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An Overview of Form MGT-7

Every single firm is obligated to provide the Registrar of Companies with an annual return. Companies are required to make an annual return using form FORM MGT-7. The Ministry of Corporate Affairs (MCA) requires all companies to provide information for their annual return by utilizing the digitized form FORM MGT-7. This requirement applies to all companies.

The MCA creates separate yearly return forms for One-Person Companies (OPCs) and Small Businesses to use in filing their taxes. All companies are required to submit their annual reports using form FORM MGT-7 in line with Section 11(1) of the Companies (Management and Administration) Regulations, 2014; on the other hand, OPCs and small enterprises are required to submit their reports using form FORM MGT-7A.

Beginning with the financial year 2020-21, OPCs and small enterprises will be required to use the FORM MGT-7A form for yearly reporting purposes. Under the Corporations (Management and Administration) Amendment Regulations, 2021, the Ministry of Corporate Affairs was given the responsibility of developing this form.

Is it necessary for your Company to submit the Form MGT-7A Form electronically?

  • Only One-Person Companies (OPCs) and other qualifying small enterprises are allowed to submit their FORM MGT-7A forms electronically. All other enterprises that were established in accordance with the Companies Act of 2013 are required to provide the Registrar of Companies with an electronic copy of form Form MGT-7.
  • The definition of a small company is a private organization that does not meet the requirements outlined in Section 2 of the Act (85).
  • a maximum authorized and paid-in share capital of Rs. 2 crores, or such larger quantity as indicated, but not exceeding Rs. 10 crores; this amount cannot exceed the limit.
  • A annual income of not more than 100 crores of rupees, but not less than 20 crores (or the bigger number specified).

On the other hand, the following are not considered to be small businesses:

  • The parent corporation of many other distinct businesses
  • A group that has been granted approval under Article 8.
  • A legal framework for the formation of an organization.
  • Under the context of the commercial world, an OPC isa analogous to a sole proprietorship. It's possible for a single person to serve in both capacities at the firm they founded: director and founder.

What does it mean to submit the FORM MGT-7A Electronic Form?

  • Every single OPC and small company is required to provide their financial information for the previous year using Form FORM MGT-7A.
  • Please include details on the company's primary line of business, including the PAN number, registered office, and any affiliated companies
  • Details on the Annual General Meeting of less well-known businesses are provided here.
  • Statistical data relative to various financial instruments such as stocks, bonds, and debentures.
  • There is a discussion regarding the distribution of shares here
  • Both the company's revenues and its assets are shown in granular detail.
  • Changes have been made to the membership, the promoter, and the debenture holders since the conclusion of the last fiscal year.
  • Information on the disclosure and certification of compliance with the procedure
  • Information on the attendance of attendees as well as the agenda for meetings held by a group, the Board, and many committees.
  • Information on salaries for the board members.
  • Specifics on the kind of penalties that may be imposed and their overall extent.
  • In order to digitally sign Form FORM MGT-7A, an individual who is a director of the company and who has a valid Digital Signature Certificate (DSC) as well as a Director Identity Number is required. (DIN). You may get the FORM MGT-7A electronic form by going to the MCA website and selecting the 'Annual filing e-forms' menu option.

Necessary Necessary Papers to Submit an Online FORM MGT-7A Filing

To complete your submission, please use the area provided to upload digital copies of the following files to the e-form FORM MGT-7A:

  • Individuals who hold shares of a company or have financial commitments.
  • The list of people that make up the board of directors.
  • Request for a letter granting authority to delay the annual meeting.
  • The potential for further augmentations.

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Submission Deadline for the Electronic Form MGT-7A

While submitting FORM MGT-7, OPCs and small firms are also obliged to submit e-form FORM MGT-7A as part of their submission. Regardless of whether or not the annual general meeting (AGM) was held, the annual return (FORM MGT-7 or FORM MGT-7A) is required to be presented within sixty days after the date of the AGM. This is required under the Act, specifically section 92(4).

The following is a transcription of the act's section 92(4) in its original language:

  • Within sixty days after the conclusion of the company's annual general meeting, the FORM MGT-7A must be submitted electronically before the deadline.
  • At the close of each financial year, the annual meeting must take place no later than September 30 of the following year.
  • The 29th of November is traditionally the cutoff date for submitting the FORM MGT-7A online.

Section 92 of the Companies Act

Businesses are required to submit annual returns (FORM MGT-7) in accordance with the terms of Section 92(1) of the Companies Act. A copy of Section 92 has been provided for your convenience and may be found attached here.

  • According to subsection 92(1) of the Income Tax Act, every company is required to file a return (from this point forward referred to as the annual return) with the following information before the end of each financial year.
  • The names and locations of the company's headquarters, business activities, holding companies, subsidiary firms, and associated companies.
  • A breakdown of the company's shares, bonds, and other financial instruments, together with ownership information for each.
  • Its current debt load.
  • The composition of its members and the status of its debenture holders, including any changes that have taken place since the end of the preceding fiscal year.
  • Its founders, board of directors, and senior management, including any changes that have occurred since the end of the fiscal year before the one being discussed.
  • Records of attendance kept by the Board and each of its several committees, as well as meeting minutes.
  • Compensation for board members and executives.
  • Any fines or sanctions that were handed down to the corporation, its directors, or its officials, together with any information on the compounding of offences or appeals that were filed in response to such fines or sanctions.
  • Issues with regard to certification and disclosure in connection with regulatory compliance.
  • Information about the percentage of shares owned, in addition to the names, addresses, countries of incorporation, and registration information of any FPIs that hold shares.
  • It is impossible for a necessary paper to be legal if it is not signed by at least one director as well as the company secretary (or, in the absence of a company secretary, by a company secretary in practice).
  • In the case of a One Person Company or a small firm, the annual return must be signed by the company secretary or, if there isn't one, by a director. In the event that there is no company secretary, the annual return must be signed by a director.

When is it necessary for me to turn in the FORM MGT-7A?

The FORM MGT-7A must be submitted electronically within sixty days of the date of the annual general meeting in order to satisfy the deadline (AGM). Which is as follows:

  • Less than 1,00,000 Rs 200
  • 1,00,000 - 4,99,999 - Rs 300
  • 5,00,000 - 24,99,999- Rs 400
  • 25,00,000 - 99,99,999 - Rs 500
  • 1,00,00,000 or more -Rs 600

It is really necessary to compile by the deadlines and the correct procedure to fill in the details on the form. As the form should be correct and true to the best of the knowledge and ability of the firms. Wrong filling of the details can attract consequences such as penalties as well. It is required and holds utmost importance that MGT7 should be filled. It is also of importance due to the fact that transparency is maintained and that the firms are abiding by the laws and do not indulge themselves in any kind of malpractice.

Frequently Asked Questions

AOC-4 Form is used to file the Financial Statements of the Company and MGT-7 Form is used to file the Annual Return of the Company.

Every company registered under the Companies Act 2013 and Companies Act 1956 are eligible to file MGT-7 Form.

This form is for OPC and small company to file their Annual Return.

This is required to be signed by both the Director and Company Secretary.

Yes, it is compulsory to file MGT-7 Form, all the registered companies must file the MGT-7 Form every year doesn't matter if the company is private or public.

Imprisonment for a term which shall not less than 6 months but which may extend upto 10 years and shall be liable to fine which shall not be less than the amount involved in the fraud but which may extend to 3 times the amount involved in the fraud.

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