MGT 7 Form is for the purpose of monitoring the annual return details of a company. While the rest of the information is for general interest, the concerned individuals must know the upcoming MGT 7 due date for FY 2020-2021 for avoiding any penalties. The MGT 7 needs to be filled by all the businesses in electronic form provided by the Ministry of Corporate Affairs (MCA). The form is further managed via electronic modes by Registrar of Companies working under MCA legislation.
The annual return has to be furnished in 60 days after the annual general meeting (AGM). The e-form is managed by the ROC (Registrar of companies) by various tax solution companies including authorized Gen CompLaw (ROC & MCA filing software) as per the MCA rules and guidelines.
What is the Eligibility to Furnish Form MGT 7?
MCA mandates all private and public companies registered as a business in India to furnish MGT 7 each year for the purpose of their annual returns. Now let us find the eligibility to furnish the MGT 7:
- LLP Registration
- Private Limited Company
- Partnership
- Sole Proprietorship
- Public Limited Company
- Individual person Company
Per Day Penalty If Miss the Filing MGT 7 Form
The penalty has increased in 2018 & now, the offence may cost Rs. 100 per day of delay in submitting the form. So to avoid the course of penalties one must ensure filing the form before deadlines.
Source of Downloading MGT 7
You can download the form MGT 7 from the official website of Ministry of Corporate Affairs (MCA) available under the category of “Annual filing of e-forms”.
What All Details Required in Form MGT 7 ?
MGT 7 Form is a requirement for all registered firms in India. The form needs to be filled with relevant details as they are on the closing of the financial year.
Required Details are Regarding:
- The main office registered, the main business of the firm, details of its belonging firms, details of subsidiary companies associated with the firm.
- Shares, debentures, securities and shareholdings of the company.
- Debt liabilities of the company.
- The updated list of members in the company or debenture holders during the current financial year.
- The updated list of key personals of the company including the promoters, directors and other managers during the current financial year.
- Details of key member meetings. Details of boards and its committees along with attendance details.
- Remuneration of directors and key managerial personnel
- A list of penalties and related offences and appeals on the company, managers or other key officials.
- Related to certification of compliances and disclosures as asked in the form.
- Other relevant details as required in the form.
Documents Needed with the Form:
The formalities are
- A checklist including the names of shareholders and debenture holders
- Letter of approval for the extension of the Annual General Meeting (an annual meeting of the company’s key shareholders).
- Copy of MGT-8
- Other documents (if mentioned in the form).
What is The Deadline or MGT 7 Due Date for FY 2020-21:
- The filing of Form MGT 7 is required within 60 days starting from the date of AGM.
- The last date is extended if AGM of Company is held between 1st June 2021 to 31st July 2021 till 31st August-2021
- The last date is extended of AGM Company is held between 1st April 2021 to 30th May 2021 is till 31st August-2021.
