Date: 2015-09-07Category: Extra OrdinaryState: Union GovernmentCountry: India
Central Government hereby, in public interest, directs that paras 5 (ii) (a) (1), 5 (ii) (a) (2), 5(ii) (e), 5 (iii), 5 (viii) (a), 5 (viii) (b), 5 (viii) (c) and 5 (viii) (e) relating to Additional Information of the General Instructions for preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013 shall not apply to government companies producing Defence Equipment including the Space Research subject to fulfilment of following conditions
This notification, S.O. 2437(E), issued by the Ministry of Corporate Affairs on September 4, 2015, provides an exemption to government companies producing Defence Equipment, including those involved in Space Research, from disclosing specific additional information in their Statement of Profit and Loss as outlined in Schedule III of the Companies Act, 2013. Specifically, paras 5 ii a 1, 5 ii a 2, 5ii e, 5 iii, 5 viii a, 5 viii b, 5 viii c and 5 viii e of the General Instructions are waived. This exemption is contingent upon the fulfillment of several conditions: the company's Board of Directors must consent to the non-disclosure, the company must disclose the exemption in the notes to its financial statements, the company must comply with prescribed Accounting Standards, the company must ensure true and fair financial representation, and the company must maintain and file information as required by government or regulatory bodies. The notification applies to financial statements prepared for financial years ending on or after March 31, 2016. The reference number for this notification is F. No. 1192013-CLV-Part. The issuing authority is Amardeep Singh Bhatia, Jt. Secy.
Key Entities Referenced
Ministry of Corporate Affairs: The Indian government ministry responsible for corporate governance and regulation.
New Delhi: The capital city of India, where the notification was issued.
Companies Act, 2013: An Act of the Parliament of India that regulates incorporation, operation, and winding up of companies.
General Instructions for preparation of Statement of Profit and Loss in Schedule III: Instructions within the Companies Act, 2013 that provide guidelines for preparing the Statement of Profit and Loss.
Government companies producing Defence Equipment including the Space Research: Specific type of companies to which exemptions from certain accounting standards apply.
Board of Directors: A group of people elected to represent shareholders and manage a company
Reserve Bank of India: India's central bank, responsible for monetary policy and regulation of the banking system.
Amardeep Singh Bhatia: Joint Secretary who signed the notification.
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3797 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
2. यह अिधसूचना 31 माचB, 2016 को या इसके बाद समाV होने वाले िव(ीय वष? के सबं ंध म(cid:17) तैयार
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[फा. सं. 1/19/2013-सीएल-V-पाटB]
अमरजीत Xसह भा9टया, सयं ु* सिचव
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 4th September, 2015
S.O. 2437(E).—In exercise of the powers conferred by sub-section (6) of section 129 of the
Companies Act, 2013 (18 of 2013), the Central Government hereby, in public interest, directs that paras 5 (ii)
(a) (1), 5 (ii) (a) (2), 5(ii) (e), 5 (iii), 5 (viii) (a), 5 (viii) (b), 5 (viii) (c) and 5 (viii) (e) relating to Additional
Information of the General Instructions for preparation of Statement of Profit and Loss in Schedule III of the
Companies Act, 2013 shall not apply to government companies producing Defence Equipment including the
Space Research subject to fulfilment of following conditions, namely:—
Conditions:
A. The Board of Directors of the Company has given consent with regard to non-disclosure of
information relating to paras 5(ii)(a)(1), 5(ii)(a)(2), 5(ii)(e), 5(iii), 5(viii)(a), 5(viii)(b), 5(viii)(c)
and 5(viii)(e), as may be applicable;
B. The Company shall disclose in the Notes forming part of the balance sheet and profit and loss
account, the fact of grant of exemption under this notification;
C. The company shall comply with the prescribed Accounting Standards;
D. The company shall ensure that its financial statements represent a true and fair state of affairs of
its finances; and
E. The company shall maintain and file such information as may be prescribed or called for or
required by the government or the Reserve Bank of India or any other regulator.
2. This notification shall be applicable in respect of financial statement prepared in respect of the
financial years ending on or after the 31st March, 2016.
[F. No. 1/19/2013-CL-V-Part]
AMARDEEP SINGH BHATIA, Jt. Secy.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.