Recent Amendments in Schedule III of Companies Act

May 28, 2021

The World Trade Center conducted a webinar on “Recent Amendments in Schedule III of Companies Act 2013”. This was done in association with World Trade Center Pune and had Mr. Vinay K. S., Executive Partner – Assurance, ASA & Associates LLP as the speaker.

Mr. Vinay explained the scope of the amendments to Companies Act and the entities who would be affected by it. He gave instructions for the preparation of balance sheet in accordance with the new amendments. Companies needs to disclose the borrowings from banks and other financial institutions. Companies also needs to provide details of, current ratio, debt -equity, return on equity, net profit, trade receivables, trade payables, net profit ratios etc. and a difference of more than 25% in these have to be justified. He urged companies to prepare for comparative information for year 2022, assess and make changes to existing systems & processes and gear up new IT infrastructure to meet the requirements.

Mr. Hrishikesh Nair, COO, Brigade Group and Mr. Niraj Khinvasara, Chief Innovation Officer, WTC Pune also spoke.

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