Companies Act Section 2(79) Schedule

Schedules Section 2 (79)

1. Schedules to the Act:

The Companies Act, 2013, includes several schedules that provide detailed provisions and formats for compliance with specific sections of the Act. 

These schedules cover various aspects such as:

Schedule I: Table A—Regulations for management of a company limited by shares.

Schedule II: Depreciation rates to be applied for accounting purposes.

Schedule III: Format for preparation of financial statements including balance sheet and profit and loss account.

Schedule IV: Code for independent directors.

Schedule V: Conditions of appointment and remuneration of directors.

Schedule VI: Form of balance sheet and profit and loss account of companies.

Schedule VII: Activities that may be included by companies in their Corporate Social Responsibility (CSR) policies.

Schedule VIII: Matters to be included in the Board's report.

Schedule X: Terms and conditions of appointment of statutory auditors.

2. Importance and Application:

Compliance: The schedules provide standardized formats and guidelines to ensure consistent compliance with the provisions of the Companies Act across different companies.

Clarity and Uniformity: By specifying detailed rules and formats, the schedules promote clarity and uniformity in financial reporting, corporate governance practices, and regulatory compliance.

Supplementary Guidance: They serve as supplementary guidance to interpret and implement the provisions of the Companies Act effectively.

3. Modifications and Updates:

Schedules may be amended or updated periodically by the Ministry of Corporate Affairs (MCA) to align with changing regulatory requirements or to address industry-specific needs.