INC­22 Forms

Why is it in the news
    • According to officials in the Ministry of Corporate Affairs, the Centre is likely to extend the deadline and relax the rules for the disclosure norms it had set for companies in an attempt to weed out shell companies.
 
More in the news
    • The Ministry had in February notified a set of forms, including INC-22.
    • INC-22:
      (1) It requires companies incorporated on or before December 31, 2017 to provide details regarding the location of their offices, directors, and proof of business.
      (2) The deadline for submission of the form is April 25, 2019.
      (3) Companies that fail to meet the April 25 deadline will be categorised as ‘non-compliant’, and will have to pay a fine of Rs. 10,000 to be re-classified as compliant.
      • Concerns by Start-up Community:
        (1) The start-ups saying that many of the requirements including a photo of the exterior and interior of the office, and one with a director standing in front of the nameplate were extremely onerous and unviable.
        (2) The main problem, they said is that many start-ups operated out of co-working spaces. Hence, taking such photographs would be unviable.
        Source
        The Hindu.




        Posted by Jawwad Kazi on 25th Apr 2019
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