Companies Act Provisions, MCA Circulars & Disclosures
Statutory regulatory analyses, MCA amendment rules, CSR guidelines, and Internal Financial Control frameworks curated by Modi Consultancy.
Under the Companies (Acceptance of Deposits) Rules, a private company can accept unsecured loans from RELATIVES of a director of the company without statutory deposit ceiling limits, provided the concerned relative provides a declaration in writing confirming that the sum lent is not borrowed or accepted from others.
The company is required to furnish comprehensive disclosure of all such transactions in the Board's Report and statutory financial statements.
The Institute of Chartered Accountants of India (ICAI) Guidance Note provides rules for recognition, measurement, presentation, and disclosure of expenditure on activities relating to Corporate Social Responsibility (CSR) in accordance with the Companies Act, 2013 and applicable Accounting Standards.
Key requirements mandate recognizing CSR provisions when an unspent contractual or statutory obligation arises, and disclosing unspent amounts in designated escrow accounts.
Section 143(3)(i) of the Companies Act, 2013 requires statutory auditors to state whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
G. R. Modi & Co. assists corporate entities in designing, documenting, and testing internal financial control frameworks to ensure thorough statutory compliance and eliminate governance risks.
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