MCA MANDATES NEW FORM MGT-7A FOR ANNUAL RETURN OF ONE PERSON COMPANY AND SMALL COMPANY FROM FINANCIA

Recently, MCA has issued notification in concerned with amendment in the COMPANIES (MANAGEMENT AND ADMINISTRSTION) RULES, 2014, sub-rule (1) of Rule 11 has been substituted for –

Every company shall file its annual return in Form No. MGT-7 except One Person Company (OPC) and Small Company. One Person Company and Small Company shall file annual return from the financial year 2020-2021 onwards in Form No. MGT- 7A.”

PRIOR TO AMENDMENT:Every company shall prepare its annual return in Form MGT-7.

AMENDMENT IN RULE 12 OF COMPANIES (MANAGEMENT AND ADMINISTRATION) RULES, 2014:-

A copy of the annual return shall be filed with Registrar with such fees as may be specified for this purpose.

Prior To Amendment: The extract of annual return to be attached with Board’s Report shall be in the From no. MGT-9.

Provided that a company shall not require to attach the extract of annual return with Board’s Report in MGT-9, If web Link of such annual return has been disclosed in the Board’s report in accordance with sub-section (3) of section 92 of the Companies Act, 2013.

In Short, w.e.f. 05.03.2021 every company, except OPC and small company, shall file its annual return in Form No- MGT-7 whereas OPC and small company shall file their annual return from FY 2020-21 in Form no- MGT-7A.

Further, the requirement of attaching the extract of the annual return with the Board’s Report shall be in Form No. MGT.9. has been omitted in Rule 12 of the said rules.