Balance-sheet - Clarification regarding amendments to Schedule VI in 1995 - Companies Law - Letter : [F. No. 3/24/94-CL-V],

Letter : [F. No. 3/24/94-CL-V], dated 18-7-1995. Subject:- Balance-sheet - Clarification regarding amendments to Schedule VI in 1995 A Notification GSR No. 388(E), dated 15-5-1995, was issued amending Schedule VI to the Companies Act. In this connection the Department have received letters seeking clarification, whether the requirements of the amendments are to be complied with in respect of the balance-sheet for the financial year 1994-95 or these are to be complied with only in relation to the financial year 1995-96. It is, therefore, hereby clarified that this amendment to Schedule VI will be required to be complied with in relation to the financial year closing after 15-5-1995. 2. It is further clarified that since the abovesaid notification dated 15-5-1995, was issued, the Department has received a large number of suggestions from professional chartered accountants and company secretaries for suitable changes in this regard. These have also been discussed with the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India. Considering that some very useful suggestions have come up for further improvement in this connection, the Department is likely to modify the amendments dated 15-5-1995 in due course of time.