sub-section (1) of section 467 of the Companies Act,


G.S.R. (E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments in Schedule III to the said Act with effect from the date of publication of this notification in the Official Gazette, namely:-
In the said Schedule,-
(a) in Division I,-
(i) under the heading “General instructions for preparation of Balance Sheet and statement of Profit and Loss of a company”, under sub-heading “General instructions”, in paragraph 4, in clause (ii), for the word “shall”, the word “should” shall be substituted;
(ii) in Part I- Balance Sheet,-
(A) under the heading “II Assets”, under sub-heading “Non-current assets”, for the words “Fixed assets”, the words “Property, Plant and Equipment” shall be substituted;
(B) in the “Notes”, under the heading “General Instructions for preparation of Balance Sheet”, in paragraph 6,-
(I) under the heading “B. Reserves and Surplus”, in item (i), in sub- item (c), the word “Reserve” shall be omitted;
(II) in clause W., for the words “fixed assets”, the words “Property, Plant and Equipment” shall be substituted;
(b) in Division II, in Part I- Balance Sheet,-
(i) under the heading “Equity and Liabilities”, for the words “Trade payables” at both the places where they occur, the following shall be substituted, namely:—
“Trade Payables:-
(A) total outstanding dues of micro enterprises and small enterprises; and
(B) total outstanding dues of creditors other than micro enterprises and small enterprises.”;
(ii) under the heading “Statement of Changes in Equity”, under sub-heading “B. Other Equity”,-
(A) for the words “Securities Premium Reserve”, the words “Securities Premium” shall be substituted;
(B) The “Note” shall be renumbered as clause (i) thereof and after clause (i) as so renumbered, the following clause shall be inserted, namely:-
“(ii) A description of the purposes of each reserve within equity shall be disclosed in the Notes.”;
(iii) in the “Notes”, under the heading “General Instructions for Preparation of Balance Sheet”,-