About this agreement
Title: FORM NO. 24A OF THE COMPANIES ACT, 1956
Need a precise FORM NO. 24A of the Companies Act, 1956 format for reporting audit findings to the ROC? Our ready-to-use, customizable legal template in PDF or Word format ensures compliance and saves you time.
What is FORM NO. 24A of the Companies Act, 1956?
FORM NO. 24A is a statutory form prescribed under Section 227(2)(ee) of the Companies Act, 1956. It is used by the statutory auditor of a company to furnish specific information to the Registrar of Companies (ROC) in India. This form is mandatory when the auditor has reasons to believe that:
- Securities have been issued at a discount or for inadequate consideration.
- The company has defaulted in repayment of deposits or interest thereon.
- Or any other matters specified under the Act that require reporting.
Filing this form promptly is crucial for maintaining corporate governance standards and avoiding regulatory scrutiny. Whether you're a chartered accountant auditing Indian companies or a company secretary handling compliance, having an accurate FORM NO. 24A format is essential.
Why is FORM NO. 24A Important?
In the Indian corporate landscape, transparency in financial reporting is non-negotiable. FORM NO. 24A serves as a critical tool for auditors to flag potential irregularities, protecting stakeholders and upholding the integrity of the financial markets. Non-compliance can lead to penalties under the Companies Act, including fines up to ₹5,000 for the company and its officers, and even disqualification of auditors.
Key benefits of using a professional FORM NO. 24A sample include:
- Ensures adherence to ROC filing requirements.
- Reduces errors in documentation, minimizing rejection risks.
- Streamlines the audit process for faster submissions.
- Provides a legally sound base for customization.
With the transition to Companies Act, 2013, this form from the 1956 Act remains relevant for legacy filings or specific cases, making our free download option invaluable for professionals in India.
Key Elements of the FORM NO. 24A Format
A standard FORM NO. 24A of the Companies Act, 1956 template includes the following essential sections:
- Company Particulars: Name, CIN, registered office address, and financial year.
- Auditor Details: Name, membership number, firm details, and contact information.
- Nature of Information: Specific details on the contravention, such as clause reference (e.g., shares issued at discount), amount involved, and dates.
- Supporting Evidence: Brief description of books/papers examined.
- Verification and Signature: Declaration by the auditor with date and place.
Our editable Word format allows easy filling, while the PDF version is print-ready for official submissions.
Who Should Use FORM NO. 24A?
This form is primarily for:
- Statutory Auditors of private and public limited companies in India.
- Chartered Accountants conducting annual audits.
- Company Secretaries assisting in ROC compliance.
- Businesses facing audit qualifications related to share issuances or deposits.
Common use cases include startups issuing shares below par value, companies with deposit defaults, or during routine statutory audits.
Download FORM NO. 24A of the Companies Act, 1956 Now!
Get your FORM NO. 24A format for free download in PDF or Word. Customize it instantly using our AI tools or seek legal help for tailored advice. Perfect for quick ROC e-filing via MCA portal.
Final Note
While our ready-to-use FORM NO. 24A legal template is designed for convenience, it's recommended to consult a qualified company secretary or lawyer to ensure it fits your specific scenario. Stay compliant with Indian company law—explore related templates like Form 23AC, Form 66, or other Companies Act formats for comprehensive documentation needs.
Important Guidelines
Guidelines for Drafting FORM NO. 24A OF THE COMPANIES ACT, 1956
Where it is Used: Form No. 24A is employed under the Companies Act, 1956, for filing an application with the Company Law Board for the approval of the appointment, reappointment, or variation in the terms of the managing or whole-time director's remuneration. This form is essential for obtaining official approval for such appointments or changes in remuneration terms.
Guidelines:
Accurate Director and Remuneration Details: Provide precise details of the managing or whole-time director, along with the proposed remuneration terms. Ensure accuracy in financial figures.
Board Resolution: Include a board resolution supporting the application for approval. Clearly document the resolution and ensure it complies with legal formalities.
Comprehensive Application: Ensure the application contains all necessary details, including reasons for the appointment or variation in remuneration terms.
Legal Compliance: Align the form with the legal requirements stipulated in the Companies Act, 1956, for managing or whole-time director remuneration. Seek legal advice for confirmation.
Common Mistakes to Avoid:
Incomplete Director Information: Provide comprehensive details of the director and the proposed remuneration terms. Incomplete information may lead to delays or rejection.
Inadequate Board Resolution: Ensure the board resolution is comprehensive, clearly outlining the reasons for the appointment or variation in remuneration.
Failure to Specify Terms: Clearly define the terms of remuneration and any proposed changes. Lack of clarity may lead to misunderstandings or rejection.
Failure to Seek Legal Advice: Obtain professional legal advice to ensure that the application complies with legal provisions. Ignoring legal requirements may lead to complications.
Adherence to these guidelines ensures that the filing of Form No. 24A is accurate and compliant with regulatory requirements. Attention to detail minimizes the risk of errors and facilitates the efficient approval of managing or whole-time director remuneration by the Company Law Board.
Frequently asked questions
What is Form No. 24A under the Companies Act, 1956?→
Form No. 24A is a statutory legal form used by company auditors in India to report to the Registrar of Companies (ROC) about the non-receipt of required documents, books, or papers from the company within the prescribed time.
Is Form No. 24A still valid for use in India?→
No, Form 24A under the Companies Act, 1956, has been replaced by the Companies Act, 2013. Check the MCA portal for equivalent forms like ADT-3 for current compliance.
Does Form No. 24A require stamp duty in India?→
No stamp duty is required on Form 24A as it is a regulatory filing form to ROC, not a contractual agreement.
In what format can I download Form No. 24A?→
Form No. 24A is available for download in editable Word or non-editable PDF format for easy use and submission.
Can I customize or edit Form No. 24A?→
Yes, the Word version of Form 24A is fully customizable to include specific company and auditor details before filing with ROC in India.
Who should use Form No. 24A of the Companies Act, 1956?→
Statutory auditors of companies in India use this form to notify ROC legally when required documents are not provided timely.