FAQ’s Shifting of forms from MCA V-2 to MCA V-3

Introduction

The Ministry of Corporate Affairs (MCA) has released a second set of company forms, totalling 56 forms in two lots for shifting forms from Version 2 to Version 3 (MCA21 V3 portal). 10 of the 56 forms are already available from January 9, 2023, and the remaining 46 forms will be available from January 23, 2023. This article focuses on all the answers to your questions on shifting forms from MCA V-2 to MCA V-3.

FAQ’s Shifting of forms from MCA V-2 to MCA V-3

1. What is the MCA V3 Portal?

The MCA has used this portal to upgrade the current portal from Version 2 to Version 3. V3 is an improved version of the V2 site which is only available to LLPs. For LLPs, the V3 site currently permits the following:

• User Registration & Login
• Filing of DSC Association
• Filing of DSC Association

On March 8, 2022, the above services on the V3 portal were launched.

2. What are the “key” changes between V2 and V3?

• In Version 2 forms needed to be completed and uploaded to the site, whereas in Version 3 forms shall be completed online.
• This makes it convenient for users, who can save forms that are only partially completed.
• In Version 2, there was simply a My Workspace that had a list of Ministry of Corporate Affairs alerts and circulars.
• There is a customized “My Application” functionality in Version 3.
• It enables users to view any forms they have submitted together with the information on how they are being processed, such as if they need to pay fees or submit them again.
• In contrast, the user id was required for login to the V2 portal, and V3 requires the user’s email address.
• When a business user has logged into the Ministry of Corporate Affairs system to verify the user’s identity, an OTP will be issued to his email and mobile device.

3. Who is a Business User in V3?

Any of the following can access and submit all forms as a business user. Between V2 and V3, a business user’s name or role remains unchanged. You can pick the category that best fits your needs.

• Company/Limited Liability Partnership (LLP)
• Director/Designated Partner
• Manager/Secretary/Authorized Representative
• Officer in Default
• Professional

4. Does the 15-day extension apply to PAS-3?

According to the MCA website, PAS-3 filings on the V-2 portal are now permitted until January 19, 2023, and PAS-3 will be accessible on the V-3 portal from January 23, 2023. Therefore, PAS-3 form extension will not be applicable.

5. Do we need to submit those 46 Forms again on the V-3 portal after January 23 which we submitted on 7th January?

According to an update notification on the MCA website, none of those 46 forms should be pending resubmission. If any of your applications are revised on January 7, they would need to be submitted once again on the V-3 portal by January 23.

6. If the due date of any of the 46 forms occurs between 07.01 and 22.01. What deadline follows the extension?

MCA has extended the deadline by 15 days. Therefore, Actual Date + 15 Days = New Due Date, which shall be used for all 46 forms.

7. Is it allowed to submit GNL-2 and MGT-14 according to General Circular No. 2 for any purpose during the MCA transition from V-2 to V-3?

According to MCA Circular No. 2, GNL-2 and MGT-14 may only be filed during the transitional phase with regard to prospectus-related documents.

8. Can MGT-14 be filed to open a private placement offer? 

According to MCA Circular No. 2, MGT-14 may only be used to file prospectus-related documents during the transition period. Therefore MGT-14 for a private placement of shares cannot be filed during the transition period.

9. Is it possible for any company to launch a private placement of shares between 7th to 22nd January?

According to Section 42 of the Companies Act,2013, a Company is required to submit MGT-14 to the ROC before issuing an Offer Letter for a Private Placement of Shares. The companies are not permitted to open any new private placement offers from January 7 to January 22 as MGT-14 filings are not permitted during that time.

10. Where can I submit my LLP and company forms?

The Limited Liability Partnership (LLP) forms have been moved to Version 3 of the portal, however, Company forms are still in Version 2. To ensure a seamless transition of the portal, this migration is being done in stages.

11. How long will it take to complete registration?

You can begin filling out LLP-related forms as soon as you register in V3 as a new user. However, it would take 4 to 5 hours for the User registration to function properly in V2 filings for Companies. After completing registration, users will receive 2 unique passwords, one for LLP filing and one for company filing.

12. What information is required for registration?

The following information will be required for registration based on the user’s category. Some requirements are common to all categories, while others have unique data requirements. A few of the common requirements are detailed below.

• For both registered and business users, an e-mail address, a phone number, and an address are necessary.)
• PAN is not required for registered users but it is required for commercial users.
• Company/LLP User: FCRN /LLPIN /FLLPIN /CIN
• Director/Designated Partner: DPIN /DIN
• Manager/Secretary/Authorized Representative: General inputs only
• Officer in Default: Only General Inputs
• Professional: Professional Institute / Professional Membership Number

Read more on List of Company Forms: New Company forms on 9 and 23rd January