Compliance Part-2: Filing of Form MBP 1: Interest of directors

The road moves on so does my think tank series. Thanks to the tremendous response on my article on filing of returns related to deposit in Form DPT 4.

You can read about it at the following link

Immediate Compliance: Filing of return of deposits in DP 

This is one of the important changes that have happened from Companies Act of 1956 (old act) to Companies Act of 2013 (new act). In the old act there was a requirement on the directors to disclose their interest to the company in form 24AA and the same needed to be taken on records by the company in a board meeting.

Similarly in the new act, a director has to disclose interest in form MBP 1 to the company in the first board meeting of the company. Section 184(1) and Rule 9(1) of Companies (Meetings of Board and its Powers) Rules,2014 deal with this requirement.

DUE DATE FOR FILING: Within 30 days of holding first Board Meeting.

SAVINGS FOR SMALL COMPANY: A Small Company need not get the same attested by a practicing professional, meaning the company can file the form itself.   

PROCEDURE:

- Prepare MBP 1 in format notified by the government.

Download from

FORM MBP - 1 Notice of interest by director

- Prepare board resolution

RESOLVED FURTHER THAT Mr. Mukesh Gupta, Managing Director of the Company, be and is hereby authorized to make necessary entries in the Registrar maintained for the purpose and to digitally sign and file E-form MGT.14 with the Registrar of Companies, NCT of Delhi and Haryana.    

FURTHER RESOLVED THAT Mr. Aman Jain, Practicing Company Secretary, Kolkata be and is hereby authorized to certify and file Form MGT.14 with Registrar of Companies, NCT of Delhi and Haryana and to do such acts, deeds and things as may be considered necessary and appropriate to give effect to the above resolution.”

- Take signatures on the above prepared forms and board resolution

- Scan the same and attach with Form MGT 14 and file the same with ROC.

Download form MGT 14 from the following link:

http://mca.gov.in/MCA21/dca/downloadeforms/eformTemplates/NCA/Form_MGT-14.zip