In a recent General Circular issued by Ministry of Corporate Affairs (MCA) dated 13th December, 2018, the cloud around filing Form NFRA-1 has now been cleared to a large extent.
In this Circular, the MCA has extended the last date of filing Form NFRA-1 by 30 days from the date this form is available in the MCA website, which is required to be filed by body corporates governed by NFRA Rules.
This circular also clarifies that companies defined under the *Section 2 (20) of the Companies Act, 2013 will not be required to file this form. Essentially companies covered under the Companies Act, 2013 and any other **previous company law will not be required to file Form NFRA-1.
In an unofficial conversation with the Deputy Director of the MCA they have specifically stated that Form NFRA-1 will be required to be filed only by those body corporates whose auditor details are not submitted to the MCA.
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* 2 (20) “company” means a company incorporated under this Act or under any previous company law
** 2(67) “previous company law” means any of the laws specified below:—
(i) Acts relating to companies in force before the Indian Companies Act, 1866 (10 of 1866);
(ii) the Indian Companies Act, 1866 (10 of 1866);
(iii) the Indian Companies Act, 1882 (6 of 1882);
(iv) the Indian Companies Act, 1913 (7 of 1913);
(v) the Registration of Transferred Companies Ordinance, 1942 (Ord. 54 of 1942);
(vi) the Companies Act, 1956 (1 of 1956); and
(vii) any law corresponding to any of the aforesaid Acts or the Ordinances and in force—
(A) in the merged territories or in a Part B State (other than the State of Jammu and Kashmir), or any part thereof, before the extension thereto of the Indian Companies Act, 1913 (7 of 1913); or
(B) in the State of Jammu and Kashmir, or any part thereof, before the commencement of the Jammu and Kashmir (Extension of Laws) Act, 1956 (62 of 1956), in so far as banking, insurance and financial corporations are concerned, and before the commencement of the Central Laws (Extension to Jammu and Kashmir) Act, 1968 (25 of 1968), in so far as other corporations are concerned;
(viii) the Portuguese Commercial Code, in so far as it relates to sociedades anonimas;
Source: Ministry of Corporate Affairs
