The Ministry of Corporate Affairs had issued a Circular bearing No 09/2010 dated 31.03.2010 as per which it had mandated certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. MCA has now issued a Corrigendum vide circular No. 25/2011 dated 12th May, 2011 excluding banking companies, insurance companies, power companies, Non Banking Financial Companies and overseas subsidiaries of these companies from the mandated class of Companies. Therefore in the circular No. 09/2010 for clause (i) and (ii) of Paragraph 2 under Heading Coverage in Phase I the following shall be substituted and read as:
(i) All companies listed in India and their subsidiaries, having paid up capital of Rs. 5 Crores and above or a turnover of Rs. 100 crore or above, excluding banking companies, insurance companies, power companies, Non Banking Financial Companies and overseas subsidiaries of these companies.