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VENGETRAO  K

VENGETRAO K (Practicing Company Secretary)     14 December 2015

Mgt-7

Many people including some professionals do not understand the major point. MGT 7 is a Reporting format to stakeholder containing some detailed particulars including highlights of non-compliance under the Act,2013 which is not so easy to tell without proper understanding and due diligence/verification of facts and figures and has value for the professional work.It can not be blindly signed as many think it.Accountability and responsibility is always there under the Act. Before the modification of the Form MGT7(before 11.11.2015), it required a mini Secretarial Audit to say all compliance(covering all applicable law)but only after representation to the Govt by the Institute, the MGT7 modified to cover non-compliance/compliance under the Companies Act,2013 specifically. The Certificate is for compliance on certain required matters only and no need to disclose any other things.But AR highlights non-compliance under the Act. This is the difference between AR and CC. So blindly signing it is always bring high risk. - See more at: https://taxguru.in/company-law/annual-return-schedule-companies-act-1956-form-mgt7-form-78-companies-act-2013.H T M L#sthash.To1Ekrg1.dpuf



 11 Replies

CA Pranali Dalvi

CA Pranali Dalvi (Deputy Manager - Finance & Accounts)     01 October 2015

Section 92 of the Companies act 2013 states the following regarding authentication of annual return,i.e,MGT -7:

All Companies (Except OPC)

Annual Return shall be signed by –

  • a director and the company secretary, or
  • where there is no company secretary, by a PCS

OPC and small company

Annual Return shall be signed by –

  • the company secretary, or
  • where there is no company secretary, by the director of the company.
1 Like
CS Kanchan

CS Kanchan (CS)     02 October 2015

If a company have CS then CS can affix DSC, if there is no requirement of CS in company then by practising CS.
Dhaval Rupani

Dhaval Rupani (CA CS)     02 October 2015

CS in Practice if No CS there of the Company 

CA-AK

CA-AK (CA)     03 October 2015

It means now CA cannot attest MGT 7 as previously they do in 20 B.

zalak

zalak (partner)     03 October 2015

Current Form MGT-7 requires compulsory digital signature of cs,even in case of small companies, Whereas act states it can be signed by Director of the Company where there is no Company secretary. It seems there is some error in Form.
3 Like
Abhijit Ghosh

Abhijit Ghosh (.)     03 October 2015

What is the crieteria of Small Company, please advice

Shashank

Shashank (Service in Accounts & Accounts)     09 October 2015

As per Companies Act 2013 : -

"(85) ‘‘small company’’ means a company, other than a public company,—

(i) paid-up share capital of which does not exceed fifty lakh rupees or such

higher amount as may be prescribed which shall not be more than five crore

rupees; or

(ii) turnover of which as per its last profit and loss account does not

exceed two crore rupees or such higher amount as may be prescribed which shall

not be more than twenty crore rupees:

Provided that nothing in this clause shall apply to—

(A) a holding company or a subsidiary company;

(B) a company registered under section 8; or

(C) a company or body corporate governed by any special Act;"

shyam thapa

shyam thapa (Article)     27 November 2015

Can MGT7 sign by PCS instead of Secretary of Company if the small company have Secretary.

Shashank

Shashank (Service in Accounts & Accounts)     10 December 2015

Hi Shyam,

Please refer below conditions:

Case 1:

In case comapany is Small company: Director's signatures are required

Case 2:

In case comapany is not a small company, but is not required to employ permanent Comapany Secetary: Practicing Company Secetary could sign form.

Case 3:

In case company is required to employ Company Secetary: Company Secetary so appointed will sign the form.

PRANAV RANJAN

PRANAV RANJAN (Corporate Advocate)     23 December 2015

Please advice for filling FORM-MGT7, is it compulsory required signature of CS for all limited company?

Ishan

Ishan (a)     02 May 2016

I am filling MGT-7 of a small company only, but still it is showing an error on doing check form

"To be digitally signed by Company Secretary/Company secretary in practice not entered. Please enter."

 

Please advice how can I rectify the above.


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