What happens if MGT 7 is not filed?
If any company does not file Form MGT 7 on time, it would attract a penalty of INR 100 per day as default. The levied penalty was remarkably increased in 2018. So, it should be a good approach to file an annual return in this form before the last date.
What are the disqualification of directors?
Under company law, a director can be disqualified for any of the following reasons:
- He is of an unsound mind and is declared so by the court.
- He is insolvent.
- He is in the process of declaring insolvency and his application is pending.
Is it mandatory to sign MGT 7 by company secretary?
When OPC is concerned – the signature by the company secretary on Form MGT 7 is required and if there is no company secretary for the firm then the signature is required by the director of the company.
Is MGT 7 mandatory for OPC?
An OPC is required to file 2 forms annually namely, MGT 7 and AOC 4.
What to do if all directors are disqualified?
To become a director after a disqualification, the disqualified director may have to appeal to the NCLT and work closely with Officers at MCA for filing returns. Hence, its important to engage an experienced CA or CS or Lawyer immediately after disqualification to resolve the matter.
How long can a director be disqualified for?
between 2 and 15 years
The period of disqualification is between 2 and 15 years. As an alternative to court action, if a director accepts that they should be disqualified, they can offer a disqualification undertaking and avoid court action. This has the same force and effect as a court order.
How long does a company have to file accounts?
Once you have filed your company’s first set of annual accounts, the deadlines that apply to second and subsequent filings are more straightforward: Private companies must file within 9 months of their accounting reference date. Public companies must file within 6 months of their accounting reference date.
