March 08, 2021
Summary of the notifications and circular issued by MCA and IBBI on 05/03/2021 and 04/03/2021 respectively
MCA notifies the commencement of the provision with respect to abridged Annual Return for One Person Company and Small Company under the Companies Act, 2013
MCA has notified the provision that empowers Central Government to prescribe abridged form of annual return for One Person Company, small company and such other class or classes of companies.
MCA amends Companies (Management and Administration) Rules, 2014
Key highlights of the amendment are as follows:
1. MCA introduces e-Form MGT-7A (Abridged Annual Return) which shall be filed by OPCs and Small Companies from the financial year 2020-21 onwards.
2. MCA revises e-Form MGT-7 which shall be filed by companies other than the OPCs and Small Companies. Revised form requires the Company to provide detailed information with respect to break of the share capital, stock exchanges where the shares are listed, Registrar and Transfer Agents, etc.
3. Requirement to attach the extract of Annual Return to e-Form MGT-7 by the Companies that doesn’t have a website has been dispensed with
4. MCA has re-introduced the explanation to the proviso to Rule 20(2) on facilitation of electronic voting by a Listed Company to conduct General Meetings, defining the criteria for the cut-off date, secured system, agency etc.
MCA amends Companies (Incorporation) Rules, 2014
MCA amends e-Form INC-35 AGILE-PRO (Application for registration of Goods and Service Tax Identification Number (GSTIN), Employee State Insurance Corporation (ESIC) registration, Employees’ Provident Fund organisation (EPFO) Registration and Profession Tax Registration and Opening of Bank Account) to facilitate Aadhar authentication of the Authorised Signatory/Primary Owner/Office Bearer, as the case may be, for GSTIN registration.
IBBI notifies the Mode, timeline and format for filing of list of stakeholders under the IBBI (Liquidation Process) Regulations, 2016
Regulation 31(5)(d) of the Liquidation Process Regulations requires that the liquidator shall file the list of stakeholders on the electronic platform of the Board for dissemination on its website. The Board, therefore, has made available an electronic platform at www.ibbi.gov.in for filing of list of stakeholders. The platform permits multiple filings by the liquidator as and when the list of stakeholders is updated by the liquidator.
The insolvency professionals are directed to file the list of stakeholders of the respective corporate debtor under liquidation and modification thereof, in the prescribed format, within three days of the preparation of the list or modification thereof, as the case may be. The filings due as on the date of circular shall be filed within 15 days of this circular. It is to be noted that the same format shall be used for filing the list of stakeholders with the Adjudication Authority as required under Regulation 31(2) of the Liquidation Process Regulations.
This notification and circular is available on our free to use website www.ca2013.com for your quick reference.