Filing annual returns is a crucial compliance requirement for companies registered under the Companies Act, 2013. One of the key forms for this purpose is MGT-7. This article provides a comprehensive guide to MGT-7 ROC Return, its applicability, due dates, required documents, and penalties for non-compliance.

What is MGT-7?

Form MGT-7 is an electronic form provided by the Ministry of Corporate Affairs (MCA) for companies to file their annual return. This form captures essential information about the company as of the last day of the financial year, ensuring transparency and accountability.

Who Needs to File MGT-7?

Every company registered under the Companies Act, 2013, or any previous Companies Act, must file its annual return using Form MGT-7. This includes both private and public companies. However, One Person Companies (OPCs) and small companies are required to file their annual return in Form MGT-7A.

Due Dates for Filing MGT-7

The due date for filing Form MGT-7 is within 60 days from the conclusion of the Annual General Meeting (AGM). It is imperative for companies to adhere to this deadline to avoid penalties.

Documents Required for MGT-7

The following documents are required to be filed along with Form MGT-7:

• Details of the registered office, principal business activities, and particulars of holding, subsidiary, and associate companies.
• Information about the shareholding pattern, including details of shareholders and debenture holders.
• Details of directors and key managerial personnel, along with any changes during the financial year.
• Information about meetings of members, the board of directors, and various committees.
• Details of remuneration of directors and key managerial personnel.
• Information about penalties, punishments, and compounding of offences, if any.
• Certification of compliance and disclosures as required.

Penalties for Non-Compliance

Failure to file Form MGT-7 on time can result in significant penalties. The penalty for non-filing is Rs. 100 per day of default. Therefore, it is crucial for companies to ensure timely and accurate filing of their annual returns.

Conclusion

Filing Form MGT-7 is a vital compliance requirement for companies in India. It ensures that stakeholders have access to essential information about the company’s financial health and governance. Companies must be diligent in meeting the filing deadlines and ensuring the accuracy of the submitted documents to avoid penalties.