Under sec 92 of Companies Act, 2013 every company registered in India has to file their annual returns to ROC by filing of Form MGT-7 within 60 days from which the company’s annual general meeting was held.
What is Form MGT-7?
Form MGT-7 is an electronic form introduced by the Ministry of Corporate Affairs for every registered company in India to file their annual returns to the ROC which in return saves the data electronically.
Who can file for MGT-7?
What is the main objective of filing Form MGT-7?
Every company at the closing of their financial year have to file their annual returns containing the particulars to ROC by filing form MGT-7 along with the following details:
- The name and address of the registered office, type of business activity conducted by the company and information about its subsidiary, holding or any other associated company
- List of company’s shares, debentures, securities and any other shareholding pattern
- Names of members and debentures along with the type of alterations connected to them
- Indebtedness of the company
- The balance sheet of the company’s profit and loss
- Name of all the directors, promoters and Key Managerial Personnel along with their activities
- Details about the presence of members, class, board and various committees in the meeting.
- Remuneration of directors and key managerial personnel.
- Details about any penalty or punishment imposed on the company or any of its members along with the appeals made against such penalties.
- Details regarding certification of compliances and disclosures
- The shareholding pattern of the company and other details as required.
What are the documents or attachments required to file along with form MGT-7?
While filing the Form MGT-7, there are a certain set of documents which are needed to be attached along with the prescribed form
- List with names of company’s shareholders and debenture holders if the company have share capital
- Approval letter for extending the annual general meeting if the meeting was extended
- Copy of form MGT 8 in case of listed companies and for the companies having paid up share capital of INR 10 crores or more or an annual turnover of more than INR 50 crores.
- Optional attachment, if any
What are the prescribed fee and due date for filing Form MGT-7?
It is mandatory for companies to file the Form MGT-7 within 60 days after holding the company’s annual general meeting. The fees for filing the company’s annual returns are based on the share capital of the company.
Nominal Share Capital of the Company
Normal Fees to be paid
|less than INR 1,00,000||200|
|INR 1,00,000 - INR 5,00,000||300|
|INR 5,00,000 - INR 25,00,000||400|
|INR 25,00,000 - INR 99,99,999||500|
|INR 10,00,000 or more||600|
Additional fees to be paid for filing the company's annual return
When the company surpasses the due date of filing the form then it is required to pay an additional fee in addition to a normal fee which is calculated on the no. of days of delay
Period of Delay
Additional Fee or Penallty
|Delay up to 30 days||2 times of normal fees|
|Delay upto 60 days||4 times the normal fees|
|Delay upto 90 days||6 times the normal fees|
|Delay up to 180 days||10 times the normal fees|
|More than 180 days||12 times of normal fees|
What is the penalty faced by the company if they do not file their annual returns?
Under section 92(5) of Companies Act, 2013 if a company fails to file its annual returns within the prescribed time limit then the company under section 403 shall be liable to additional fee along with a punishable fine which may extend from INR 50,000 to INR 5,00,000. Plus the officer in charge who is in default shall be sentenced to imprisonment which can extend up to 6 months with the fine.
Also under section 92(6), if a company secretary in practice certifies the annual returns which are not in confirmation with the requirements laid down by the Companies Act, then he shall be punishable with the fine extending from INR 50,00 to INR 5,00,000.
- Private Limited Company to One Person Company
- Analysis of Form DPT-3- Applicability, Due Date and Attachments
- Penalty Increased By the Government for Not Filing Annual Return
- Documents required for Annual Compliance
- Compliances for a Private Limited Company: A Complete Checklist
- Key Management Personnel
- Annual Return Filing of a Company
- Company Amendment Bill 2016
- Annual Filing with RoC for a Private limited Company
- Due dates of annual compliance