MGT-7A Form: Filing, Due Dates, Penalties for OPC & Small Companies

Sourabh Kumar

3 years ago

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A short time ago, the Ministry of Corporate Affairs has released a separate form for Small Companies and One Person Company.

As per section 92 read with the sub-rule (1) of rule 11 of companies management and the administration rules. The objective of the aforesaid move is to reduce the compliance burden on small companies and (One Person Company) OPC and thus to correct some applied difficulties while filling the aforesaid form. Worthwhile mentioning here that the definition of a small company has been modified in the finance bill for the year 2021. So, The amended definition is as follows:

The Small Company can be defined as a company other the public company

Not exceed Rs 2 crores paid-up share capital or no exceed ten crore rupees as prescribed.
Second precondition being that the turnover of the aforesaid company as per the profit and loss account of the prior fiscal year is in no case more than Rs 20 crore or such higher amount as might be prescribed but that shall in no case be more than Rs 100 crores.

Given the condition that this clause shall be applicable to

Subsidiary company or A holding company
Under section 8 company registered
Body Corporate or company governed by any of the special acts.

Except for a few changes, the Entire format of the following form MGT-7A has been the same. The key differences between the MGT-7 form and MGT 7A form is as follows:

The make-up of the board of directors, the details of the directors, and KMP have not been mentioned in the form.
KMP salary details have also been omitted.
The mentioning of the list of the directors instead of disclosing in the form till date has now been shifted to the optional attachments.
Worth mentioning here that as provisions related to the KMP are not applicable in the case of small and one-person companies, there is no requirement to mention those details in the form.

E-form MGT-7A Instruction Kit

(Shortened Annual Return for the OPCs and the Small Companies) Consequent to section 92(1) of the Companies Act, 2013 and Rule 11 (1) of Companies (Management and Administration) Rules, 2014 (Refer to Annexure A).

Purpose of the MGT-7A e-Form

Annual return in form MGT-7A by Every small company and the OPC shall prepare with particulars of the financial year related wherever applicable:

Its principal business activities, registered office, particulars of its associate companies.
Its Shares, Debentures and other securities along with the shareholding pattern
Along with the changes, its debenture-holders, members and the promoters since the previous financial year closing.
Meetings of the members, the Board and its various committees in addition to details of attendance.
The salary of the directors
Punishment or Penalty in any other form that is imposed on the company or other officials along with the particulars of compounding of the offences and the appeals that have been made against such punishment or penalty
Those matters that are related to certifying compliances and disclosures as might be prescribed
The shareholding pattern of the company and such other matters as are required in the form.

Due Dates of MGT 7A Form

S.No	Purpose of the form	Time Limit	Due Date
1	In case of OPC Company	60 days Calculated due date of AGM whichever is earlier.	28th November 2024

MGT 7A Form Fee

Given the relationship to an individual company and a small company, the yearly return will be signed through the company secretary which there is no organization secretary through the director of the firm.

It is given that the central government might prescribe the shortened form of yearly return “One Person Company, small company and before-mentioned other class or classes of companies” as mentioned.

The yearly return is furnished through the listed firm or through the company that has these paid-up capital and turnover as given will be certified through the company secretary in doing the prescribed form, declaring that the yearly return revealed the facts in a true manner and effectively and that the firm has complied through all the procurement of the act.

Rule 11: Every firm will furnish its yearly return in Form No.MGT-7 excluding One Person Company (OPC) and Small Company. One Person Company and Small Company will furnish the yearly return from the FY 2020-2021 onwards in Form No.MGT-7A.

Fee for MGT-7A Filing (in case of a company having a share capital)

Nominal Share Capital	Fee
Less than 1,00,000	Rupees 200
1,00,000 to 4,99,999	Rupees 300
5,00,000 to 24,99,999	Rupees 400
25,00,000 to 99,99,999	Rupees 500
1,00,00,000 or more	Rupees 600

Fee for filing (in case of a company having a share capital) is Rupees 200

Other Fees

Mentioned is the table of additional fees which is suitable for late filings of yearly returns or balance sheets or financial statement beneath the Companies Act 1956 or the Companies Act 2013 beyond 30th June 2018:

Sl. No	Period of delay	Additional fee payable (in Rs.)
01	Delay beyond the period provided under Section 92(4) of the Act	Hundred per day
02	Delay beyond period provided under Section 137(1) of the Act	Hundred per day

Moreover to the mentioned the following table of the extra fees will be applied for the late furnishing of the overdue yearly returns or balance sheet or the fiscal statements beneath the Companies Act 1956 or the Companies Act 2013 to 30th June 2018:

Sl. No.	Period of delay	Additional fee payable (in Rs.)
1	Up to 30 days	2 times normal filing fees
2	More than 30 days and up to 60 days	4 times normal filing fees
3	More than 60 days and up to 90 days	6 times normal filing fees
4	More than 90 days and up to 180 days	10 times normal filing fees
5	Beyond 180 days	12 times normal filing fees