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Form MGT 7 | Annual Return | Overview | Fee | Purpose | Due Date 2019

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Form MGT 7 | Annual Return | Overview | Fee | Purpose | Due Date 2019

MGT-7 is an automated form or e-form provided by the MCA (Ministry of Corporate Affairs) for companies to register their Annual Return.

MGT-7 is an electronic form provided by the Ministry of Corporate affairs (MCA) to all the corporate in order to fill their annual return details. This e-form is maintained by the Registrar of Companies via electronic mode and on the basis of the statement of correctness given by the company

The penalty for not filing of an annual return has been remarkably increased in 2018 to Rs. 100 per day of default. Hence therefore, it should be ensured that the annual return in this form is filed before the due date otherwise heavy penalty can be charged.

Every Company registered under the Companies Act, 2013 or Companies Act, 1956 are expected to register their Financial Statements in e-Form MGT-7 in 30 days-60 days respectively from the end of its AGM. All companies registered in India, let it be Public limited company registration or Private all must register their annual returns in e-form.

All of them are eligible if they are registered companies.

For every day of neglecting for filing the Annual return e-form. A penalty is charged for the company of Rs. 100. This penalty was increased by the government in 2018. So it is a necessity for companies to assure up-to-date filing of this MCA annual return or income tax return before the due dates.

Details Required for Form MGT 7

In Form MGT-7, the company would have to submit the following details concerning the fiscal year for which the form is filed:

  • Registered office
  • Principal business activities and particulars of its holding.
  • Subsidiary and associated companies.
  • The pattern of Shares, debentures and other securities and shareholding.
  • Indebtedness Details
  • Members and debenture-holders details on with changes therein considering the end of the past fiscal year.
  • The pattern of the shareholding in a company.
  • Topics describing to certification of agreements, declarations as directed.
  • Punishment or penalty forced on the directors or officers of the company.
  • Details of compounding of offences and claims addressed on penalty or punishment.
  • Compensation of directors and essential managerial personnel.
  • Meetings of members of Board and its many committees with details of attendance.
  • Directors, Promoters, Key managerial personnel with the changes internally since the end of the past fiscal year.

To file form MGT-7, several fiscal and operational details concerning the fiscal year would be needed. So, before making MGT-7 a copy of the audited financial statement of the company would be needed.

Documents Required For Form MGT 7

  • List of shareholders and debenture holders is necessary for the circumstance of a company having share capital.
  • Permission letter for extension of AGM which is compulsory in case of AGM due date was stretched.
  • Copy of MGT-8.
  • Optional Attachments, if any

Purpose of Form MGT 7

Every company shall prepare an annual return in the form MGT-7 with the particulars as they stood on the closure of the financial year. These details include all the details regarding:

  • The address of registered office, the principal business activities, and particulars of its holding, subsidiary and associate companies;
  • The shares, debentures, other securities and shareholding pattern of the company;
  • Indebtedness of the company;
  • The details of the members and debenture-holders along with the alterations connected to them since the end of the previous financial year;
  • The details regarding the promoters, directors, key managerial personnel along with alterations connected to them since the close of the previous financial year;
  • The details regarding the Meetings of the members or a class thereof, Board and its various committees along with attendance details;
  • Remuneration of directors and key managerial personnel;
  • The details of the Penalty or punishment if any imposed on the company, its directors or officers and details of compounding of offences and appeals made against such penalty or punishment;
  • The matters relating to certification of compliances and  disclosures as may be prescribed;
  • Its Shareholding pattern; and
  • Such other matters as required.

2019 Due Date for filing Form MGT 7

  • The due date for filing Form MGT -7 is within 60 days from the date of Annual General Meeting of the company.
  • The due date for regulating annual general meeting is on or before the 30th day of September following the close every financial year.
  • 2019 form MGT 7 due date is 30th September 2019
  • Therefore, the last date for filing form MGT- 7 is generally 29th November every year.

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Author
Vinay Singh
Vinay Thakur is Managing Partner in Corpseed. He focused on payments, digital transformation, and financial technology for over 15 years and holds strong expertise on fintech startups, banking innovation, and investors with a keen understanding of the trends and activities of startups, banks, and investors in the space.