Everything You Need to Know About the MCA XBRL Validation Tool

Introduction

Welcome to our comprehensive guide on the MCA XBRL Validation Tool. At Microvista, we are dedicated to providing you with the most up-to-date information and valuable insights to help you understand and utilize this powerful tool effectively. In this guide, we will delve into the key features, benefits, and implementation of this tool, equipping you with the knowledge to optimize its usage and stay ahead of the competition. 

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XBRL Software: A Guide to Free Downloads, Prices, and Vendors in India

Welcome to XBRL Software: A Guide to Free Downloads, Prices, and Vendors in India

As the world of business becomes more complex and globalized, regulatory compliance has become a major challenge for companies of all sizes. To meet these challenges, businesses increasingly turn to XBRL software to automate their financial reporting processes. In this article, we’ll provide an overview of XBRL software, including free downloads, prices, and vendors available in India.

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What is a Strike Off (Striking Off) Company in India? Understanding the Process and FAQs

In this article, we will explain everything you need to know about striking off company in India. We will cover the process, the documents required, and some important points to keep in mind. 

Continue reading “What is a Strike Off (Striking Off) Company in India? Understanding the Process and FAQs”

If you are a business owner in India, you may have heard the term strike off company. It is a process that involves removing a company’s name from the Registrar of Companies (ROC) list. In other words, the company is no longer legally registered and cannot conduct any business activities. 

Why would a company want to be struck off? There could be several reasons, such as the company is no longer operational, the directors or shareholders wish to dissolve the company, or the company was registered by mistake. Whatever the reason, it is important to follow the proper procedure for striking off company in India. 

In this article, we will explain everything you need to know about striking off company in India. We will cover the process, the documents required, and some important points to keep in mind. 

Continue reading “What is a Strike Off (Striking Off) Company in India? Understanding the Process and FAQs”

What is XBRL Filing Software? The Ultimate Guide of XBRL Software

XBRL filing software is a type of software. That is used to prepare and file financial and business reports in the XBRL format. XBRL(eXtensible Business Reporting Language), is a digital language and framework used to communicate business and financial information electronically.

This XBRL software is designed to tag financial data accurately in the XBRL format and also helps to validate and submit the XBRL report to regulatory bodies. It simplifies the process of preparing and presenting financial data in the XBRL format while ensuring accuracy and compliance with regulations.

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Advisory from GST Department – Time limit for Reporting e-Invoices on the IRP Portal

Dear Taxpayers,

1. It is to inform you that it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores.

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Filing of announcements in XBRL format on BSE listing centre

Circular By Bombay Stock Exchange(BSE) & Nation Stock Exchange(NSE) – Disclosure Under Regulation 30 of SEBI LODR in XBRL Format.

Circular
Notice No. 20230331-87 Notice Date 31 Mar 2023
Category Circulars Listed Companies Segment Equity
Subject Filing of announcements in XBRL format on BSE listing centre

The Company Secretary

All Listed Companies

Further to Exchange notice dated January 27, 2023, bearing no: 20230127-37 on the captioned subject for submitting corporate announcements under certain subjects, please note that the following announcements subjects filed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR) will be available in XBRL format with effect from April 01, 2023: (‘effective date’):

 

·         Disclosure under Regulation 30 of SEBI LODR:

 

1.  Issuance or forfeiture of securities, split or consolidation of shares, buyback of securities, any restriction on transferability of securities or alteration in terms or structure of existing securities including forfeiture, reissue of forfeited securities, alteration of calls, redemption of securities etc.

2.  Agreements (viz. shareholder agreement(s), joint venture agreement(s), family settlement agreement(s) (to the extent that it impacts management and control of the listed entity), agreement(s)/treaty(ies)/contract(s) with media companies) which are binding and not in normal course of business, revision(s) or amendment(s) and termination(s) thereof.

3.   Fraud/defaults by promoter or key managerial personnel or by listed entity or arrest of key managerial personnel or promoter.

