Re: [CS_yahoogroups) Directors report shudn't be attached while filing

[csarengarajan]

Notice need not be attached with Annual accounts.  Regarding Directors report, the same has to be approved by the shareholders.  My point of view, we need to attach Directors report while filing Annual Accounts. Section 217 of the Companies Act 1956 nowhere prescribes that Directors report to be filed with Registrar of companies. However we are filing both notice and Directors report alongwith Filing of annual accounts.

 

Contrary view solicited.

 

On 10/9/09, PAWAN LADDHA <pawan1...@yahoo.com> wrote:

 

Dear Friends,   Please share your thoughts on the following circular and let know how relevant is this in today's parlance?   Accounts filed with ROC without directors’ report or notice of AGM Department’s Clarification.—The Department of Company Affairs has, however, clarified that in the interest and for the convenience of the public, the Registrars of Companies have been instructed to take ) the accounts on file though not accompanied by the directors’ report or the notice of the annual general meeting (which is not required by law to be attached to the accounts) provided the accounts are filed along with the auditors’ report (including special or separate reports, if any) provided the Registrars point out the incompleteness of the accounts of the company at the same time and call for the missing documents. (Department’s Circular. Company News and Notes, dated 1-7-1963). Courtesy: Section 220, A Ramaiya, Page No:- 2311    Regards, Pawan

 

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[raja karthik]

I agree that there is nowhere mentioned that Notice to be attached to the Balance sheet, since it has nothing to do with the accounts except to substantiate the fact that the meeting was properly called or held.

 

But directors report is not like that it has the responsibility to carry also the crucial changes affecting financial position of the company from the date of balance sheet to the date of report. Even the qualification of the auditors needs to be answ ered. So the Balance sheet is not complete without the DR.

 

Also Section 217 starts with the word " There shall be attached to every balance sheet laid before the a company in general meeting, a report by its Board of director" that means when you place the Balance sheet in AGM DR is an attachment to the Balance Sheet. And also Section 220 (1) (a) says "three copies of the balance sheet and the profit and loss account, signed by the MD, Mgr, Secretary of the company or if there is none of these, by a director of the company, together with three copies of all documents which are required by this act to be annexed or attached to such balance sheet or profit and loss account.

 

So I feel even the directors' report is to be attached to the balance sheet filed with ROC. Members views solicited......

 

 

Karthik

[csarengarajan]

My view is that when you are placing before the shareholders the same need to be attached.  By virtue of Section 220 of the companies act, 1956, we are attaching the Directors report.  To place before shareholders, we need to attach the Directors report.  Regarding Section 220 is that  we are attaching auditor report which is to be attached and again cash flow statement which also to be required to be attached to be filed.   My interpretation is that documents which are connected with Balance sheet and Profit and loss account  to be enclosed or attached.

 

Please see Section 222 of the Companies act, 1956 provides that  references to this act  to documents  annexed or required to be annexed  to a company's accounts  or any of them  shall not include  the Board's Report. the auditors report or any documents  attached or required  to be attached  to those accounts. There is vast difference between attached and annexed.  annexed documents include schedules notes to the accounts and profit and loss account.  Attched documents include auditors report and directors report. Therefore  Directors report need not be attached with annual accounts Directors report and auditors report are attached to the balance sheet and the contents of the documents cannot be reilied  as admission on the part of the company.

[csarengarajan]

Dear All

 

For attaching directors report is not mandatory as mentioned in Section 222 of the Companies Act, 1956 and the section also gave clarfication  regarding difference between attached and annexed. Section 222 clarfies documents  which are attached and annexed. 

 

As a good corporate practice we are filing Directors Report and Auditors Report.

 

Contrary view  solicited

 

Regards.

 

[yoganand l]

attachment is an attachment for all purposes. it can be different for filing and different for circulation

it has to be attached alongwith the balance sheet while circulating it

 

the same is in case of p&l account too then,

it is an annexure. if u r required to give only balance sheet, then why p&l account - can you remove that and circulate only balance sheet copy one page..

