The Ministry of Corporate Affairs introduced a great amendment through Companies (Management and Administration) Amendment Rules, on 5th March, 2021.

As per the amendment every company except OPC and small company shall file its annual return in MGT-7. One Person Company and small companies shall file the annual return in form MGT-7A wef FY 2020-21.

The Ministry of Corporate Affairs has also notified an amendment in the Companies (Specification of Definitions Details) Rules, 2014 which is now Companies (Specification of Definitions Details) Rules, 2021 which has come into effect from 1st April, 2021, through which the MCA has revised the definition of small company.

The Ministry of Corporate Affairs further amended the definition of small companies on 15th September, 2022; hence presently the following companies will be considered as small companies;

For a company , other than a public company shall be considered as a small company if its Share Capital doesn’t exceed Rs. 4 Cr and Turnover doesn’t exceed Rs. 40 Cr as per the last profit and loss account.

The Government has taken several other measures in the recent past under the ease of business initiative.

The aforesaid Form MGT-7A will have lesser compliances as compared to MGT-7. The due date of filing Form MGT-7A is same as it was for Form MGT-7.

For the FY 2021-22 the due date for filing Form MGT-7/MGT-7A is 28th November, 2022 i.e within 60 days of the AGM considering the AGM was held on the due date which was 30th September, 2022.

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