The financial statements of a company are not merely meant to show the profit or loss and/or assets and liabilities of the company. The notes to such financial statements also disclose various nuances that the shareholders of the company shall be aware of. Such disclosures may vary from material transactions with related parties to the purpose of inter-corporate loans, guarantee or security. The financial statements are meant to be prepared in accordance with Schedule III (‘Schedule’) to the Companies Act, 2013 (‘Act’). On March 24, 2021, MCA introduced more elaborative disclosure requirements regarding financial statements of companies which are effective from April 1, 2021 i.e. for financial statements prepared for FY 2021-22.

1. Relationship With Struck
off Companies

2.  The financial statements of a company are not merely meant to show the profit or loss and/or assets and
liabilities of the company.
 The notes to such financial statements also disclose various nuances that the shareholders of the company
shall be aware of. Such disclosures may vary from material transactions with related parties to the purpose
of inter-corporate loans, guarantee or security.
 The financial statements are meant to be prepared in accordance with Schedule III (‘Schedule’) to the
Companies Act, 2013 (‘Act’). On March 24, 2021, MCA introduced more elaborative disclosure
requirements regarding financial statements of companies which are effective from April 1, 2021 i.e. for
financial statements prepared for FY 2021-22.

3.  The following particulars are to be disclosed in such case:
 Name of the struck off company
 Nature of transactions with company
 Balance outstanding and relationship with the struck off the company.
 The transaction can be in the nature of investment in securities, receivables, payables, shareholding of the
struck-off company in the company and any other outstanding balances.
 Before digging deep on the disclosure requirements, it is imperative to understand the provisions for striking
off a company by RoC both under the Act as well as the Companies Act, 1956

4. Under the Companies Act, 1956

5. Under the Act

6. Practical Difficulties in Disclosures

7.  Strike That is A Service That Helps You Get The Details Of “MCA struck off companies, for Hassle-free Compliance
With The New Mandatory
Disclosure Requirement Of Schedule III.
 ConTeTra provides solution for below Two Steps only-
Step 1- Step 2-
Upload your list of vendors/suppliers
with their GST numbers (which
is easily available with every
finance team). For those vendors
where GST number is not available,
our tool can also do a PAN or CIN
based search.
Receive the output in record
time (powered by our AI-
enabled tool that scrapes through
MCA website for you – leaving no
room for manual errors)

8. Website :
https://contetra.com/strike-that/
Email Id :
tejas.savla@contetra.com
Phone No : 98338 18857