The Ministry of Corporate Affairs (MCA) published a notification on 10 September 2020 that notified the Insolvency and Bankruptcy Board of India (Annual Report) Amendment Rules, 2020.
The Government of India with this new notification has amended some rules in the Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018 which is now be called as the Insolvency and Bankruptcy Board of India (Annual Report) Amendment Rules, 2020.
The new amendment is brought in Rule 4 of the Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018 and is substituted by New Rule 4 which deals with the topic of Time Schedule for submission of the annual report.
The New Rule 4 has the dates for submission of the annual report referred to in rule 3 of annual accounts for audit leading to the issue of Audit Certificate by the Comptroller and Auditor General of India and for submission to the Ministry of Corporate Affairs for timely submission to the Parliament, and is listed as follows-
- The approved and authenticated annual accounts are made available by the Insolvency and Bankruptcy Board of India to the concerned Audit Office and commencement of audit of annual accounts- 30th June.
- The final Separate Audit Report (SAR) in English with Audit Certificate get issued to Insolvency and Bankruptcy Board of India-31st October.
- The submission of the annual report and audited accounts to the Ministry of Corporate Affairs for it to be laid on the Table of the Parliament- 31st December.
This notification got published Official Gazette in the of India and came into force on the same date of its publication.
With Warm Regards,
CL Bureau.
