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March 6, 2021

New Form for Small Person Companies and One Person Company by MCA

by CA Shivam Jaiswal in MCA Circular

New Form for Small Person Companies and One Person Company by MCA

G.S.R-(E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules, 2014, namely:-

1. Short title and commencement.-

(1) These rules may be called the Companies (Management and Administration) Amendment Rules, 2021.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Management and Administration) Rules, 2014,(herein after referred as the said rules), in rule 11, for sub-rule (1), the following sub-rule shall be substituted, namely:-

a(1) Every company shall file its annual return in Form No.MGT-7 except One Person Company (UPC) and Small Company. One Person Company and Small Company shall file annual return from the financial year 2020-2021 onwards in Form No.MGT-7A”;

(a). in the said rules, for rule 12, the following rule shall be substituted, namely,-

l2. Filing of Annual Return with Registrar.- A copy of the annual return shall be filed with the Registrar with such fees as may be specified for this purpose.”.

(b) in the said rules, in rule 20, after proviso in sub-rule (2), the following explanations shall be numbered namely

‘Explanation-I’ – For the purpose of this sub-rule, “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from and lending to, its members only, for their mutual benefit, and which complies with such rules as are made by the Central Government for regulation of such class of companies.

Explanation-II.- For the purposes of this rule, the expression-

i) ‘agency’ means the National Securities Depository Limited, the Central Depository Services (India) Limited or any other entity approve. by the Minis, of Corporate Affairs subject to condition that the National Securities Depository Limited, the Central Depository Services (India) Limited or such other entity has obtained a certificate from the Standardization Testing and Quality Certification Directorate, Department of Information Technology, Ministry of Communications and Information Technology, Government of India including .th regard to compliance with parameters under Explanation (vi);

(ii) ‘cut-off date’ means a date not earlier than seven days before the date of general meeting for determining the eligibility to vote by electronic means or in the general meeting;

(iii) ‘cyber security’ means protecting information, equipment, devices, computer, computer resource, communication device and information stored therein from unauthorized access, use, disclosures, disruption, modification or destruction;

(iv) ‘electronic voting system’ means a secured system based process of display of electronic ballots, recording of votes of the members and the number of votes polled in favour or against, in such a manner that the entire voting exercised by way of electronic means gets register and counted in an electronic registry in a centralized server with adequate cyber security;

(v) remote e-voting’ means the facility of mating votes by a member using an electronic voting system from a place other than venue of general meeting’

(vi) ‘secured system means computer hardware, software, and procedure that-

  • are reasonably secure from unauthorized access and misuse;
  • provide a reasonable level of reliability and correct operation;
  • are reasonably suited to performing the intended functions; and
  • adhere to generally accepted security procedures;

(vii) ‘voting by electronic means’ includes “remote e-voting and voting at the general meeting through an electronic voting system which may be the same as used for remote e-voting.”

(c). in the said rules , for Form No.MGT-7, the following forma No.MGT-7 and MGT-7A shall be substituted, namely:-

CompaniesMgmtAdminAmndtRules_05032021_removed

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