MGT -7
MGT -7
Compliance of ROC Work
1. Filing of MSME Return
2. Filing of DPT-3
3. Director KYC
4. ADT-1
5. AOC-4
6. MGT-7…etc various things
MGT -7
MGT -7
MGT-7, also known as the Annual Return, is a form that companies in India are required to file under the Companies Act, 2013. The Annual Return provides a snapshot of a company’s structure, finances, and operations at a specific point in time. Here’s an overview of MGT-7, including its purpose, format, due date, and relevance to the Companies Act, 2013:
Purpose of MGT-7:
1. Disclosure of Company Information:
– MGT-7 serves as a comprehensive document disclosing information about the company, including its registered office, principal business activities, share capital, indebtedness, and details of its members and debenture-holders.
2. Statutory Compliance:
– It ensures compliance with the statutory requirement under the Companies Act, 2013, which mandates the filing of an annual return by every company.
3. Snapshot of the Company:
– It provides a snapshot of the company’s financial position, changes in shareholding, and other key aspects during a specific financial year.
Format of MGT-7:
1. Sections Covered:
– MGT-7 is divided into various sections covering different aspects of the company’s operations and financials. These sections include general information, financial summary, particulars of members and debenture-holders, and details of directors and key managerial personnel.
2. Attachment of Financial Statements:
– The company is required to attach its financial statements, including the balance sheet, profit and loss account, and auditor’s report, to the MGT-7.
Due Date for Filing MGT-7:
1. Within 60 Days:
– Companies are required to file MGT-7 within 60 days from the date of the Annual General Meeting (AGM
2. Extension of Time:-
– In case a company is unable to hold its AGM within the stipulated time, it can apply to the Registrar of Companies (RoC) for an extension of time for holding the AGM, and accordingly, the due date for filing MGT-7 may be extended.
Relevance to Companies Act, 2013:
1. Statutory Requirement:
– MGT-7 is a statutory requirement under Section 92 of the Companies Act, 2013. Every company, including private companies, is required to file an annual return with the RoC.
2. Compliance with Legal Framework:
– Filing MGT-7 ensures that the company is in compliance with the legal framework governing corporate entities in India. Non-compliance may lead to penalties and legal consequences.
Key Components of MGT-7:
1. Registered Office Details:
– Information about the registered office of the company.
2. Principal Business Activities:
– Description of the principal business activities carried out by the company.
3. Financial Summary:
– A summary of the company’s financial performance, including details of its share capital, reserves and surpluses, and details of its indebtedness.
4. Particulars of Members and Debenture-Holders:
– Details of members, including changes in shareholding during the year, and particulars of debenture-holders.
5. Details of Directors and Key Managerial Personnel:
– Information about directors, key managerial personnel, and changes in their appointments during the year.
Important Considerations:
– MGT-7 must be digitally signed by a director and the company secretary, or where there is no company secretary, by a company secretary in practice.
– The financial statements attached to MGT-7 must be audited, and the auditor’s report must be included.
– The accuracy and completeness of information provided in MGT-7 are crucial, as any discrepancies may lead to non-compliance issues.
For the most accurate and updated information on MGT-7 and its filing requirements, it’s advisable to refer to the official website of the Ministry of Corporate Affairs (MCA) or consult with legal and compliance professionals like LEGATO BUSINESS SOLUTION LLP familiar with the latest regulations.