4.      One time settlement with a bank

5. Resolution plan/ Restructuring in relation to loans/borrowings from banks/financial institutions (Inter-Creditors Agreement).

6.    Corporate Debt Restructuring.

7.    Notices of Shareholders Meeting

 

At the initial stage, the PDF filings will be considered by the Exchange as compliance under Regulation 30 of the SEBI LODR.  Further, all listed entities would be required to also submit the filings in XBRL mode within 24 hours of submission of the said PDF filing. At a later stage (date to be informed separately) Exchange will shift to only XBRL submission.

It may be noted that, XBRL utility for the above-mentioned subjects is available in XBRL section of the Listing Centre.

 

BSE has provided an online real-time Helpdesk to assist Users with their XBRL filings they may email queries if any to bse.xbrl@bseindia.com or call the Helpdesk on toll free number 1800 233 0445. 

 

 

FAQ On Strike Off Company

A Strike Off Company is a business that has been removed from the official register of companies by the government due to it being inactive or not meeting certain legal requirements. This means that the Strike Off Company is no longer in operation and cannot carry out business activities. The process of removing a company from the register is known as “striking off” or “deregistration.”

The Most Frequently Asked Questions on Strike Off Company:

Q1: What is a Strike Off Company?
A: A Strike Off Company is a legal procedure for the discontinuation of a company’s existence. It involves removing the company from the official register of companies maintained by the relevant government authority, effectively closing down the company.

Q2: Why would a company opt for Strike Off?
A: A company may opt for Strike Off if it is no longer in business, if it has been inactive for a prolonged period, or if the owners wish to formally close the company and dissolve it.

Q3: Who can initiate the Strike Off process?
A: The Strike Off process can be initiated by the company itself, or by the relevant government authority if the company has not been in compliance with the applicable laws and regulations.

Q4: What are the steps involved in Strike Off process?
A: The steps involved in the Strike Off process may vary depending on the jurisdiction, but generally include: Filing an application for Strike Off with the relevant government authority
Publishing a notice in a local newspaper
Waiting for a specified period to allow for objections
Finalizing the Strike Off if no objections are raised
Dissolving the company and distributing any remaining assets.

Q5: What are the consequences of a Strike Off?
A: The consequences of a Strike Off include the discontinuation of the company’s legal status, loss of limited liability protection, and potential legal liabilities for the company’s directors and shareholders. The company’s assets may also be used to pay off outstanding debts.

The Importance of Digital Signatures in the Digital Age

In today’s digital world, it’s more important than ever to have a secure and efficient way to sign and verify documents. Digital signatures provide a solution to this need, allowing individuals and organizations to sign and verify documents electronically. In this blog, we’ll explore the benefits of Creating digital signatures and why they are becoming increasingly important in the digital age.

Security: Digital signatures use encryption and digital certificates to ensure the authenticity and integrity of a document. This means that once a document is signed, it cannot be altered or tampered with, providing a high level of security for sensitive information.

Convenience: Digital signatures eliminate the need for physical signatures and the need to send documents back and forth for signatures. This saves time and makes the process of signing and verifying documents much more efficient.

Compliance: In many industries, regulations require that certain types of documents be signed and verified. Digital signatures provide a secure and compliant way to meet these requirements, without the need for paper-based signatures.

Cost Savings: By eliminating the need for physical signatures and reducing the time and effort required to sign and verify documents, digital signatures can help organizations save money on printing, shipping, and other costs associated with paper-based signatures.

Environmentally Friendly: Digital signatures also have a positive impact on the environment, as they reduce the need for paper and printing, helping to reduce waste and conserve natural resources.

In conclusion, digital signatures are becoming increasingly important in the digital age, providing a secure, convenient, and compliant way to sign and verify documents. With the growing need for efficient and secure document management, digital signatures are an essential tool for organizations of all sizes. Whether you are a small business or a large corporation, consider implementing digital signatures as part of your document management strategy.

