MCA NOTIFICATION & ITS EFFECTS
Situation Before Notification
♦ MCA in its Notification on 28 August 2020 has notified section 92(3) w.e.f 28-August-2020 which states that every company shall place a copy of the annual return on the website of the company, if any, and the web-link of such annual return shall be disclosed in the Board’s report.
♦ Before MCA notification, it was stated in section 134(3) of Companies Act, 2013 which was relating to Boards Report.
♦ But from now onwards it is notified under Section 92(3) also which is relating to Annual Returns.
EFFECT OF NOTIFICATIONS FOR AMENDMENT IN SECTION 92(3) OF THE COMPANIES ACT, 2013
MCA in its Circular dated 28 August, 2020 issued that:
CONSEQUENCES IF A WEB LINK IS ATTACHED TO SUCH BOARD REPORT
- In case the web link of such annual return has been disclosed in the Board’s report in accordance with sub-section (3) of section 92 of the Companies Act, 2013 and Notification issued by MCA then Company shall not be required to attach the extract of the annual return with the Board’s report in Form No. MGT.9.
- Earlier the Company may prepare the Annual Return after AGM or it may prepare Annual Return before AGM and file it after AGM within 60 days of conducting such AGM.
From now onwards the Company shall prepare the Annual Return in E-Form MGT-7 and finalize the same before AGM, as the Board’s Report shall provide a web link to access the Annual Return in MGT-7
CERTIFICATION OF ANNUAL RETURN
After MCA Notification, now the certification of annual returns by the following class or classes of companies:
| S.no. | Particulars | Companies |
| 1 | In case of Listed Companies | Every Listed Company. |
| 2 | Other than Listed Companies | Every Other Company whose:
|
⇓
Shall get the Certification of Annual return in Form No. MGT-8 from now onwards till the date of Board Meeting for Approval of Boards Report.
CHANGES IN PROVISIONS OF ANNUAL RETURN BEFORE & AFTER THE MCA NOTIFICATION
| Basis | Compliances Before MCA Notification | Compliance After MCA Notification |
| MGT-9 | Before this notification the extracts of Annual Return were required to be attached with the Board’s Report in Form MGT-9. | Prior to notification where the web link of Annual Return has been attached, the requirement for attaching MGT-9 to the Boards Report has been waived off. |
| Hosting of Annual Return on Website | Subject to the provisions of Companies Act,2013 earlier there was no provision of hosting extracts of Annual Return on website. | But as per the notification issued companies having the website, are mandatorily required to host the extracts of annual return on their websites. |
| Preparation Of Annual return | Earlier there was an option available with the companies to prepare their Annual Return or prepare before but file it within 60Days of AGM. | But as per the notification issued companies having the website, are mandatorily required to host the extracts of annual return on their websites. |
| Certification Of Annual Return | Earlier the Certification of Annual Return in MGT-8 could within 60 days of AGM. | But as per the notification issued companies having the website, are mandatorily required to host the extracts of annual return on their websites. |
Author Bio
Sir kindly let me know annual return is placed on website after sending of notice of AGM ?
Or after AGM as annual return is filed with ROC within 60 days from conclusion of AGM.
Kindly clear my doubt thanks