Ministry of Corporate Affairs (‘MCA’) had issued a notification on 10th September, 2018 to amend the Companies (Prospectus and Allotment of Securities) Rules, 2014, these rules may be called the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018. The same are effective from 2nd October, 2018.
By the way of this notification Rule 9A was inserted which says: –
“Issue of securities in dematerialised form by unlisted public companies”
Key Highlights of Rule 9A
entire holding of its securities of its Promoters, Directors and Key Managerial Personnel has been dematerialised.
Every Unlisted Public Company must ensure that: –
Any Unlisted Public Company which has defaulted in complying with the above-mentioned conditions cannot make any offer of securities, buyback of its securities, issue any bonus shares or right issue.
Applicability (Notified on 22nd January, 2019)
This rule shall not apply to an Unlisted Public Company which is: –
Important (Notified on 22nd May, 2019)
Every Unlisted Public Company shall submit Form PAS-6 to the Registrar with such fees as provided in Companies (Registration Offices and Fees) Rules, 2014 within Sixty days from the conclusion of each half year i.e., 31st March and 30th September duly certified by a Practicing Company Secretary or Practicing Chartered accountant.
The Company shall immediately bring to the notice of the Depositories any difference observed in its issued capital and the capital held in dematerialised form.
Due date for filing Form PAS-6
Pursuant to General Circular No. 16/2019 dated 28th November, 2019, Unlisted Public Companies can file Form PAS-6 without additional fees for the half year ended on 30th September, 2019 within Sixty days from the deployment of Form PAS-6.
Form PAS-6 was made available for filing on MCA on 15th July, 2020, therefore the due date for filing form PAS-6 for the half year ended on 30th September, 2019 will be 13th September, 2020, and afterwards within Sixty days from the end of every half year.
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