Filing of Announcements in XBRL format on BSE, NSE & MSEI

Circular By Stock Exchanges(BSE & NSE) – Filing of Announcements in XBRL Format on Stock Exchanges as per SEBI LODR

 

NOTICES
Notice No. 20230127-37 Notice Date 27 Jan 2023
Category Circulars Listed Companies Segment Equity
Subject Filing of announcements in XBRL format on BSE listing centre
Content

The Company Secretary 

All Listed Companies

With reference to the captioned subject various circulars were issued by Exchange(s) for seeking comments/feedback from listed companies on XBRL format(s) for certain type of announcements.

Facility for filings of disclosure for following announcements filed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR) will be available in XBRL format with effect from January 28, 2023: (‘effective date’):

 

·         Disclosure under Regulation 29 of SEBI LODR:

         

Prior Intimation of the Board Meeting.

 

·         Disclosure under Regulation 30 of SEBI LODR:

Ø  Change in directors, key managerial personnel (Managing Director, Chief Executive Officer, Chief Financial Officer, Company Secretary etc.), Auditor, Compliance Officer and Share transfer agent.

 

Ø  Outcome of Board Meeting for Dividend, Buyback, Bonus Issue and decision on voluntary delisting by the listed entity.

 

Ø Acquisition(s) (including agreement to acquire), Scheme of Arrangement (amalgamation/ merger/ demerger/restructuring), or sale or disposal of any unit(s), division(s) or subsidiary of the listed entity or any other restructuring.

Currently, as a part of compliance all listed entities are required to submit the disclosures in PDF mode as per the provisions of Regulation 30 of the SEBI (LODR) Regulations.  Further, all listed entities would be required to submit the filings in XBRL mode within 24 hours of submission of the said PDF filing. At a later stage (date to be informed separately) Exchange will shift to only XBRL submission.

It may be noted that, XBRL utility for the above-mentioned subjects is available in XBRL section of the Listing Centre.

BSE has provided an online real-time Helpdesk to assist Users with their XBRL filings they may email queries if any to bse.xbrl@bseindia.com or call the Helpdesk on the toll-free number 1800 233 0445. 

 

Microvista Technologies is XBRL partner of all the stock exchanges BSE, NSE & MSEI in India. We help regulators, Stock exchanges, Banks, and other institutions to develop XBRL Software, Taxonomies, and XBRL support. For more information, you may visit Microvista Technologies Pvt Ltd

 

Get the list of Struck-Off companies for mandatory disclosure as per the Companies Act

What is the meaning of struck-off Companies?

Struck-Off Companies means removing the name of the Company from the Register of Companies maintained by the Registrar of Companies. It is more like a Closure of the Company and cannot perform any operation thereafter. It ceases to exist as a legal entity and it cannot trade, sell its assets or make payments or even it cannot get involved in any other business activities.

Disclosure requirements of Relationship with Struck off Companies in Schedule III as per the Companies Act

On March 24, 2021, the Ministry of Corporate Affairs (MCA) has introduced elaborative financial statement disclosure requirements effective from April 1, 2021, i.e., for financial statements prepared for FY 2021-22. One such requirement is a disclosure of transactions with companies struck off by the 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 struck-off Company Nature of  transactions with struck-off Company Balance outstanding Relationship with the Struck off company, if any, to be disclosed
  Investments in securities    
  Receivables    
  Payables    
  Shares held by stuck off company    
  Other outstanding balances (to be specified)    

 

Now what needs to be taken care of to comply requirements of the Relationship with Struck off Companies

It is important for each corporate with a vendor/supplier group to update and monitor the “Struck off company status” of vendors/suppliers before every new financial year to protect future business interests.

The question is how to get the status of “Struck off company”?

 

How MICROVISTA Can Help you

Microvista Technologies can help you identify the list of such organizations. You are required to share the vendors’ GSTIN/PAN and name. Microvista Technologies will take care of the rest. We will identify the struck-off companies, and check their status on the MCA website via CIN No. and collate the required supporting documentation.

For “Struck off company” status, please Connect with Microvista Technologies today.

Call us at –  70167-11841 / 983 983 0986