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The Ministry of Corporate Affairs (MCA) has added numerous measures to ensure transparency and beautify company governance. One of those measures is PAS 6, which mandates the reconciliation of percentage capital audits for unlisted public agencies. As we move into 2024, it's important to understand
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Form PAS 6 is a reconciliation statement mandated for unlisted public companies to audit and reconcile their share capital, ensuring shareholding data aligns between depositories and company records.
All unlisted public companies must submit Form PAS 6 to the Registrar of Companies (RoC). Companies regulated by SEBI and private companies are generally exempt.
Form PAS 6 must be filed twice a year, within 60 days of the end of each six-month period, with cut-off dates in April and October.
In 2024, PAS 6 applicability now includes mandatory materialisation of additional securities like warrants and preference shares, enhanced digital filing on the MCA portal, and stricter penalties for non-compliance.
Non-compliance with PAS 6 guidelines in 2024 can lead to heightened scrutiny, financial penalties, and potential disqualification of directors.
Companies can ensure smooth filing by regularly verifying shareholding data, dematerialising all securities, utilising the digital filing system on the MCA portal, and seeking professional guidance.
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