Disclosure Requirement for Struck-off Companies
Ministry of Corporate Affairs (MCA) has introduced elaborative disclosure requirements regarding financial statements of companies which are effective from April 1, 2021 i.e. for financial statements prepared for FY 2021-22. One such requirement is disclosure of transactions with companies struck off by Registrar of Companies (‘RoC’) under section 248 of the Act, or under section 560 of the Companies Act, 1956.The following particulars are to be disclosed in such case:
- Name of the struck-off company
- Nature of transactions with such company
- Balance outstanding and relationship with the struck-off the company.