The MCA has notified the commencement date of clause (i) of Section 23 of the Companies (Amendment) Act, 2017 (Notification No. S.O. 1066 (E), Dated March 05, 2021)

The MCA has notified March 05, 2021 as the commencement date of provision of clause (i) of Section 23 of the Companies (Amendment) Act, 2017 which seeks to amend Section 92 of the Companies Act, 2013 pertaining to Annual Return. The amendment has inserted a proviso in Section 92(1) of the Companies Act, 2013 pertaining to the empowerment of the Central Government to prescribe abridged form of annual return for One Person Company, small company and such other class or classes of companies as may be prescribed. Further, amendments related to omission of particulars to be mentioned in the Annual Return w.r.t. the Indebtedness of the companies and certain details regarding Foreign Institutional Investors indicating their names, addresses, countries of incorporation, registration and percentage of shareholding held by them has also been enforced.

The Companies (Management and Administration) Amendment Rules, 2021 (Notification No. G.S.R. 159(E), dated March 05, 2021)

The Amendment provides that One Person Company and Small Company shall file their Annual Return under the provisions of Section 92 of the Companies Act, 2013 in Form MGT- 7A from the financial year 2020-21 onwards and every other company shall continue to file their Annual Return in Form MGT-7. Further MCA has done away with annexing extract of Annual Return in the Board’s Report and certain explanations related to agency, cut-off date, cyber security, electronic voting system etc., are also reinstated in E-voting Rules.

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April 2021