Shridhi Jain (Company Secretary) (1678 Points)
30 November 2010Dear frnds,
Kindly tell me that in form 23AC and 23ACA, we have to fill related party transactions as per AS-18. Kindly tell me whether we take share application money recd., share issued, remuneration payable to directors into account while calculating that figure. Wat are the items to be taken while calculating the value as per AS 18 in form 23AC and 23ACA.
Rgds,
Shridhi Jain
HARDIK
(COMPANY SECRETARY NCFM (Corporate Governance ))
(664 Points)
Replied 30 November 2010
In respect of Related Party Transaction AS-18 have to be followed. Disclosure about Related Party Transaction mention in Notes to Account part of auditor report. That amount should be taken into account.
Rakesh Dhanuka
(Company Secretary)
(478 Points)
Replied 01 December 2010
As per AS 18 share application money received, shares issued and salary paid to key management personnel is to be considered under Related Party Transaction.
Aman Jain
(Company Secretary in Practice)
(165 Points)
Replied 01 December 2010
Dear Shridhi,
You can take these items for calculation of related party transaction but please remember in Form 23AC you can fill only those items which are Capital in nature and in form 23ACA revenue items.
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 01 December 2010
Yes Aman,
That i already know. Well, thanks.
Pls tell me that wat to do if the B/S of subsi. co. is not prepared at the time of AGM of holding co. Wat is to be done in that case?
Aman Jain
(Company Secretary in Practice)
(165 Points)
Replied 01 December 2010
Dear Shridhi,
If not prepared then according to me go with section 212(8) of CL Act, 1956.
Other views are solicited.
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 01 December 2010
Section 212(8) is about CG approval.
Is that possible that we qualify our director report to that effect and state that subsi. b/s is not ready.
Do auditor require to qualify their report to that effect?
Aman Jain
(Company Secretary in Practice)
(165 Points)
Replied 01 December 2010
Dear Shridhi,
if 30 September is your AGM date then you have already lost your option to go with CG u/s 212(8). If company is late for filling then best is that prepare subsi company financials or if you don’t want then get compound this default.
Others views are solicited.
anonymousCA
(na)
(75 Points)
Replied 18 September 2012
Should all related parties be reported irrespective of whether there is any txn or not ?
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 18 September 2012
Yes, information should be regarding all related parties.
CAclubindia
