Unlisted companies will also have to disclose all financial details

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New delhi date. 16 February 2021, Tuesday

Unlisted companies will soon have to submit their financial details to the Registrar of Companies during the regular period. Companies which are not listed themselves but whose subsidiaries are listed on the stock exchange are included in the issue. Tata Sons and Bharti Telecom are among such companies. The exercise is being conducted under a new provision of the Companies Act. According to government sources, listed companies regularly make all announcements, including financial results, but their holding company only submits annual financial statements, even after 18 months. This step will be taken to eliminate this disparity of information.

In the Companies Act Amendment 2020, the Ministry of Corporate Affairs has added a new provision, Section 12A. Under this, the government may ask certain categories of companies to prepare economic results at regular intervals. As per the provision, such companies have to provide a copy of the result to the Registrar within 30 days of the expiry of the prescribed period. The provision also states that after obtaining the approval of the board of directors, the company will have to conduct a full or limited investigation of the financial results within the stipulated period.

A new provision has been added after the IL&FS scam to increase the scope of financial surveillance. Although the Ministry of Corporate Affairs has not yet decided which company the provision will apply to, it is assumed that it will be implemented where the public interest is at stake. The ministry will also have to decide whether to release such financial results every quarter or every half year. This step will provide investors with more information in a timely manner.

According to the information received, companies with lending, bank deposits and certain levels of debenture investments can be brought under the purview of the new provision. This means that a number of public sector undertakings, including insurance companies and banking companies, will be affected by the exercise.

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