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Form MGT 7

Courtesy/By: Deepshikha Thakur | 2021-01-12 17:28     Views : 49

A company is required to file the annual return within 60 days from the annual general meeting as per the Companies Act, 2013. The annual return is governed under section 92 of the act and it is to be read with rule 11 of the Companies (Management and Administration) Rules, 2014. To file the Annual return one has to hold a board meeting and authorize the auditors, as per schedule III, for the preparation of financial statements and authorized the directors for preparation of board report and annual return as per Companies Act,2013. For approving the draft financial statements, annual returns, and board report by the directors another Board meeting must be held. One has to pass the necessary resolutions that will be needed for filing the annual return.

Form MGT-7 Is for filing of annual return, It will need attachments like the list of shareholders, share transfer, debenture holders, and MGT-8. It is applicable for a private company, a listed company, a one-person company, and a private limited company.

Form MGT 7 is a form for annual returns and must be filed every year. ?100 per day of default yes penalty for not filing an annual return.

The details of the MGT 7 form includes the registered office, subsidiary and associate company, particulars of it’s holding, principal business activity. The details will include the shares, debentures, other securities and shareholding patterns, and indebtedness of a company.

The details of members, debenture holders, promoters, directors, key managerial personal along alterations must be included in the form. Attendance details of meetings of members or a class, remuneration of directors and, key Managerial personal are some information that must be included in Form MGT 7.

The punishment or penalty imposed on the directors, officers, or on the company along with the offenses should be mentioned in detail. Details related to certification of company and disclosure, and shareholding pattern of the companies are some other details that are included in the MGT 7 form.

In case a company fails to file its annual return and has exceeded the expiry period that has been specified under section 403 with additional fees, Then the company shall be punishable with a fine and the officers of the company who is in default shall be punishable with imprisonment or fine. For the company, the fine shall be not less than 50,000 and may extend to 5,00,000. For an officer who is in default, the term of imprisonment may extend to 6 months, Or he shall be fined not less than 50,000 which may extend to 5,00,000, or with both.

 

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.

 

Courtesy/By: Deepshikha Thakur | 2021-01-12 17:28

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