These individuals make a significant contribution to the company registration procedures available in India. However, one such entity is frequently overlooked during the incorporation process. It can be easy to overlook the Company Registrar who issued the registration certificate in these si...
Introduction Due diligence is an inquiry or audit conducted before a transaction, such as an acquisition, investment, business partnership, or bank loan, to guarantee compliance with financial, legal, and environmental reports in order to register a company in India. The outcomes of all these inquiries and audits will be collected into a Due Diligence report. For startups in India, conducting due diligence about the company is important during the investment stage. To guarantee complian...
Introduction India is a country that attracts a lot of private equity and foreign direct investment (FDI) due to its rapid expansion. India has the second-largest population in the world and a wealth of skilled IT workers, which makes it an appealing destination for investment from foreign businesses and individuals. This article will explain why establishing an Indian subsidiary is not as tough as you may believe. In this article, we will also include information on What is an Indian S...
The mandatory dematerialisation requirement is applicable on all securities of every private company, excluding small companies and government companies. The provisions are applicable with immediate effect, and a timeline of 18 months is provided from the closure of the financial year in which a private company is not a small company for the compliance with the mandatory dematerialisation requirements. For example, a private company (other than a company that is a small company as on 31st Marc...
Comments