MGT-7: What is it and who are eligible for filling this formLegal Raasta
Introduction to MGT 7
MGT-7 is an automated form or e-form provided by the MCA (Ministry of Corporate Affairs) for companies to register their Annual Return.
Companies have to register their Annual Return in 60 days following the AGM (Annual General Meeting). Usually, this meeting is scheduled on September 30th following an appropriate Financial Year. So, excluding exceptions, MGT 7 is scheduled for 29th November all year. This e-form is managed by the ROC (Registrar of Companies) through automatic mode. On the basis of the account of accuracy provided by the company.
Who are eligible for a form MGT 7?
Every Company registered under the Companies Act, 2013 or Companies Act, 1956. They 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.
- LLP Registration
- Private Limited Company
- Sole Proprietorship
- Public Limited Company
- One Person Company
All of them are eligible if they are registered companies.
What are the results of not filing the form MGT 7?
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.
What are the details need to be filed in 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 make and 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.
What are the documents Recorded in MGT-7 Form?
- 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.
- MGT-8 copy which is obligatory in state of a registered company or a company has a paid-up share capital.
- Optional Attachments, if any
What are the steps for Form-MGT 7?
- Step 1 – Download form MGT– 7
Go to given Link and download form from the official site of MCA.
- Step 2 – Fill the form mentioned in the website
Begin with mentioning of CIN no. of the company. Then practice the pre-fill facility. After that, click on no. of business activity. It will demand to fill the turnover of the business/company. That column will be displayed.
For filling additional details use the instruction kit. The documents required are mentioned above details which need to be filled are also as follows in the above paragraph.
- Step 3 – Pre-scrutiny
After this, complete details of the person who are engaging the form. Do note form used to get the form fulfilled completely. On no error message, put digital signature and no direction. All details are accurate, the resulting data will display on the screen.
- Step 4 – Upload the form following the process of making payment
Make payment and fulfil the transaction. An SRN number will create which will display on another window. Keep the SRN number for future reference if any.
The signing of MGT-7 form
The MGT-7 e-form for Small Company and One Person Company need to be digitally signed with a Company Secretary(CS) in practice or class 2 Digital Signature.
What is the due date of the registering the form?
The Form MGT-7 is to be registered in 60 days from the date of the AGM (Annual General Meeting) of the company.
This article is framed by Shrishti Jain. A content writer at Legalraasta.
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