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FAQs on PAS-6

CS Divesh Goyal , Last updated: 18 May 2022  
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Whether private limited Companies are required to file PAS-6?

Ans:

  • Whether it is mandatory for shareholders to convert their shares into demat
  • Whether company can force the shareholders to convert their shares into demat?
  • Whether company can hold their dividend if they don't convert their shares into demat
  • What will happen if shareholder don't demat their physical shares?

In this case, Shareholder not sold or transferred his shares before December 5, 2018. Then, shareholder first have to convert its shares into demat for sell/transfer them.

FAQs on PAS-6
  • In case of demise of shareholder holding physical securities, what could be the procedure to transfer those physical securities (nominee registered / nominee not registered)?

Transmission and transposition of shares held in paper form will continue to be allowed. Transmission happens upon the death of any or all shareholders. Transposition means change in ownership pattern; eg. From combination A & B (in this order) to B & A or from A & B & C to B & A & C. Though these will still be possible in paper form even after Dec. 4, 2018, conversion to demat is still suggested for many other benefits it offers.Issue its securities only in dematerialized form; and

QUICK BITES

A. Whether Company required applying separate ISIN for each type of Security?

Yes, PUC required applying for separate ISIN for each type of Security.

B. Shareholders don't intent to transfer shares Or Company doesn't intent to issue new Securities, still it's required to apply ISIN and has to file?

Irrespective of fact whether shareholders intent to convert or not, it is the responsibility of the Company to apply for ISIN and have to file half-year audit Return.

C. What is due date of submission of half-yearly Audit Report with ROC?

Due date of submission of Reconciliation of Share Capital Audit Report is within 30 days of closure of Half Year i.e. 30th April, 2019 for the half-year ended 31.03.2019.

 

D. What is due date of submission of half-yearly Audit Report with ROC?

Due date of submission of Reconciliation of Share Capital Audit Report is within 30 days of closure of Half Year i.e. 30th April, 2019 for the half-year ended 31.03.2019.

E. Whether return in 55A needs to file even company has not applied for ISIN or demat it shares?

It doesn't concern whether company applied for ISIN or not, but company need to file this form with ROC. Otherwise it will be non compliance on part of Company.

  • Whether it is mandatory for Public Limited Companies to Convert Physical shares into Demat?
  • What are the consequences if Public Company fails to apply ISIN No. or don't convert shares in Demat?
  • Whether there was / is any due date for conversion of shares into DEMAT? ETC.
  • Whether it is mandatory for public Limited Companies to file Reconciliation Share Capital Audit Report?
 

If shareholder has not converted shares into Demat, whether company needs to file PAS-6

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Published by

CS Divesh Goyal
(Practicing Compnay Secretary)
Category Custom   Report

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