MGT 7 form :Corporate Annual Returns Corpseed ITES
MGT 7 is a digital form allowed to all the companies by the Ministry of Corporate Matters for filing information of their annual return. The Registrar of Companies uses to keep this e-form via digital setting and based on the business's declaration of accuracy. The main form amongst the Company is to fill the form according to the ministry of corporate affairs' standards and policies
Who Need to File the MGT 7 Form?
All the registered companies whether they are listed, unlisted, One Person company public or private in India need to file this e-form annually. The requirement of submitting the form mgt 7 by the corporate is for its annual return.
What if the Company does not File MCA Kind MGT 7?
If any firm does not file form MGT 7 on schedule, it will charge INR 100 each day as default. The imposed charge was exceptionally increased in 2018. So, it must be a great technique to file an annual return in this kind before the last day.
Charge for non-filing as well as Due Date
The penalty for not abiding by this step has been recently hiked. According to the new regulations, debtors will need to pay INR 100 every day they postpone filing the form. Consequently, the form must be downloaded from the MCA site, under their Annual e-forms tab, filled and afterward submitted before the due date. The form filed within 60 days from the Company's Yearly General meeting because many companies should hold their AGM by 30th September each year; the MGT-7 has to be at the current be submitted by 29th November.
The objective of Form MGT-7
Form MGT-7 includes the complying with details:
- Company's registered address
- Firm's services, holdings, associate firms
- Shares, protections, and bonds of the firm
- Business's obligation
- Details of participants and also debenture-holders/share-holders
- Supervisors, Supervisors and also any modifications made regarding leading positions
- Meetings of the General Board and also information relating to presence as well as decisions are taken
- Incomes of leading employees
- Offenses committed and even penalties imposed on any leading official.
MGT-7 Form Filing Fees
MGT-7 form fees depend on the nominal share capital of the Company
Nominal Share Captial Categories as:
- Nominal capital Less than 1 lakh the fee is INR 200
- Nominal Capital Between 1 lakh and 5 lakhs the fee is INR 300
- Nominal Capital between 5 lakhs and 25 lakhs the fee is INR 400
- Nominal Capital between 25 lakhs and 1 crore the fee is INR 500
- If the Nominal Share Capital exceeds 1 crore the fee is INR 600
- If there is no Nominal Share Capital the fee is INR 200
Document Required for Filling Form MGT-7
- List of stockholders/equity holders/debenture holders/bondholder/investor
- AGM augmentation order
- Copy of MGT-8
- Optional Attachment if required
What is the procedure of Submitting Form-MGT 7?
- Primarily, the form should be downloaded from the MCA Portal.
- Next, the form must be filled very carefully, and all the information it requests must be given.
- Customers can also avail of the pre-fill facility that auto-fills the form based on information currently gathered.
- To fill up additional information, make use of the instruction kit.
- Next, submit the essential files and attachments.
- Before submitting the form , go through the form once again as well as check for errors.
- Connect your digital signature to authorize the form, and afterward click Submit.
- Submit the form and also pay the call for transaction fees.
- Note down the SRN number, which has been generated for future reference.