INC 22A -non appointment of CS - reduction of Capital

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A company has reduced its share capital below 10 Crores due to a non-viable CS appointment but cannot file the PAS 3 form for capital reduction. This is because the company's status is 'active non-compliant' on the MCA portal, showing a higher capital than in their accounts. Attempts to change the status to compliant, even with recent notifications allowing it, are also failing due to an MCA lock.

SP Sami

SP Sami (Querist)

13 May 2020 Since the appointment of CS is non viable, we have reduced the share capital below 10 Crores. But we could not file PAS 3 for reduction of capital since our company is active non compliant status. Asper our books of accounts the share capital is less than Rs. 10 crores but MCA it is more than 10 crores and hence the site will not allow to file PAS 3. How to proceed further.

c.bakshi

c.bakshi (Expert)

14 May 2020 recently, a notification came through which you can change the status from non-compliant to compliant company before the 30/09/2020. then proceeds further

SP Sami

SP Sami (Querist)

15 May 2020 Changing of non compliant to compliant also site not allowing, since the lock was not released by MCA.

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