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MCA Clarification: Private Companies Exemption Applicability [Sec 143(3)(i)]

Ministry of Corporate Affairs(MCA) vide General Circular No. 08/2017 dated 25th July, 2017, has clarified regarding applicability of exemption given to certain private companies under section 143(3)(i) of the Companies Act, 2013 as under:

Stakeholders have drawn attention of this Ministry to the serial no. 5 of notification No. G.S.R. 583(E) dated 13th June, 2017 which states that requirements of reporting under section 143(3)(i) of the Companies Act, 2013 shall not apply to certain private companies as mentioned therein and have sought clarification w.r.t. the financial year(s) in respect of which the said exemption shall be applicable. The issue has been examined in the Ministry and it is hereby clarified that the exemption shall be applicable for those audit reports in respect of financial statements pertaining to financial year commencing on or after 1st April, 2016, which are made on or after the date of the said notification.

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