MCA UPDATE

The Companies (Removal of Difficulties) Second Order, 2016

Ministry of Corporate Affairs vide Order No. S.O. 1227(E) dated 29.03.2016 issued the Companies (Removal of Difficulties) Second Order, 2016 whereby the following proviso has been inserted after Section 133:

“Provided that until the National Financial Reporting Authority is constituted under section 132 of the Companies Act, 2013 (18 of 2013), the Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949 (38 of 1949), in consultation with and after examination of the recommendations made by National Advisory Committee on Accounting Standards constituted under section 210 A of the Companies Act, 1956”.

It shall be deemed to have come into force from the 1st April, 2015