Sensible General Insurance Company Ltd, an unlisted Company is a subsidiary of Major General Insurance Company Ltd. which is listed in Stock Exchange at Mumbai. The turnover of Sensible General Insurance Company Ltd. is

CS Professional · Advanced Company Law and Practice · PYQS · June 2018
Sensible General Insurance Company Ltd, an unlisted Company is a subsidiary of Major General Insurance Company Ltd. which is listed in Stock Exchange at Mumbai. The turnover of Sensible General Insurance Company Ltd. is ₹360 crore and profit before tax is ₹30 crore. Discuss if it has to file XBRL enabled Balance Sheet with Registrar of Companies.

Answer & Explanation:

The following class of companies shall file their financial statement and other documents under section 137 of the Act, with the Registrar in e-form AOC-4 XBRL given in Annexure-l for the financial years commencing on or after 1st April, 2014 using the XBRL taxonomy given in Annexure II, namely:- all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or all companies having paid up capital of rupees five crore or above; all companies having turnover of rupees hundred crore or above; or all companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011: "Provided that the companies in banking, insurance, power sector, non-banking financial companies and housing finance companies need not file financial statements under this rule." Accordingly, if Sensible General Insurance Company Limited is also in insurance business, it need not to file financial statements in XBRL.

Topics: Financial Statements

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