Know All About This e-Form for Company KYC

On February 21, 2019, the Ministry of Corporate Affairs (MCA) has introduced the new e-Form 22A, of Companies (Incorporation) Amendment Rules, 2019. Also known as e-Form ACTIVE (Active Company Tagging Identities and Verification), it introduces KYC for the companies.

Applicable on: It is applicable on all companies incorporated on or before December 31, 2017.

The companies that are NOT required to file Form 22A-

1. Struck off Companies
2. Under process of striking off Companies
3. Amalgamated Companies
4. Companies under Liquidation
5. Dissolved Companies

Due Date of Filing: The Notification states that all companies shall file the e-Form 22A on or before April 25, 2019.

Documents mandated for filing e-Form 22A

The documents mentioned below are mandatory for filing Active Company Tagging Identities and Verification (ACTIVE)-

1. Particulars of the Company

• Photograph of the registered office showing external building and inside office also showing therein atleast one Director/KMP who has affixed his/her digital signature to this form.
• Email id of the entity.

2. DIN as well as the DSC of the Director

• (The DIN and DSC should be active)

3. Compliance Details

• SRN number of the latest filed e form AOC-4 (Financial Statements) and MGT-7 (Annual Return) by the company.

Those Companies that have not filed their Financial Statement as required under Section 137 or Annual Return as mandated under Section 92, or both of them, with the concerned Registrar, will not be allowed to file e-Form 22A. The exception being that if an ongoing dispute has led to these issues, then such a company may be permitted to file the Active e-Form.

Outcome of Late Filing or Non-Filing of e-Form 22A

• Any filing after the due date will attract a penalty of Rs 10,000 as late fine.
• The companies that shall not file e-Form 22A by the stipulated date, i.e. April 25, 2019, shall be marked as ‘Active-Non-Compliant’.
• Any company whose status changes to ‘Active-Non-Compliant’ shall be barred from filing these forms-

1. Sh-7 (Increase in Authorized Capital)
2. PAS-3 (Allotment of Shares)
3. DIR-12 (Appointment and Resignation of Director, except cessation)
4. INC-22 (Change in Registered Office)
5. INC-28 (Amalgamation or demerger)

• In addition to these, the ROC may take action under Section 12(9) and remove the company’s name from the Register of Companies.

Act Swiftly to Save Yourself from the Negative Consequences

The smartness lies in companies being compliance-ready at the earliest. An exhaustive list of required documents should be cross checked and kept ready. To know the minute regulatory rules and decode them, contact MUDS, their experts will extend complete guidance and ensure that e-Form 22A is filed on time with complete compliance.

The post Introduction of INC-22A by MCA appeared first on MUDS.

Past few years have witnessed a thrust on cleansing the financial sphere by the Indian government. Moving ahead in lines with the same aim, the Ministry of Corporate Affairs (MCA) has been introducing steps to usher in transparency and accountability in corporate governance.

The MCA has introduced certain new e-Forms that will ensure a tighter grip on the functioning of the companies and these need to be filed within a specified time period.

e-Form MSME-1(Report delays of payment to MSME)

Date of Notification: MCA in its Notification dated January 22, 2019, has introduced Specified Companies (furnishing of information about the payment to micro and small enterprise suppliers) Order, 2019.

Applicable on: It is applicable on every specified company and all such companies are mandated to submit a half-yearly report to MCA in e-Form MSME-1, (if they buy goods or avail services of MSMEs and their payment has exceeded 45 days), clearly indicating-

• the due amount; and
• the cause of the delay.

For the period April to September: by October 31

For the period October to March: by April 30

Due Date of Filing: The Notification mandates that the said filing should take place within 30 days of the publication of its publication i.e. by February 20, 2019.

Current Status: The MSME-1 form is yet to be deployed at the MCA21 portal, hence, the date will certainly be extended.

e-Form NFRA-1

Date of Notification: The MCA has notified the NFRA (National Financial Reporting Authority) Rules, on November 13, 2018.

Applicable on: It shall be applicable on all listed companies, listed body corporate, unlisted public companies (which have a paid up capital of Rs 500 crore or more; or turnover of Rs 1000 crore or more, outstanding loan, debentures, and deposit of Rs 500 crores), all banks, insurance companies and electricity companies.

Auditor of such companies shall file the annual return on or before April 30.

Due Date of Filing: The Notification mandates a one-time initial reporting within 30 days of deployment of the e-Form.

Current Status: The NFRA-1 is not yet deployed on the official website of MCA.

Purpose of these compliances: These steps taken by the MCA are to strengthen the present governance system of companies. The MSME-1 shall ensure a smooth flow of capital to such entities, thus promoting their healthy growth. Whereas, through NFRA-1 it shall monitor the auditing and accounting standards and enforce compliance.

Contact and Consult MUDS for complete clarity

With a dynamic team of professionals, MUDS offers best consultation and step by step guide to all kinds of compliance regulations.

“A stitch in time saves nine”; this is what needs to be understood by the companies! With the Notifications already in the public domain, the affected companies should be ready with all documentations needed for the various compliances.”
-Shweta Gupta, Founder and CEO, MUDS

The post Check All Requirements of New e-Forms; Msme-1 & Nfra-1 appeared first on MUDS.

Modernization and change are part and parcel of growth and moving forward. Ministry of Corporate Affairs (MCA) in recent times has been introducing steps so as to bring transparency and accountability in corporate governance.

In its continued endeavor to tighten its grip on companies and their working, MCA has introduced new e-Forms which have to be filed within the stipulated time.

1. e-Form DPT-3 (Return of Deposits)

• Applicable on: All Companies except government companies
• Purpose: To file the return of outstanding receipt of the loan not considered as deposits as of January 22, 2019, by a company.
• Date of Notification: January 22, 2019
• Due Date of Filing: By April 22, 2019 (within 90 days of its publication)
• E-Form Status: Not yet deployed on the MCA21 portal
• Penalty for non-filing: As per The Companies (Registration offices & fees) Rules,2014

2. e-Form MSME-1(Report delays of payment to MSMEs)

• Applicable on: Every specified company if they buy goods or avail services of MSMEs and their payment has exceeded 45 days
• Purpose: Furnishing of information about delayed payment to micro and small enterprise suppliers
• Date of Notification: January 22, 2019
• Due Date of Filing: Within 30 days of Deployment of E-form by MCA
• Current Status: Not yet deployed on the MCA21 portal
• Penalty for non-filing: A fine up to Rs 25,000

3. e-Form NFRA-1 (Filing of Annual Return)

• Applicable on: All listed companies, listed body corporate, unlisted public companies (paid-up capital Rs 500 Crore/turnover of Rs 1000 Crore or more), all banks, insurance companies, and electricity companies
• Purpose: To file one-time return and Annual Return on or before April 30
• Date of Notification: November 13, 2018
• Due Date of Filing: Within 30 days of deployment of the e-Form.
• Current Status: Not yet deployed on the MCA21 portal
• Penalty for non-filing: As per the rules of the National Financial Reporting Authority (NFRA)

Avail Muds Advantage

MUDS, with its exemplary services, offers consultation, guidance and effective execution of all related services that ensures the smooth running of a company; guaranteeing a progressive environment!

“Staying updated and informed is the foremost prerequisite for the wellbeing and robust growth of a company. With the Notifications already in the public domain, the affected companies should be ready with all documentations needed for the various compliances.”
-Shweta Gupta, Founder and CEO, MUDS

The post Be Compliance Ready At All Times! appeared first on MUDS.