 

yogan.

[csarengarajan]

Dear Yogan

 

I would request you to read the section 217, 220 222 of the companies act, 1856.  Some of the procedural activities we are blindly following without even seeing the relevant act. No doubt it is good corporate practice to attach the Directors report.  Act is very clearly defined for procedual formalities.. We are doing confirmation of minutes which recently Hon'ble Supreme court pointed that nowhere it has been prescribed.  Even one of my friend who is attaching AGM minutes along with Annual Return alongwith Form 20B.  In this forum we are discussing among ourselves and freedom for everybody to act on their own.  We are only discussing the provisions of companies act which is not repealed so far.  Finally i am not happy about ur comment.

 

 

 

Regards

 

[yoganand l]

dear sir,

 

attachment of directors' report is not customary practice nor good corporate governance. it is mandatory as per sec.217. further 220(1)(a) clarifies that it is not only the balance sheet, but the other documents that are required to be attached / annexed should be filed together with the balance sheet.

 

i have gone through s.222 as well. it doesnt supersede s.217 / 220

it only clarifies that those things that need to be included in the accounts have to be so done and their inclusion in the directors' report or the auditors' report or any other document that is attached to the accounts doesnt provide any guard for their non inclusion.

 

the supreme court ruling doesnt say that confirmation of minutes shouldnt be done in the next meeting. it only says that its non confirmation doesnt reverse the decision taken at the previous board meeting. lots of discussions do take place at the meeting. the company secretary only notes down what he understands. the board members discuss on technically complicated issues which might be wrongly understood and differently recorded by the cs / secretary. a director might have put his point in one way and that might be understood in a diff. way by the cs or even the other directors. their confirmation in the next meeting enables the directors to ensure that their version is properly recorded in the minutes book. for eg. in satyam's case the independent directors said that they have asked the executive directors to ensure compliance of law and their approval was subject to so many things that were not actually disclosed in the minutes book.. if you see cases like s.299(3)(c), it says that the director concerned has to take reasonable steps to secure that is brought up and read, now what if such things are not recorded in the minutes, how does the director ensure that such things are put up in the minutes..

 

contrary views are invited..

[Vivek Hegde]

Dear Sir

 

My way of interpretation is bit different. Where the statute is silent on some matters we can look at the intention of the legislature. See section 212 of the Act.....

 

Section 212 of the Act prescribes that Balance Sheet of a holding company to include particulars of its subsidiaries. Holding company must attach balance sheet and profit and loss account and report of Board of directors as well as report of auditors of each of its subsidiary company. It is a duty to attach a statement of holding company’s interest in the subsidiary companies.

It means the Act requires Directors' Report of the subsidiaries to form part of Holding Companies Balance Sheet. It is apperantly clear that Holding Company should attach it own Directors' Report and the same be filed with ROC. Don't you think it is illogical if the act requires Subisidiary's DR to form part of Holding Co's accounts and not of its own? 

My conclusion is DR should form part of Annual Accouts which should be filed with ROC.

Regards 

 

 

yogan.

 

 

--
CS Vivek Hegde,B.com, ACS, CWA
Company Secretary in Practice
No. 405, 4th Block, 7th Cross
Koramangala, Bangalore-560034
Mob: 9019756940

[Vivek Hegde]

Dear Sir

 

My way of interpretation is bit different. Where the statute is silent on some matters we can look at the intention of the legislature. See section 212 of the Act.....

 

Section 212 of the Act prescribes that Balance Sheet of a holding company to include particulars of its subsidiaries. Holding company must attach balance sheet and profit and loss account and report of Board of directors as well as report of auditors of each of its subsidiary company. It is a duty to attach a statement of holding company’s interest in the subsidiary companies.

