Some Important Amendments Relating To Companies Annual Filing And Extension Of Due Date For The Financial Year 2020-2021
The Ministry of Corporate Affairs (MCA) on Saturday vide General Circular no. 22/2021 dated: 29/12/2021, gave relaxation on levy of additional fees of e – forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 NON-XBRL AND MGT-7/MGT-7A for the financial year ending on 31.03.2021, under Companies Act, 2013 till 15/02/2022 for the filing of AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 NON-XBRL and up to 28/02/2022 for the filing of MGT-7/MGT-7A in respect of the Financial Year ended on 31/03/2021 respectively.
E FORM MGT-7A is required to be filed by small companies and OPC every year within 60 DAYS of the AGM and there is no need of certification in MGT – 7A by a professional (Practicing Company Secretary).
1. What is small company?
According to Section 2(85) of Company Act, 2013, Small Company means the company which satisfies the following two conditions: –
Provided that nothing in this clause shall apply to ‑
1. A Public Company;
2. Holding of another company.
3. Company which is a subsidiary of another company.
4. Section 8 Company
5. Company governed by any Special Act.
2. What is OPC (ONE PERSON COMPANY)?
Under Section 2(62) of Companies Act, 2013 OPC means a company that has only one person as a member.
Furthermore, members of a company are nothing but subscribers to its memorandum of association (MOA), or its shareholders. So, an OPC is effectively a company that has only one shareholder as its member.
E FORM MGT — 7 is required to be filed by companies (other than small companies and OPC) every year within 60 DAYS of the AGM and it is mandatory required to get MGT — 7 certified by a PCS (Practicing Company Secretary) or Company secretary.
Also there is also a mandatory requirement to generate UDIN FOR MGT — 7 and attachment of MGT — 8 (if applicable).
MGT — 9 is prepared as a part of Board Report to be attached in e form AOC- 4 (which is to be f i led within 30 DAYS of the AGM) is now required to be prepared only when company has its website so that the same can be uploaded on website and only the link of MGT – 9 is mentioned in the Board Report.
However, if there is no website, there is no need to prepare MGT – 9 along with Board Report of the company.