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April 14, 2022

MCA writes CMA institute for Lack of compliances by its members in Company/LLP incorporation

by CA Shivam Jaiswal in Income Tax, MCA Circular

MCA writes CMA institute for Lack of compliances by its members in Company/LLP incorporation

Government of India

Ministry of Corporate Affairs

Office of the Director General of Corporate Affairs

The President,

The Institute of Cost Accountants of India

4th Floor, CMA Bhawan, New Delhi, 110001.

Sir,

It has been brought to the notice of the Ministry that the various instances have been observed where it has been found that practicing members of your Institute are not carrying out due diligence and verification of documents while incorporating a company or a LLP. The verification of documents pertains to directors/ Key Managerial Personnel, witness to Memorandum of Association & Articles of Association and verification of Registered Office are strictly required to be carried out as per provisions of the Companies Act and Rules made there to and LLP Act and Rules made thereto. Lack of compliances may attract penal action under appropriate provisions of the Act. This may be brought to the notice of all the practicing members of the Institute for strict compliance under intimation to this Office.

This issues with the approval of the Competent Authority

Yours faithfully.

(Sanjay Kumar Gupta) Joint Director

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