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MGT-7 form Last Date

October 14, 2024 by Team Instabizfilings

MGT-7 form Last Date

MGT-7 Form Overview

 

  • Purpose

  1. MGT-7 is an annual return and is filed under the provisions of Companies Act, 2013 in other to give out the details of its shareholders, directors and management.

  2. Thus, transparency and the compliance with the regulations provided herein will preserve and ensure fair competitive environment at the Market place.

 

 Key Components of MGT-7

 

  • Basic Company Information:

  1. The legal name of the company, its registered office address, the Corporate Identification Number Code (CIN) and telephone & electronic mail addresses.

 

  • Share Capital and Debentures:

  1.  The facts in respect of the shares in the company; the amount of the authorized capital, the issued capital and the paid-up capital all are important.

  2.  Information relating to the sundry categories of shares and debentures.

 

  • Shareholding Pattern:

 

  • Directors and Key Managerial Personnel (KMP):

 

  • Meetings:

 

  • Penalties and Offences:

 

Filing Process

 

  • Preparation:

  1. Gain any and all necessary information about the share holding pattern, directors and officers of the company and legal compliance.

 

  • Submission:

 

  • Filing Fee:

 

Due Date for Filing

 

  • Timeline: MGT-7 must be filed within 60 days from the date of the Annual General Meeting (AGM).

  • AGM Schedule: The AGM should be held within six months from the end of the financial year (April 1 to March 31), ensuring no more than 15 months between consecutive AGMs.

 

Example of Due Date Calculation

 

  • Financial Year: FY2023/24, which is from 1st April 2023 to 31st March 2024.

  • AGM Date: September 30, 2024.

  • Due Date for MGT-7: November 29, 2024 (60 days from September 30).

 

Penalties for Non-Compliance

 

  • For the Company:

  1. Fine: INR 10,000/- for failing to file on time.

  2. Additional Charges: INR 100 per day for continued delay after the due date to a maximum of INR 2,00,000/-.

 

  • For Officers in Default:

  1. Fine: INR 50,000/-

 

Mitigating Risks

 

  1. Therefore, it is recommended to create certain compliance calendar to be able to control such dates.

  2. Make use of compliance software to be updated on when it’s due for filing or hire professionals for help.

 

Final Thoughts

 

It is very important for regulation purpose of having the Companies Act, 2013 that the MGT-7 form should be submitted. That means that companies ought to follow the set filing requirements and keep the right paperwork to avoid penalty as well as to run efficiency. Additional efficient improvement of compliance and corporate governance can be achieved through the directors’ and officers’ training and awareness programs.

 

Disclaimer

 

The information provided in this blog is purely for general informational purposes only. While every effort has been made to ensure the accuracy, reliability and completeness of the content presented, we make no representations or warranties of any kind, express or implied, for the same. 

 

We expressly disclaim any and all liability for any loss, damage or injury arising from or in connection with the use of or reliance on this information. This includes, but is not limited to, any direct, indirect, incidental, consequential or punitive damage.


Further, we reserve the right to make changes to the content at any time without prior notice. For specific advice tailored to your situation, we request you to get in touch with us.


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