Amended and updated notes on section 129A of the Companies Act 2013 as amended by the Companies (Amendment) Act, 2020 and Company Rules made there under. Detail discussion on provisions and rules related to Periodical Financial Results.
Chapter IX (Sections 128 to 138) of the Companies Act 2013 (CA 2013) deals with the provisions related to accounts of companies. Section 129A of CA 2013 provides for Periodical Financial Results.
Recently, we have discussed in detail section 129 (Financial statement) of CA 2013. Today, we learn the provisions of section 129A of the Companies Act 2013. The amended provision of section 129A is effective for the financial year 2020-21 onwards.
In this article, you will learn detail of the provisions of section 129A of the Companies Act 2013 Bare Act read with the relevant Company Rules 2021 as provided by Ministry of Corporate Affairs (MCA), Government of India.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | IX |
| Chapter Name | Accounts of Companies |
| Section No. | 129A |
| Section Name | Periodical financial results |
| Monthly Updated Edition | Company Law PDF |
Section 129A: Periodical financial results
The Central Government may, require such class or classes of unlisted companies, as may be prescribed,—
- (a) to prepare the financial results of the company on such periodical basis and in such form as may be prescribed;
- (b) to obtain approval of the Board of Directors and complete audit or limited review of such periodical financial results in such manner as may be prescribed; and
- (c) file a copy with the Registrar within a period of thirty days of completion of the relevant period with such fees as may be prescribed.
[Section 129A was inserted w.e.f. 22.01.2021 by the Companies (Amendment) Act, 2020 vide Notification S.O. 325(E) dated 22.01.2021]
Relevant information for section 129A
A new section 129A has been inserted to empower the CG to provide by rules such class or classes of unlisted companies to prepare periodical financial results, complete audit or limited review thereof and their filing with ROC within 30 days.
Unlisted Company
In the Companies Act 2013, the term “Listed companies” has been defined in clause (52) of section 2 of CA 2013. But you will not find any exclusive definition for the term “unlisted companies“.
However, a new proviso has been inserted in clause (52) of section 2 w.e.f. 22-01-2021 by the Companies (Amendment) Act, 2020.
In accordance with that new clause, the CG in consultation with SEBI may prescribe class of companies, which have listed or intend to list such class of securities, shall not be considered as listed companies.
Board of Directors (BOD)
As per clause (10) of section 2 of CA 2013, the term “Board of Directors” or “Board”, in relation to a company, means the collective body of the directors of the company.