Compliance of law particularly Companies Act, 2013 depends upon the nature and size of the company. Companies may be categorized as small companies, Public Companies, Listed entities. The purpose of this
Meaning of Company: Company is an Artificial Person, having a common seal and Perpetual succession subject to closure/liquidation or winding up of a company by Promoters/Directors of the company.
Provided that nothing in Section 2(85) of the Companies Act, 2013 shall apply to—
(A) a holding company or a subsidiary company;
(B) a company registered under Section 8 Company
(C) a company or body corporate governed by any special Act;
(D) a Public Company
Definition of a small company as per section 2(85) was read as:
Small Company means a company, other than a public company —
(i) paid-up share capital of which does not exceed fifty lakh rupees or such higher amount as may be prescribed which shall not be more than five crore rupees; or
(ii) turnover of which as per its last profit and loss account does not exceed two crore rupees or such higher amount as may be prescribed which shall not be more than twenty crore rupees
When MGT-7A is applicable?
As per the amended Companies (Management and Administration) Amendment Rules, 2021, which was effective since 05th March 2021, hence shall be understood that this e-form is applicable from the financial year 2020-21 onwards. Technically speaking as per the revised definition of small companies the criteria of paid-up capital AND turnover shall do not exceed two crore rupees and twenty crores respectively. But practically while filing the e-form if any of the criteria are present, we are allowed to file e-form MGT-7A.
ATTACHMENTS TO E-FORM MGT-7A
The new E-form is as same as the previous one, but there is a slight difference between them apart from the fact that this new e-from is more simplified and abridged from the previous e-form, there is one more additional mandatory attachment required for MGT-7A, list of attachments are as follows:
1. LIST OF SHAREHOLDERS/ DEBENTURE HOLDERS.
2. LIST OF DIRECTORS.
DUE DATE FOR FILING E-FORM MGT-7A:
Ministry of Corporate Affairs has not made any modifications to the due date, Hence MGT-7A shall be filled in the same date as MGT-7 is filled, As per section 92(4) of the Companies Act, 2013 the annual return i.e. MGT-7 & MGT-7A shall be filled within sixty days from the date on which the annual general meeting is held or where no annual general meeting is held in any year within sixty days from the date on which the annual general meeting should have been held.
Due to the outbreak of COVID-19, Ministry of Corporate Affairs vide General Circular No. 22/2021 dated 29.12.2021 (link attached herewith)
levied relaxation of additional fees for filing e-forms AOC-4, AOC-4 (CFS), AOC-4 (XBRL), AOC-4 (Non XBRL) up to 15.02.2022 and for filing e-forms MGT-7 & MGT-7A up to 28.02.2022 in respect to financial year ended on 31.03.2021,
