As everybody is aware, new Form MGT-7 has been made available wef 25.09.2015 on MCA Site. I have downloaded and tried to fill it for a private limited company covered under the definition of "Small Company" as defined u/s 2(85) of the Companies Act,2013. In our case: 1. the turnover of the company is Rs.30 Lakh and 2. The company is having Authorised Equity Share Capital of Rs.8,00,000 and Issued, Subscribed & Paid-up Capital of Rs.7,99,000. And the company is also having Authorised Preference Share Capital of Rs.2,00,000, however, no preference share has been issued at all and such Issued, Subscribed & Paid-up Preference Share Capital is Zero. Therefore, total paid-up capital is Rs.7,99,000 only.
Now I wish to draw attention on two problems in filling MGT-7 as under:
1. While filling details of Preference Share Capital details, the Form accepts figures of Authorised Capital but it does not accept 0 value in the boxes for Issued Capital, Subscribed Capital & Paid-up Capital. Instead it shows error message that the value to be filled must be less than 999,999,999 and greater than 0. How can we put value greater than 0 when there is no issued, subscribed & paid-up capital.
2. Proviso to U/s 92(1) of the Companies Act,2013 states that in case of One Person Company and Small Company, the Annual return will be signed by a company secreatary and if there is no company secretary, then by the director. In our case, there is no company secretary, and whenever I use "Check form" function of the Form, it shows error message that "Membership Number of Company Secretary is not entered". I tried to fill 99999 or 00000 in the box of membership number of company secretary, then the "Check Form" function worked but on prescruitny, there appeared error message that " Membership Number of the Company Secretary is invalid".
So please help me as it is a universal problem of the Form MGT-7 for all small companies in whose case only the director is required to sign the Form MGT-7.
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