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Overview of Form MGT-7
Every company is required to file an annual return with the Registrar of Companies (ROC). This is done using Form MGT-7, a digital form prescribed by the Ministry of Corporate Affairs (MCA). The purpose of this form is to provide details about the company’s financials, structure, and compliance status.
For One-Person Companies (OPCs) and Small Businesses, a separate form, MGT-7A, has been introduced for annual return filing. In accordance with Section 11(1) of the Companies (Management and Administration) Regulations, 2014, all companies must submit their annual return using Form MGT-7, while OPCs and small businesses must file Form MGT-7A. This requirement has been in effect from the financial year 2020-21 under the Companies (Management and Administration) Amendment Regulations, 2021.
Importance of Filing Form MGT-7A Electronically
Only One-Person Companies (OPCs) and small enterprises meeting the specified
criteria can file Form MGT-7A electronically. Other companies registered under
the Companies Act, 2013, must submit their annual returns using Form MGT-7.
A small company is defined as a private organization that meets the
following criteria under Section 2(85) of the Act:
1. Authorized
and paid-up share capital not exceeding Rs. 10 crores (with a minimum of Rs. 2
crores).
2. Annual
turnover between Rs. 20 crores and Rs. 100 crores.
The following entities are not considered small businesses:
1. A
holding company or subsidiary of another entity.
2. A
company registered under Section 8.
3. A
company governed by a special Act.
An OPC is similar to a sole proprietorship in the corporate world, where a
single individual can act as both director and owner of the company.
Listicles: Key Information Required for Filing Form MGT-7A
OPCs and small companies must furnish details of the previous financial year
while filing Form MGT-7A. The form includes:
1. Basic
company details such as PAN, registered office address, and associated
companies.
2. Information
on the Annual General Meeting (AGM) for small companies.
3. Financial
details related to shares, bonds, and debentures.
4. Shareholding
pattern and details of share transfers.
5. Assets
and revenue data of the company.
6. Changes
in membership, promoters, and debenture holders.
7. Compliance
certification and regulatory disclosures.
8. Board
meeting details, including attendance records and agenda items.
9. Remuneration
paid to directors and key managerial personnel.
10. Information
on penalties, if any, imposed on the company.
To digitally sign Form MGT-7A, a company director must have a valid Digital
Signature Certificate (DSC) and Director Identification Number (DIN). The
electronic form can be accessed through the MCA portal under the ‘Annual Filing
e-forms’ section.
Deadline for Filing Form MGT-7A
Both OPCs and small companies must file Form MGT-7A within 60 days of the
Annual General Meeting (AGM), regardless of whether the meeting was held. As
per Section 92(4) of the Companies Act:
1. The
form must be filed within 60 days of the AGM.
2. The
AGM must be conducted no later than September 30 of the following financial
year.
3. The
deadline for submission is typically November 29.
Late Filing Fees:
1. Less
than Rs. 1,00,000: Rs. 200 per day
2. Rs.
1,00,000 – Rs. 4,99,999: Rs. 300 per day
3. Rs.
5,00,000 – Rs. 24,99,999: Rs. 400 per day
4. Rs.
25,00,000 – Rs. 99,99,999: Rs. 500 per day
5. Rs. 1,00,00,000 or more: Rs. 600 per day
Other Information
Filing Form MGT-7 and MGT-7A is crucial to maintaining transparency and regulatory compliance. Incorrect or incomplete filings can lead to penalties and legal consequences. It is essential for companies to ensure that the information provided in these forms is accurate and up to date. By adhering to these filing requirements, businesses demonstrate accountability and compliance with corporate laws.
Fastzeal is here to assist businesses with seamless filing of Form MGT-7 and MGT-7A, ensuring hassle-free compliance with MCA regulations.
Frequently Asked Questions:
Form MGT-7 is the company’s annual return, which provides details concerning the statement of correctness given by the company.
AOC-4 Form is used to file the Financial Statements of the Company whereas 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 is eligible to file MGT-7 Form.
MGT-7A form is an annual return filed by OPC and a small company.
Form MGT-7 filing must be signed by both the Director and Company Secretary.
Yes, all registered companies are compulsorily required to file MGT-7 Form.
The entities eligible to file form MGT-7 are:
1. All Companies except One-Person and Small Companies
2. Public or Private Companies
3. Subsidiary or Holding Companies
4. Companies Registered under Section 8 of the Companies Act
5. Parent Corporation of Other Distinct Businesses
6. A Body Corporate or Company Governed by a Special Act
Yes, the companies are eligible to re-file the MGT-7 form in case if the earlier annual return filed was defective or does not comply with the provisions of the Companies Act, 2013.
The annual turnover limit of the company filing form MGT-7 must not be more than Rs. 100 crores, but not less than 20 crores (or the bigger number as specified).
