General Exemption Under Sections
March 25, 2011
General Exemption Under Section 212 of the Companies Act, 1956: Ministry of Corporate Affairs vide General Circular No.2/2011 dated 8th February, 2011 has granted a General Exemption under Section 212 (8) of the Companies Act, 1956 from attaching the Balance Sheet, Profit & Loss Accounts etc., of each of its subsidiary Companies to the Balance Sheet of Holding Companies on certain Conditions prescribed in the Circular. This shall be effective in respect of balance sheet and profit and loss accounts prepared for the financial year ending on or after the 31st March, 2011. General Exemption under Section 211 of the Companies Act, 1956: The Ministry has issued notification under Section 211 of the Companies Act, 1956 granting general exemption to specified categories of companies from certain disclosures under Part I of Schedule VI. Exemption under Section 211 of Companies Act 1956: With in the purview of the provisions of the Section 211 (3) of the Companies Act, 1956, the Central Government exempts Public Financial Institutions (PFIs) as specified under Section 4A of the Companies Act, 1956 vide Notification No. S.O. 300 (E). dated 8th February, 2011, from disclosing Investments as required under Part-I of Schedule VI in their balance sheet subject to fulfillment of the certain conditions as prescribed in the Circular.