Ministry of Corporate Affairs has issued clarification on Annual Return required to be filed under Rule 5 of the National Financial Reporting Authority Rules, 2018. Filing required to be done on 30th April will be done only after the Form is made available.
National Financial Reporting Authority Rules, 2018 were notified on 13th November, 2018. As per Rule 5, “Every auditor referred to in Rule 3 shall file a return with the Authority on or before 30th April every year in such form as may be specified by the Central Government.”
The auditor of the Following class of companies are required to file the annual return to NFRA:
(a) all listed Companies.
(b) unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial year;
(c) insurance companies, banking companies, companies engaged in the generation or supply of electricity, companies governed by any special Act for the time being in force or bodies corporate incorporated by an Act in accordance with clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 1 of the Act;
(d) any body corporate or company or person, or any class of bodies corporate or companies or persons, on a reference made to the Authority by the Central Government in public interest;
(e) a body corporate incorporated or registered outside India, which is a subsidiary or associate company of any company or body corporate incorporated or registered in India as referred to in clauses (a) to (d), if the income or networth of such subsidiary or associate company exceeds twenty per cent. of the consolidated income or consolidated networth of such company or the body corporate, as the case may be, referred to in clauses (a) to (d).
However, no format has been prescribed by MCA for such annual return. Hence following notice has been issued by the ministry on its official website:
“Stakeholders are requested to note that Ministry is in the process of prescribing the format of annual return required to be filed by the auditors under rule 5 of the National Financial Reporting Authority Rules, 2018. Accordingly, the stakeholders are requested to make such filings only after such format is made available.“
Click here for the notice.
