No.1/l/99-CL-V

GOVERNMENT OF INDIA

MINISTRY OF LAW, JUSTICE & COMPANY AFFAIRS

DEPARTMENT OF COMPANY AFFAIRS

5TH FLOOR, 'A' WING, SHASTRI BHAWAN

DR. RAJENDRA PRASAD ROAD, NEW DELHI-I I0001

PRESS NOTE No. 1/99

Sub: Companies have to disclose outstanding dues to Small Scale Industries in Balance Sheets

.

Depar,tment of Company Affairs have by a Notification issued on 22.2.99 in the Gazette of India (GSR No.129(E) dated 22.2.99) amended Schedule-VI of the Companies Act, 1956 to make it obligatory on companies to disclose in their Balance Sheets the outstanding dues ,owed by them to Small Scale Industrial Undertakings for a a sum of Rs.1 lakh or more which is outstanding for more than 30 days. The Small Scale Industrial Undertakings will have the same meaning as in the Industries (Development & Regulation) Act, 1951.

2. Schedule-VI prescribes the format of the Balance Sheet and Profit and Loss Account to be prepared by companies annually. This has been done on the basis of the recommendations of the Expert Committee headed by Dr. Abid Hussain.

R. D. Joshi

Joint Secretary to the Govt. of' India.

Endt. No.l/1/99-CL.V Dt..5.3.99

Copy to:

Shri S.P. Das, DPIO, Press Information Bureau, Shastri Bhawan, New Delhi with the request that Press Note may kindly be given wide publicity.

(R.D. Joshi)

Joint Secretary to the Govt. of India