What is Form MGT-7?
Form MGT-7 is an electronic form mandated by Section 92 of the Companies Act, 2013. It serves as the annual return that companies file with the Ministry of Corporate Affairs (MCA). This form gives a comprehensive overview of the company’s status at the end of its financial year, including:
- Basic company information (such as its Corporate Identification Number, name, and registered office address)
- Main business activities
- Details of directors and key managerial personnel
- The company’s shareholding structure
- Information on its debts
- Remuneration paid to directors and key management staff
- Any penalties or legal cases the company might be involved in
Filing MGT-7 is generally compulsory for almost all companies, with a few exceptions that we’ll cover later.
What is Form MGT-7A?
To ease the compliance burden for smaller entities, the MCA introduced Form MGT-7A in 2021.This is a streamlined version of MGT-7, specifically designed for small companies and One Person Companies (OPCs).While it covers similar ground to MGT-7, it demands less detailed information, simplifying the annual filing process for businesses with fewer complexities.
Who Needs to File MGT-7 and MGT-7A?
The type of form a company needs to file depends on its nature and size.
Applicability of Form MGT-7:
- Private Limited Companies (unless they qualify as small companies or OPCs)
- Public Limited Companies
- Section 8 Companies (non-profit organizations)
- Producer Companies
- Foreign Companies operating in India
Essentially, if a company isn’t a small company or an OPC, it needs to file MGT-7.
Applicability of Form MGT-7A:
- Small Companies
- One Person Companies (OPCs)
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