Nov 8, 2017

Establishment of a special court and amendments in XBRL rules

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Notification relating to establishment of Special Courts

MCA vide Notification dated November 03, 2017 has provided that the Central Government, with the concurrence of the Chief Justice of the High Court of Judicature at Madras, designates the following Courts mentioned in the Table below as Special Court for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the Companies Act, 2013, namely:-

S. No. Existing Court Jurisdiction as Special Court
(1) (2) (3)
1. XV Additional Court, XVI Additional Court of City Civil Court, Chennai State of Tamil Nadu except Districts of Coimbatore, Dharmapuri, Dindigul, Erode, Krishnagiri, Namakkal, Nilgiris, Salem and Tiruppur

Click here to download the Notification

MCA amends XBRL Rules

MCA vide its Notification G.S.R. 1372(E) dated 6th November, 2017 has amended the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015.

Now, all companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 also need to file their financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in e-form AOC-4 XBRL in addition to following companies:

  1. companies listed with stock exchanges in India and their Indian subsidiaries;
  2. companies having paid up capital of five (5) crore rupees or above;
  3. companies having turnover of one hundred (100) crore rupees or above.

However, non-banking financial companies, housing finance companies and companies engaged in the business of banking and insurance sector are exempted from filing of financial statements in XBRL mode.

Click here to download the amended rules

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