It means the Act requires Directors' Report of the subsidiaries to form part of Holding Companies Balance Sheet. It is apperantly clear that Holding Company should attach it own Directors' Report and the same be filed with ROC. Don't you think it is illogical if the act requires Subisidiary's DR to form part of Holding Co's accounts and not of its own? 

My conclusion is DR should form part of Annual Accouts which should be filed with ROC.

Regards 

 

On 10/11/09, yoganand l <cs.y...@gmail.com> wrote:

 

yogan.

 

 

[yoganand l]

1. s.220 has a separate penal provision in it. if nothing is provided also, s.629A takes care of it.
2. s.383A is categorical about attachment of cc with DR. so cc should also be attached. i dont see any exemption.
3. there is no provision in CA asking for attachment / annexure of Notice to BS. however, pcs certifying the forms insist that it should be either attached or provided to him for providing a basis for his certification as to the date of agm column
5. listing agreement uses the term annual report in several clauses. its being used in common parlance. i dont find the word annual report in the CA

 

yogan.

 

 

 

 

 

On 10/10/09, BIPIN ACHARYA <bipins...@gmail.com> wrote:

 

Dear friends,

DCA has been famous for  issuing  several circulars and letters endorsing course of action, much to the contrary to the letter and spirit of law, but, meant  to suit the administative convenience or otherwise.

The whole tenor of the circular under reference is very much to condone the lapse [ of not attaching the Directors' Report ] in a large-hearted manner and to advise the companies to be careful about the requirement in the matter.

Let us be clear in perception.

The basic document is  the   Balance Sheet  per Schedule VI to the Companies Act, 1956 [ Act ].

Profit and Loss Account [ or Income and Expenditure Account] is required to be annexed to Balance Sheet as required under section 216.

Schedules to Balance Sheet and/or Profit and Loss Account are neither annexed nor attached,but, they form part thereof [ of the Accounts].

Auditor's Report is required to be attached to Balance Sheet as required under section 216.

Directors' Report is required to be attached to Balance Sheet under section 217 [1].

Certain specified documents of subsidiary are required to be attached to Balance Sheet of the holding company as provided in section 212.

What is annexed would not include a document which is required to be attached as provided in section 222.

Section 220 requires the filing[ with the Registrar] of  Balance Sheet and Profit and Loss Account, signed by Managing Director, Manager, Secretary  or a director of the company , together with ALL DOCUMENTS WHICH ARE REQUIRED BY THIS ACT TO BE ANNEXED OR ATTACHED  to such Balance Sheet or profit and loss account.

If any copy of Balance Sheet is issued, circulated or published without there being annexed or attached thereto, as the case may be, a copy each or [i] the profit and Loss Account[ii] any accounts, reports or statements which by vitue of section 212, are required to be attached to the Balance Sheet[iii] the auditor's report and [iv] the Board's Report referred to in section217, then the penal consequences specified under section 218 will be attracted or become applicable.

It might be pertinent to note certian  interesting implications:
[1] In cases of documents required to be annexed to Balance Sheet, they have to be signed on the same date on which the Balance Sheet  is signed.
[2] In cases of documents required to be attached to Balance Sheet, they can be signed on a date other than the date on which Balance Sheet is signed.
[3] Auditors are not required by the Act to sign the Balance Sheeet and the Profit and Loss Account which are submitted to the auditors for their report thereon [ and not for their signature and report thereon ] as has been provided in section 215[3].If I understand correctly, the auditors signthe Balance Sheet to identify it as being the one on which they  are reporting in the Auditors' report.

May I raise a few queries?
[1] Do the issue, circulation and publication of the documents referred to in section 218 include the filing of such documents with the Registrar under section 220?
[2] Would the non-attachment of a copy of the Compliance Certificate, wherever applicable, attract the penal provisions under section 218?
[3] Does any provision in the Act require NOTICE  convening an AGM  to be attached or annexed to Balance Sheet?
[4] Why the Heaing of section 210 mentions "Annual Accounts and Balance Sheet"?
[5] Why title, in most cases, mentions" Annual Report" and why not " Annual Accounts and Reports"?

