Driven by excellence, focused on strategies for the longer term.

This is the crux of who we are. It is an articulation of precision in purpose, from the Firm’s beginnings to where we are today. Our collective eye is unerringly trained on tomorrow.

Deep sectoral expertise across services and industries.

Our insistence on strategic advisory exacts an in-depth understanding of and involvement with our clients’ businesses and industries. We engage not just individual businesses, but also contribute to the country’s legal and regulatory frameworks.

Personal commitment supported by experience and grit.

We commit early. We pull together internally for greater support. Every effort is sincere, every individual deeply dedicated to their task, their role, to the Firm.

Our undertakings for long-term impact are an organic extension of our purpose.

They are to employ our deep knowledge of the law beyond the business, the transaction, the deal. To use the opportunities and skills we possess, to reflect on the culture we’re creating. Individually and collectively, these are our efforts to help shape the thinking of our future generations, and arm them with strategies for true, sustainable growth.

Knowledge-sharing is intrinsic to equity and inclusivity.

This is a repository of thought leadership, deep insights and strong viewpoints, legal and other news and events and how they impact the industry and our clients.

Relevance is critical to growth. It necessitates a firm that is dynamic and responsive.

Amplifying intrinsic talent, sharpening skills, expanding knowledge, is vital to leading. It defines every aspect of how our firm functions and transacts. This is how we create new benchmarks and set industry standards.

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Mar 31, 2021

Requirement of Audit Trail in Accounting Software & Additional Particulars in Board’s Report

The MCA has, by way of Notification dated March 24, 2021, amended the Companies (Accounts) Rules, 2014, effective from April 1, 2022. Going forward, companies must only use accounting software  which record audit trails of each transaction (which cannot be disabled) and create an edit log of each change made in the books of account along with the date of such change, in order to prepare their books.

Further, every listed company and unlisted public company having a paid up share capital of Rs 25 crores must include in their Board’s Report, the following particulars:

i.     details of any application made or any proceedings pending under the Insolvency and Bankruptcy Code, 2016 (‘IBC’) during the year along with their status as at the end of the financial year; and

ii.    details of the difference between the valuation of the company done at the time of a one time settlement and while taking loan from banks or financial institutions, along with the reasons thereof.

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DISCLAIMER

These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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