As per the Companies Act, 2013 (‘Act’), companies have to file a copy of the financial statements, including the consolidated financial statement, along with other required documents adopted at the Annual General Meeting (AGM) of the company. Further, the Ministry of Corporate Affairs (MCA) issued a notification on 31st January 2020 to amend the Companies (Accounts) Rules, 2014 (‘Rules’).
As per the amended Rule 12(1A), all Non-Banking Financial Companies (NBFCs) required to comply with the Indian Accounting Standards (Ind AS) must file the financial statements with the Registrar of Companies (ROC) along with e-form AOC-4 NBFC (Ind AS) and the consolidated financial statement, if any with e-form AOC-4 CFS NBFC (Ind AS).
The Companies (Indian Accounting Standards) Rules, 2015 are applicable to the following NBFCs and need to file e-form AOC-4 NBFC:
NBFCs have been defined in clause (f) of Section 45I of the Reserve Bank of India Act, 1934 and include financial institutions, chit fund and Nidhi companies, housing finance companies and merchant banking companies. As per Section 45I (f) of the RBI Act, a non-banking financial company means:
The NBFCs must consider the following points while filing e-form AOC-4 NBFC:
Segment I – Information and Particulars in respect of Balance Sheet (Part A)
Segment I- Information and Particulars in respect of Balance Sheet (Part B)
Part B consists of details concerning the balance sheet and the financial parameters of the balance sheet. The share capital raised during the reporting period and the details related to cost records and cost audit need to be entered.
Segment II- Information and Particulars in respect of Profit and Loss Account
The detailed profit and loss account, financial parameters and the details related to principal products or services of the company have to be filled in this segment.
Segment III- Reporting of Corporate Social Responsibility (CSR)
Segment IV- Disclosure about Related Party Transactions
Particulars of arrangements or contracts entered by the company with related parties, including certain arm’s length transactions must be given in a detailed manner.
Segment V- Auditor’s Report
Segment VI- Miscellaneous
Various attachments as provided in the form have to be attached in this segment.
The below documents are required to be attached with e-form AOC-4 NBFC:
A declaration should be given by the director, company secretary, manager, CFO or CEO certifying that the information given in the form is correct and true and is in compliance with the law. The e-form AOC-4 NBFC has to be digitally signed with the DIN of the director or PAN of the manager, CFO or CEO.
A full time practising chartered accountant, company secretary or cost accountant has to certify the e-form stating that he/she has verified all the documents attached and certifies the information to be correct, true and complete. The practising professional has to state their membership number and the status, i.e. fellow or associate.
The NBFCs are required to file the e-form AOC-4 NBFC within 30 days of conducting its AGM. The due date of conducting AGM is before 30th September, following the close of the financial year. Thus, the last date for filing e-form AOC-4 NBFC is generally 29th October every year.
The fees for filing e-form AOC-4 NBFC varies according to the nominal share capital of the company, which is as follows:
Nominal Share Capital | Fees (in Rs.) |
Less than 1,00,000 | 200 |
1,00,000 to 4,99,999 | 300 |
5,00,000 to 24,99,999 | 400 |
25,00,000 to 99,99,999 | 500 |
1,00,00,000 or more | 600 |
A penalty is imposed for the delay in filing the e-form AOC-4 NBFC. The penalty for the delay in filing the financial statements by NBFCs, i.e. e-form AOC-4 NBFC, is Rs.100 per day of default. Hence, the NBFCs should ensure that the financial statements and other documents are filed before the due date with the ROC.
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Companies must file financial statements including consolidated financial statements are crucial as per Act and Rules. NBFCs are required to file specific e-forms with ROC. Details of e-form AOC-4 NBFC filing requirements, documents, certification, due dates, fees, and penalties are outlined.