The Ministry of Corporate Affairs (MCA) is set to roll out the revised MGT-7 form for the financial year ending March 31, 2025, on its new MCA V3 portal. Scheduled for launch on 14th July 2025 at 12:00 AM, this updated form introduces several important changes aimed at simplifying the filing process, enhancing data accuracy, and streamlining compliance for companies.
As Company Secretaries, it is imperative to familiarise ourselves with these revisions to ensure smooth and timely compliance management.
Key Changes in the Revised MGT-7 Form
1. Shareholders and Debenture Holders Lists via Excel Template
In a move to standardise data submission, the list of shareholders and debenture holders will now be captured through a downloadable Excel template. Users will fill in the required details and upload the completed file within the form, like the process followed in PAS-3 filings.
2. Gender-wise Details of Shareholders
A new section has been added to capture gender-wise information of shareholders. This aims to provide a more detailed demographic profile of the company's ownership structure.
3. Photograph of Registered Office as Attachment
Attaching the photograph of the registered office, clearly showing the Board of the Company as per Section 12 requirements, will now be mandatory. This aligns with the existing requirement under INC-22 and adds a layer of verification for registered office addresses.
4. Meetings Details via Excel Template
Companies will need to report details regarding Board, Shareholders, and Committee meetings-including the number of meetings held, dates, and attendance of directors/members-via an Excel template that accompanies the form. This approach mirrors the existing process for MSME-1 filings.
5. Capture of Company Name and Address as of Financial Year-End
A new column will record the company's name and address as on the end of the financial year. This addresses common issues where changes occur between the financial year-end and the date of filing, ensuring accurate reflection of company details.
6. Beneficial Ownership and Designated Person Details
The revised form introduces a "Designated Person" table, expanding on the previous mandatory disclosures regarding beneficial ownership. This will assist MCA in maintaining updated records of key persons linked to the company and clarifying the name of the designated person responsible for providing information to authorities.
7. MGT-8 Linked Form Filing
A notable simplification is that companies are no longer required to upload PDFs of MGT-8 separately. Instead, MGT-8 will be generated as a linked form within the MCA system, thereby reducing document uploads and streamlining the filing process.
8. Offline and Online Filing Flexibility
The MGT-7 form can be filed either online or offline through the MCA V3 portal. Offline filing initially requires basic company information input, after which the detailed form can be downloaded as an Excel sheet for data entry and subsequently uploaded. This hybrid model enhances user convenience.
9. Visibility and Data Privacy
In the generated PDF of the annual return, the shareholders' list will not be visible, consistent with the approach in PAS-3 filings, balancing transparency with data privacy concerns.
10. Streamlined Form with Reduced Redundancies
Several repetitive fields have been eliminated to simplify the form, improving the user experience and reducing filing time.
11. MGT-7 Filing Enabled for Companies under CIRP / Liquidation
Significantly, companies undergoing Corporate Insolvency Resolution Process (CIRP) or liquidation can now file MGT-7 on the MCA V3 portal, facilitating compliance during such critical phases.
Compliance Implications for Practitioners
The revised MGT-7 form marks a progressive step towards digitization and data integrity in corporate filings. Practitioners must:
- Prepare to manage and guide clients on filling and uploading Excel templates for shareholder details and meeting records.
- Ensure the company complies with the new photograph submission for the registered office.
- Monitor changes in company name and address as on financial year-end for accurate disclosures.
- Assist companies in identifying and updating details of designated persons for beneficial ownership reporting.
- Advise companies under insolvency or liquidation about the new filing eligibility and compliance requirements.
Timely adaptation to these changes will help avoid filing errors, rejections, and penalties.
Conclusion
The MCA's launch of the revised MGT-7 form on the MCA V3 portal reflects a clear intent to enhance filing accuracy and ease for stakeholders. As compliance advisors, Company Secretaries play a crucial role in educating clients and ensuring seamless transition to the updated system from 14th July 2025 onwards.
CAclubindia
