Amendments to Schedule III of Companies Act, 2013: An Overview


10. Disclosure whether the revaluation of assets is based on the valuation by a motorhome: When the company has revalued its tangible fixed assets, the company must disclose whether the revaluation is based on the valuation by a registered valuer as defined in Rule 2 of the rules for companies (registered appraisers and valuation), 2017.

11. Work in progress capital (a) For Work in progress capital, the following aging schedule is given: CWIP Aging schedule CWIP Amount in CWIP for a period of less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress Projects temporarily suspended *Total corresponds to CWIP amount on balance sheet. (b) For CWIP completion schedule that is overdue or has exceeded its cost compared to the original plan, the following CWIP completion schedule is given**: CWIP To be completed in less than 1 year 1-2 years 2 -3 years More than 3 years Project 1 Project 2 **Details of projects where activity has been suspended are listed separately. 12. Intangible assets under development (a) For intangible assets under development the following aging schedule is given: Intangible assets under development aging schedule Intangible assets under development Amount in CWIP for a period of less than 1 year 1-2 years 2-3 years More than 3 years Projects in progress Projects temporarily suspended *Total corresponds to the amount of intangible assets under development on the balance sheet. (b) For intangible assets under development, completion of which is late or has exceeded its cost compared to the original plan, the following completion schedule is given for Intangible assets under development**: Intangible assets under development To be completed in less than 1 year 1 -2 years 2-3 years More than 3 years Project 1 Project 2 **Details of projects where activity has been suspended are given separately 13. Details of Benami Owned Property •Where proceedings have been initiated or are pending against the Company for possessing all of benami’s property under the Benami Transactions (Prohibition) Act, 1988 and the rules established thereunder, the Company will disclose: a) Details of such property, including the year of purchase, b) Amount thereof, c) Details of beneficiaries, d) If property is on the books, then refer to the item on the balance sheet, e) If property is not on the books, it must f If reasons are given, f) If there is a proceeding against the Company under this Act as a beneficiary of the transaction or as the transferor, details will be provided, g) Nature of the proceeding, its status and the view of the company. 14. Willful Defaulter The company has been declared a Willful Defaulter by bank/Financial Institution/other lender wef– (date of declaration of intentional default). Details of Defaults (Amount and Nature of Defaults) Schemes If a Scheme of Schemes has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013, the Company will disclose that the effect of such Scheme of Schemes is accounted for in the Company’s books “in accordance with the Scheme” and “in accordance with accounting standards” and any misstatements in this regard will be disclosed 16. Undisclosed income The Company will provide details of each transaction not included in its accounts and that is surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as, inquiry or inquiry or other relevant provisions of the Income Tax Act, 1961), unless there is immunity from disclosure under any regulation and must also indicate whether the previously unrecorded purchase most and related assets during year 17 are correctly accounted for. CSR

Details of cryptocurrency or virtual currency

When the company has traded or invested in cryptocurrencies or virtual currencies during the fiscal year, the following will be disclosed:
(a) profit or loss on cryptocurrency or virtual currency transactions
(b) amount of currency held at the reporting date,
(c) deposits or advances made by a person for the purpose of trading or investing in cryptocurrencies/virtual currencies 18. Use of borrowed money and issue premium

(A) Where the Company has advanced or lent or invested funds (whether lent funds or issue premiums or other sources or types of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries) provided (all or not recorded in writing) that the Intermediary:

(i) directly or indirectly borrow or invest in other persons or entities identified in any way by or on behalf of the company (final beneficiaries) or

(ii) provide any warranty, security or the like to or on behalf of the Beneficial Owners; the company discloses the following:-

(I) date and amount of advanced or borrowed or invested in intermediaries with full details of each intermediary.

(II) date and amount of the fund further advanced or lent or invested by such intermediaries to other intermediaries or beneficial owners, together with full details of the beneficial owners.

(III) date and amount of guarantee, security and the like provided to or on behalf of the Beneficial Owners

(IV) statement that the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and Companies Act have been complied with for such transactions and that the transactions do not violate the Prevention of Money-Laundering Act, 2002 (15 of 2003) ).;

(B) When a company has received a fund from a person(s) or entity(ies), including foreign entities (financing party) on the understanding (whether or not in writing) that the company

(i) directly or indirectly borrow or invest in other persons or entities identified in any way by or on behalf of the funding party (final beneficiaries) or

(ii) provides any warranty, security or the like on behalf of the Ultimate Beneficial Owners, the company will disclose the following:-

(I) date and amount of funds received from funding parties with full details of each funding party.

(II) date and amount of the fund further advanced or lent or invested by other intermediaries or beneficial owners, together with full details of the other intermediaries or beneficial owners.

(III) date and amount of guarantee, security and the like provided to or on behalf of the Beneficial Owners

(IV) statement that the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and Companies Act have been complied with for such transactions and that the transactions do not violate the Prevention of Money-Laundering Act, 2002 (15 of 2003) ).



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