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March 6, 2021
MGT 7A- An Abridged Annual Return Form for One Person Company and Small Companies- MCA issues Companies (Management and Administration) Amendment Rules, 2021
Ministry of Corporate Affairs on 5th March 2021 to amend Companies (Management and Administration) Rules, 2014, released Companies (Management and Administration) Amendment Rules, 2021. These amendments were issued and confirmed via a notification issued in the official Gazette. According to which a new abridged annual return filing form MGT 7A has been introduced for One Person Company and Small Company instead of Form MGT 7.
Table of Content
Companies (Management and Administration) Amendment Rules, 2021
- MCA has named these amendments as the Companies (Management and Administration) Amendment Rules, 2021.
- These amendments will be applicable from the date of the publication of the official gazette i.e. 5th March, 2021.
Introduction of Form MGT 7A for One Person Company and Small Companies
- Earlier, every company be it Private Limited Company, One Person Company or small company, registered in India was required to file its annual return in Form MGT 7.
- But now as per the Companies (Management and Administration) Amendment Rules, 2021, Every company shall file its annual return in Form MGT-7 except One Person Company (OPC) and Small Company.
- One Person Company and Small Company shall file annual return from the financial year 2020-2021 onwards in MCA Form MGT-7A.
- Hence, the One Person Company and Small Company is now required to file its annual return in MGT 7A instead of MGT 7.
- Form MGT 7A is required to be file with ROC with prescribed fees.
Apart from this, the Ministry of corporate affairs has also given explanation for a few terms such as Nidhi, agency, cut off date, cyber security etc. Also, the MCA has attached the samples of new Form MGT 7 and MGT 7A in the Companies (Management and administration) Amendment Rules, 2021.
Download PDF of official notification for Companies (Management and Administration) Amendment Rules, 2021 along with MGT 7 and MGT 7A.
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