Tag Archives: MGT – 7

Principal Business Activities


Every company must be a business organization. Being business organization, a company has business activities. In the Companies Act, 2013 “principal business activities” is a major reporting requirement. According to Section 92(1)(a), every company shall prepare a return (hereinafter referred to as the annual return) in the prescribed form containing the particulars as they stood on the close of the financial year regarding its principal business activities. Section 185 as amended has reference to principal business activities as a major condition for a loan to directors and related concerns.

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MGT – 7 (v. 17Nov2015)


We live in a changing world; corporate world changing fast and Indian Corporate Law fastest. A draft of the Companies (Management and Administration) third Amendment Rules, 2015 dated 16th November 2015, which is pending for publication in Official Gazette of India amend the version of form MGT -7 once again. Though these amendment rules are not available in official gazette, new version of form MGT – 7 is made available on the MCA21 portal for filing.

Note: MGT – 7 Version 17th November 2015 is being used for writing this post. Earlier posts here and here are only historic relevance now.

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MGT – 7 (v. 30Sept2015)


Recent amendment to the Companies (Management and Administration) Second Amendment Rules 2015 dated 28th August 2015 published in Official Gazette on 31st August 2015 which came into force with effect from 31st August 2015 by virtue of its Rule 1(2) replaced the Form MGT – 7 meant for Annual Return of companies. The Form MGT – 7 was released on 25th September 2015 another amendment rules to justify content of this form.

Note: MGT – 7 Version 30th September 2015 is being used for writing this post. The post is long one but to avoid confusion, i opted not to split this post. Readers may read in parts.

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ANNUAL RETURN – 4 COMPLIANCES


The Form discussed was notified in original Rules but never implemented, a new form is notified in August 2015, which is yet to be implemented  at the time of this writing.

 

PENALTIES, PUNISHMENT, COMPOUNDING OF OFFENCES:

Penalties, punishment and compounding of offences may be on three categories of persons:

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ANNUAL RETURN – 3 MANAGERIAL DETAILS


UPDATE 03 Sept 2015The Form discussed was notified in original Rules but never implemented, a new form is notified in August 2015, which is yet to be implemented  at the time of this update.

 

PROMOTERS, DIRECTORS, AND KEY MANAGERIAL PERSONNEL:

This part of Annual Return uses codes:

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ANNUAL RETURN – 2 SECURITIES HOLDERS


UPDATE 03 Sept 2015The Form discussed was notified in original Rules but never implemented, a new form is notified in August 2015, which is yet to be implemented  at the time of this update.

SHAREHOLDINGS PATTERN:

There is a requirement of detailed information in several heads regarding shareholdings pattern.

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ANNUAL RETURN – 1 CORPORATE INFORMATION


Section 92 of the Companies Act, 2013 as extensively discussed earlier here, requires every company to prepare an annual return in a prescribed form.

Sub – Rule (1) of Rule 11 of the Companies (Management and Administration) Rules 2014 seems very simple. Every company shall prepare its annual return in Form No MGT – 7.

UPDATE 03 Sept 2015The Form discussed was notified in original Rules but never implemented, a new form is notified in August 2015, which is yet to be implemented  at the time of this update.

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