ICSI submits representation to MCA to issue clarification on deployment of Form MSME-I

ICSI submits representation to MCA to issue a clarification on deployment of Form MSME-I in view of the deadline of 30 days as per Notification

The Institute Company Secretaries of India (ICSI) has submitted a representation to the Ministry of Corporate Affairs (MCA) on the subject of deployment of Form MSME-1

MCA had issued Notification No. 5.0. 368(E) dated 22nd January, 2019 notifying the “Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019” wherein it has been directed that every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification.

Therefore, going by the said notification, every specified company is required to file the Initial return of outstanding dues to Micro or Small Enterprises Suppliers in MSME Form-I by 21st February, 2019.

The ICSI has pointed out that although the MSME Form I for furnishing the above details with the Registrar in respect of outstanding payments to Micro or Small Enterprises has been prescribed in the aforesaid notification, the said e-form has not yet been made available on the MCA website.

It has been stated that with the due date arrived, the said eForm not being available, it is practically not possible for the companies falling within the ambit of this law to comply with this requirement. The difficulties are further accentuated for companies with wide business network to gather information from suppliers pertaining to their MSME Registration status.

In light of the above, the ICSI has requested the MCA to consider clarifying that MSME Form I will be deployed shortly and also that non-filing due to non-availability of this Form by February 21 would not result in non-compliance of the provisions of Companies Act, 2013.