Members may kindly share their views and work-experiences.

Khush Raho charms,
bipin
   CS Bipin S. Acharya          Practising Company Secretary
      CP 8    FCS 424
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    you can if you think you can.................

    you can not change what you will not confront.

On Sat, Oct 10, 2009 at 12:02 PM, haikishan bakshi <hkb...@yahoo.com> wrote:

 

Dear Pawan and Arengarajan,
A reading of section 219 of CA '56 will show that a copy of every balance sheet (including profit and loss account, the auditors' report and every other document required by law to be annexed or attached, as the case may be, to the balance sheet) which is to be laid before a company in general meeting shall, not less than twenty one days before the date of the meeting, be sent to every member.....
If we examine what are the other documents required by law to be annexed or attached with balance sheet we find they are Notice of the Meeting vide Section 172 (2) and Directors' Report vide Section 217 (1). Thus when we say Balance Sheet, in the parlance of CA '56, it denotes all these documents - Notice, Directors' Report, Auditors' Report (Statutory), Balance Sheet alongwith Notes on Accounts and even balance sheet abstract being Part IV of Schedule VI (being part of the balance sheet).
Therefore, legally, we are required to attach notice and directors' report alongwith balance sheet while uploading form 23AC/23ACA.
Learned members please correct, if my contention is wrong.
Regards,
CSHKBakshi
 

---

From: csarengarajan <csaren...@gmail.com>

To: company_...@yahoogroups.com
 

Cc: CSMysore <csmy...@googlegroups.com>; csch...@googlegroups.com
Sent: Fri, 9 October, 2009 7:59:18 PM

Subject: Re: [CS_yahoogroups) Directors report shudn't be attached while filing
 

 

Notice need not be attached with Annual accounts.  Regarding Directors report, the same has to be approved by the shareholders.  My point of view, we need to attach Directors report while filing Annual Accounts. Section 217 of the Companies Act 1956 nowhere prescribes that Directors report to be filed with Registrar of companies. However we are filing both notice and Directors report alongwith Filing of annual accounts.

 

Contrary view solicited.

 

On 10/9/09, PAWAN LADDHA <pawan19792003@ yahoo.com> wrote:

 

Dear Friends,   Please share your thoughts on the following circular and let know how relevant is this in today's parlance?   Accounts filed with ROC without directors’ report or notice of AGM Department’s Clarification.—The Department of Company Affairs has, however, clarified that in the interest and for the convenience of the public, the Registrars of Companies have been instructed to take ) the accounts on file though not accompanied by the directors’ report or the notice of the annual general meeting (which is not required by law to be attached to the accounts) provided the accounts are filed along with the auditors’ report (including special or separate reports, if any) provided the Registrars point out the incompleteness of the accounts of the company at the same time and call for the missing documents. (Department’s Circular. Company News and Notes, dated 1-7-1963). Courtesy: Section 220, A Ramaiya, Page No:- 2311    Regards, Pawan

 

 

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[csarengarajan]

Dear Friends

 

The department has given clarification 1961 stating that section 222 of the companies act does not affect Section 220 of the companies act any way  wherein documents which are annexed or attached. Again in 1963 the department has given clarification regarding . ROC to take admission of the accounts without accimpanying notice and directors report. These are all departmental clarification.

 

In the case of C.S.Ramachari (Late ) represented by  C.R.Rajendran v CWT  Madras  (1991)  it has been reported that directors report is not considered to be integral part of the company's accounts is relevant for  tax purposes also e.g.  where value of shares of an unquoted company  has to be taken for wealth tax purposes.. They further said that valuation to be based on contents of balance sheet not on the directors  report wherein the company has referred method of depreciation.

