MCA notifies new Form MGT-7A – Abridged Annual Return for OPCs & Small Companies and revised Form MGT-7

MCA notifies new Form of Annual Return. MGT-7A – Abridged Annual Return for OPCs & Small Companies and revised Form MGT-7 for other Companies

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, 05 March, 2021

G.S.R-(E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules, 2014, namely:-

1. Short title and commencement.– (1) These rules may be called the Companies (Management and Administration) Amendment Rules, 2021.

(2)  They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Management and Administration) Rules, 2014, (herein after referred as the said rules), in rule 11, for sub-rule (1), the following sub-rule shall be substituted, namely:-

“(1) Every company shall file its annual return in Form No. MGT-7 except One Person Company (OPC) and Small Company. One Person Company and Small Company shall file annual return from the financial year 2020-2021 onwards in Form No.MGT-7A”;

(a). in the said rules, for rule 12, the following rule shall be substituted, namely,-

“12.Filing of Annual Return with Registrar.- A copy of the annual return shall be filed with the Registrar with such fees as may be specified for this purpose.”.

“Explanation-I.- For the purpose of this sub-rule, “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from and lending to, its members only, for their mutual benefit, and which complies with such rules as are made by the Central Government for regulation of such class of companies.

Explanation-II.- For the purposes of this rule, the expression-

(i) `agency’ means the National Securities Depository Limited, the Central Depository Services (India) Limited or any other entity approved by the Ministry of Corporate Affairs subject to condition that the National Securities Depository Limited, the Central Depository Services (India) Limited or such other entity has obtained a certificate from the Standardisation Testing and Quality Certification Directorate, Department of Information Technology, Ministry of Communications and Information Technology, Government of India including with regard to compliance with parameters under Explanation (vi);

(ii) ‘cut-off date’ means a date not earlier than seven days before the date of general meeting for determining the eligibility to vote by electronic means or in the general meeting;

(iii) `cyber security’ means protecting information, equipment, devices, computer, computer resource, communication device and information stored therein from unauthorised access, use, disclosures, disruption, modification or destruction;

(iv) ‘electronic voting system’ means a secured system based process of display of electronic ballots, recording of votes of the members and the number of votes polled in favour or against, in such a manner that the entire voting exercised by way of electronic means gets registered and counted in an electronic registry in a centralised server with adequate cyber security;

(v) ‘remote e-voting’ means the facility of casting votes by a member using an electronic voting system from a place other than venue of general meeting’

(vi) ‘secured system’ means computer hardware, software, and procedure that-

(a) are reasonably secure from unauthorised access and misuse;

(b) provide a reasonable level of reliability and correct operation;

(c) are reasonably suited to performing the intended functions; and

(d) adhere to generally accepted security procedures;

(vii) ‘voting by electronic means’ includes “remote e-voting” and voting at the general meeting through an electronic voting system which may be the same as used for remote e-voting.”.

(c). in the said rules , for Form No.MGT-7, the following forms No.MGT-7 and MGT-7A shall be substituted, namely:-

FORM NO. MGT-7
Annual Return (other than OPCs and Small Companies)

[Pursuant to sub-section (1) of section 92 of the Companies Act, 2013 and sub-rule (1) of rule 11 of the Companies (Management and Administration) Rules, 2014]

FORM NO. MGT-7A
Abridged Annual Return for OPCs and Small Companies

[Pursuant to sub-section (1) of section 92 of the Companies Act, 2013 and sub-rule (1) of rule 11 of the Companies (Management and Administration) Rules, 2014]

F.No. 01/34/2013 CL-V (Pt-II)]

K.V.R.Murty, Joint Secretary.

Download MCA Notification Click Here >>

• No immunity from prosecution u/s 276B merely because TDS was deposited belatedly
• Section 44C applies to exclusive expenditure by head office by non resident assessee – SC
• MV Act Compensation to parents of child died is at different footing than disabled child
• Extension of time limit for furnishing GSTR 3B under Delhi GST Act 2017
• Audit Fee to be received only by digital modes/banking channels -ICAI revises Ethics