What is Form MGT 7?

Introduction

Form MGT 7 is an electronic form that is granted to all the companies given by the Ministry of Corporate Affairs for filing all the details of their annual return. The Registrar of Companies uses to maintain this e-form through an electronic mode and based on the statement of correctness that is given by the company. MGT 7 is a popular form among the companies which are required to file the form according to the rules and regulations of the Ministry of Corporate Affairs.

Filing the MGT 7 Form

In India, all registered companies must file the MGT 7 e-form every year. It doesn’t matter whether the company is public or private. It is necessary to file Form MGT 7 for the company for its annual return.

Penalty if the company does not file the MGT 7 Form

If any company does not file the MGT 7 form on time then it would pay a penalty of INR 100 /day as default. In 2018 the levied penalty was increased. So that it should be filed the Form MGT 7 annually before the last date.

Filing Fees of MGT 7 Form

The fee for the filing of the company's annual return through the Form of MGT 7 is decisive by the nominal share capital of a company. The form of MGT 7 filing fee starts from Rs.200 for the company with a Share Capital of less than 1Lakh Rs. The fee amount extends with extends in the share capital of the company. When filing the annual return MGT 7 with ROC then the company must pay this fee. If the companies not having a share capital then the Filing Fee of MGT 7 is Rs 200.

Late fee for filing the MGT 7 Form

Attachments needed to file the form of MGT 7 

One can file an e-form of MGT 7 by attaching the scanned copy of documents under the attachment head. This attachment section is given at the end of the form and some other essential attachments are given below:

• List of investors

• Debenture holders

• Approval letter for augmentation of Annual General Meeting

• MGT-8 copy 

• Optional Attachments

Last Date for Filing the MCA Form of MGT 7 for the F.Y. 2021-22

• The company is necessary to file the form of MGT 7 within 60 days from the AGM date.

• The last date for conducting the annual general meeting is on or before the 30th of September and after the closing of every F.Y.

• The last date for filing the MCA Form MGT 7 is 28th November 2022 for the Financial Year 2021-22.

Steps to File the form of MGT 7 Annual Return Form-

Some steps are given below for filing the form of MGT 7:

1.    Registration and Other Details

• CIN Number of the Company

• Name of the Company

• Date of the Incorporation

• Type of Company

• Whether Company is having a share capital or not

• Financial Year, Date, and Time

• Mention the date on which the Annual General Meeting was held.

2.    Principal Business Activities of the Company

• Sr. No

• Main Activity Group Code

• Description of Main Activity Group Code

• Business Activity Code

• Description Business Activity

• Company Turnover in Percentage

3.    Particulars of Holding

• Sr. No

• Name of the Company

• CIN number of the company

• Holding/Subsidiary/Associate/Joint Venture

• Percentage of Share

4.    Fulfill all the details of the Share Capital, Debentures, and Other Securities of the Company

5.    Debentures and Securities

6.    MGT-7 Turnover Net Worth

• Mention the Turnover of the company

• Mention the Net worth of the company

7.    MGT-7 Details of Directors

• Composition of Board of Directors

• Provide all the details of Directors and Key managerial personnel at the end of the Financial Year.

8.    Meeting of Members, Class of Members, Board, Committees of the Board of Director

• Mention all the details of the Member, Class, Requisitioned, NCLT, and Court Convened Meeting of the company.

• Board Meeting

• Committee Meetings

9.    Remuneration of Directors and Key Managerial Personnel

10.    Matters Related to Certification of Compliances and Disclosures

11.    Penalty and Punishment

Under this part provide the necessary detail which is given following:

• Details of the Penalties and Punishment Imposed on Company, Director, and Officers

• Detail of Compounding of Offences

12.    Complete List of Shareholders: Provide the complete list of the shareholders of the company.

13.    Compliance of Sub Section

14.    Declaration

Conclusion

It is concluded that MGT 7 is a popular form among the companies which are required to file the form according to the rules and regulations of the Ministry of Corporate Affairs. It is necessary to file Form MGT 7 for the company for its annual return. The form of MGT 7 filing fee starts from Rs.200 for the company with a Share Capital of less than 1Lakh Rs. The fee amount extends with extends in the share capital of the company. The company is necessary to file the form of MGT 7 within 60 days from the AGM date.

For all your filing-related compliance for the MCA form of MGT 7 then eStartIndia Company is readily available to cater to you with the best of ROC/MCA filing software therefore Generally Company Law which is used by thousands of tax professionals across India. Generally, Company Law is capable of minutes register and all the relevant ROC filing according to the due date and rules and regulations.

Author:

Radhika Punani
Ambala
I am Radhika from Ambala city. I qualified LLM from Kurukshetra University and B.A.LLB from Maharishi Markandeshwar University