 

By summarising the section 220 says documents to be attched or annexed alongwith Annual accounts. Section 222 of the companies act  refers construction of references  to documents  annexed to accounts.. There is no clarity on this subject different  departmental clarifications, judgment on case laws and sections. In this circumstances, It is better to mandatorily attach directors report. We hope that in ensuing  companies bill 2009, we should get clarity on docuements to be attached.

 

I once again thanks for all those participated in the debate and it was a healthy and thought provoking debate.

 

Regards

 

 

, PAWAN LADDHA <pawan1...@yahoo.com> wrote:

 

Dear Friend,   This is the last clarification on the subject. Before this some in 1961 there was one clarification contrary to this one.   I would make it plain that this clarification provides admin convenience to RoCs and at the same time enable companies to comply filing deadline. It still has one proviso which advises RoCs to mark the non compliance (non filing of necessary attachments) and bring it to the notice of the company immediately.   Regards, Pawan --- On Sat, 10/10/09, yoganand l <cs.y...@gmail.com> wrote:

From: yoganand l <cs.y...@gmail.com> Subject: Re: [CS_yahoogroups) Directors report shudn't be attached while filing

To: company_...@yahoogroups.com Date: Saturday, October 10, 2009, 12:03 PM   i think the clarification is erroneous. i feel that there would be some other clarification superseding this, which we have to find out. when the Act is clear, a clarification is not at all neded.   the clarification says that directors report is not required to be attached by Law, which is not correct.   yogan.         On Sat, Oct 10, 2009 at 10:50 AM, PAWAN LADDHA <pawan19792003@ yahoo.com> wrote:   More or less I am of the same opinion however with a different reason. With this circular/clarificat ion Rocs were earlier (dates back to 1963) directed to accept the accounts without DR but make an intimation of incompleteness  of the filing immediately. Thus filing is necessary however in those times it was a convenience given to the companies to meet the timeline and this should not be taken as defence of not attaching the directors report.   --- On Fri, 10/9/09, yoganand l <cs.yogan@gmail. com> wrote:

From: yoganand l <cs.yogan@gmail. com> Subject: Re: [CS_yahoogroups) Directors report shudn't be attached while filing

To: company_secretary@ yahoogroups. com Date: Friday, October 9, 2009, 5:16 PM   notice need not be attached. but directors' report has to s.217 is quite categorical. it should be attached to the bs.   then refer to 220(1)(a), it says attachments and annexures are to be alonwith the bs   yogan.

On 10/9/09, PAWAN LADDHA <pawan19792003@ yahoo.com> wrote:   Dear Friends,   Please share your thoughts on the following circular and let know how relevant is this in today's parlance?   Accounts filed with ROC without directors’ report or notice of AGM Department’s Clarification.—The Department of Company Affairs has, however, clarified that in the interest and for the convenience of the public, the Registrars of Companies have been instructed to take ) the accounts on file though not accompanied by the directors’ report or the notice of the annual general meeting (which is not required by law to be attached to the accounts) provided the accounts are filed along with the auditors’ report (including special or separate reports, if any) provided the Registrars point out the incompleteness of the accounts of the company at the same time and call for the missing documents. (Department’s Circular. Company News and Notes, dated 1-7-1963). Courtesy: Section 220, A Ramaiya, Page No:- 2311    Regards, Pawan

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[csarengarajan]

On 10/11/09, Rajagopalan K <raju...@yahoo.com> wrote:

 

Dear Friends,   While there is no question about the documents to be annexed and attached to the accouns of a Company, as clearly indicated in various provisions of the Act, I would lke this Group to reflect on the provisions of Section 222. I, for one, do not at all understand the provisons of this Section and more particularly, the need to have such a provision. This Section clearly states that references in the Act to the documents annexed or required to be annexed to the accounts, shall not include the Borad's Report, the Auditors' Report or any document attached or required to be attached to those accounts. If one goes by this Section, it would appear that these Reports need not be attached and this flies in the face of the spirit behind the legislation and the specific provisions contained elsewhere in the Act. I am really baffled as to why this Section was introduced and exactly what it tries to convey. May I request the Members, particularly, Mr.Acahrya, to provide an explantion to this poser? I vaguley remember that long back, the Department itself was confronted with this question and as usual, they came out with a wishy washy reply.        Rajagopalan K --- On Sat, 10/10/09, BIPIN ACHARYA <bipins...@gmail.com> wrote:

From: BIPIN ACHARYA <bipins...@gmail.com> Subject: Re: [CS_yahoogroups) Directors report shudn't be attached while filing To: company_...@yahoogroups.com

Practising Company Secretary

E-mail IDs: bipinsacharya@ yahoo.com; bipinsacharya@ gmail.com

you can if you think you can. ......... .......     you can not change what you will not confront.

On Sat, Oct 10, 2009 at 12:02 PM, haikishan bakshi <hkb_cs@yahoo. com> wrote:

Dear Pawan and Arengarajan, A reading of section 219 of CA '56 will show that a copy of every balance sheet (including profit and loss account, the auditors' report and every other document required by law to be annexed or attached, as the case may be, to the balance sheet) which is to be laid before a company in general meeting shall, not less than twenty one days before the date of the meeting, be sent to every member..... If we examine what are the other documents required by law to be annexed or attached with balance sheet we find they are Notice of the Meeting vide Section 172 (2) and Directors' Report vide Section 217 (1). Thus when we say Balance Sheet, in the parlance of CA '56, it denotes all these documents - Notice, Directors' Report, Auditors' Report (Statutory), Balance Sheet alongwith Notes on Accounts and even balance sheet abstract being Part IV of Schedule VI (being part of the balance sheet). Therefore, legally, we are required to attach notice and directors' report alongwith balance sheet while uploading form 23AC/23ACA. Learned members please correct, if my contention is wrong. Regards, CSHKBakshi

From: csarengarajan <csarengarajan@ gmail.com> To: company_secretary@ yahoogroups. com   Cc: CSMysore <csmysore@googlegrou ps.com>; cschennai@googlegro ups.com

Sent: Fri, 9 October, 2009 7:59:18 PM

Subject: Re: [CS_yahoogroups) Directors report shudn't be attached while filing

Notice need not be attached with Annual accounts.  Regarding Directors report, the same has to be approved by the shareholders.  My point of view, we need to attach Directors report while filing Annual Accounts. Section 217 of the Companies Act 1956 nowhere prescribes that Directors report to be filed with Registrar of companies. However we are filing both notice and Directors report alongwith Filing of annual accounts.

Contrary view solicited.

On 10/9/09, PAWAN LADDHA <pawan19792003@ yahoo.com> wrote:   Dear Friends,   Please share your thoughts on the following circular and let know how relevant is this in today's parlance?   Accounts filed with ROC without directors’ report or notice of AGM Department’s Clarification.—The Department of Company Affairs has, however, clarified that in the interest and for the convenience of the public, the Registrars of Companies have been instructed to take ) the accounts on file though not accompanied by the directors’ report or the notice of the annual general meeting (which is not required by law to be attached to the accounts) provided the accounts are filed along with the auditors’ report (including special or separate reports, if any) provided the Registrars point out the incompleteness of the accounts of the company at the same time and call for the missing documents. (Department’s Circular. Company News and Notes, dated 1-7-1963). Courtesy: Section 220, A Ramaiya, Page No:- 2311    Regards, Pawan

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[yoganand l]

i dont find any ambiguity in any of the provisions that we have been talking about, excepting for the word ''accounts''

 

the dept. circular is what has created ambiguity

 

as for the prov. of s.222, pls. refer to my earlier mail on the subject. it infact clarifies that those things that need to be included in the accounts have to be so done and their inclusion in the directors' report or the auditors' report or any other document that is attached to the accounts doesnt provide any guard for their non inclusion.

 

yogan.

[Vivek Hegde]

Past discussions on attaching AGM Notice to accounts.

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Mob: 09019756940/09900898223