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DIR-3 KYC Filing Date Extended – How to file the form?

The government has extended due date of filing DIR-3 KYC without any late fee till 15th September. As a part of updating the registry, the Ministry of Corporate Affairs as is conducting KYC of all Directors of all companies annually through DIR-3 KYC form. This form is compulsorily required to be filed by every director who has been allotted a Director Identification Number on or before 31st March of a financial year and whose DIN is in Approved status. It is mandatory for Disqualified directors also. Late filing after 15th September would attract the penalty of RS 5000.

There are no filing Fees for DIR-3 KYC within the due date of the respective financial year, however, if the form is filed after the due date, a fee of Rs.5000 shall be payable and in addition, the DIN of the director will be deactivated with the reason shown as Non-filing of DIR-3 KYC. In future, if the director is looking to re-activate his DIN, the same can be done after paying a late fee of Rs 5000.

Documents required for filing the DIR-3 KYC e-form:

The following documents are required to file DIR 3 KYC e-form. It is necessary to ensure the correctness of all the required documents.

  • Digital signature certificate of Director
  • Self-attested PAN card;
  • Self Attested Aadhar Card or any one of the following: Passport, Election (Voter Identity) Card, Ration Card, Driving License, Electricity bill, Telephone bill.
  • If You have a passport, then self-attested passport also;
  • Permanent residential address of the individual.
  • Unique Mobile No and E-Mail ID and OTP will be required from the same.
  • It is mandatory to get the form attested by a practicing company secretary, chartered accountant or cost accountant.

Steps for filing your DIR – 3 KYC form:

Step 1:  Download the form from the MCA website.

DIR-3 KYC

Step 2: The KYC should have the DIN which should be approved. Once you click the “DIR-3 KYC Form Download, a Zip folder would be downloaded with two PDF. One would be a help PDF and other would be the form.

Step 3: Enter your relevant personal details such as nationality, age, name, address, PAN number, contact details, etc. But the following points should be considered while submitting personal details.

  1. a) The name and address entered should match with the PAN details
  2. b) The person should be at least 18 years old to file the application.
  3. c) The PAN should be verified and the one given in the form should match the one given in the DSC.
  4. d) Foreign nationals who serve as company directors should select nationality as declared in the passport.

Step 4: Upload all the necessary documents as mentioned above. Before uploading, make sure all the documents are attested by the respective authority.

Step 5: Thoroughly proofread all the details and click on the submit button for submitting the form.

Once the eForm  DIR-3 KYC is submitted, the user would get a service request number. Through this SRN, one can check the approval status of the transaction and can use it for future correspondence with the MCA. Also, an email will be received by the applicant regarding the approval of the receipt of the form.

Looking for DIR-ekyc filing help or Digital signature for DIR3-ekyc contact S.kumar  @09902977233 or visit www.saidigitalsignature.com 

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Major revamp in Company incorporation and INC-1 form Not available till 25th Jan 2018

Ministry of Corporate Affairs (MCA) is in the process of revising the incorporation and the DIN application process. The below are some important points for your perusal:

Allotment of DIN

For New Company: DIN of the proposed director needs to be applied at the time of filing of SPICE Form for incorporation. In this, application can be made for 3 directors at max.

For Existing Companies: DIN shall be applied by the Company who is appointing the person as a director through e-form DIR 3

Incorporation process

Now, while incorporating a new company, separate application for name approval (through INC 1) is not required. The name application would be included as a part of incorporation process.

The form INC 1 is to be done away with and the new form would come into place after January 26, 2018.

MCA is proactively designing a Front Office service (replacing INC-1 eform with Web-Form) for Name Reservation and Change of Name for companies capturing only absolutely essential information from the applicants. The said service is likely to be rolled out on 26th January 2018.

It is proposed to reengineer the process of allotment of DIN by allotting DIN to individuals only at the time of their appointment as Directors (If they do NOT possess a DIN) in companies. DIR-3 (Application for Director Identification Number) would be applicable for the allotment of DIN to individuals in respect of existing companies only and shall be filed by the existing company in which the proposed Director is to be appointed. Further, DINs to the proposed first Directors in respect of new companies would be mandatorily required to be applied for in SPICe forms (subject to a ceiling of 3 new DINs) only.

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Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17

Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17:

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
OFFICE OF THE REGISTAR OF COMPANIES
RoC-Delhi

Dated: 04-10-2017

Dear Sir/Madam,

Subject: Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17

1.As you are aware, Companies are statutorily required to file Annual Return and Financial Statements every year. These filings account for approximately 50% of the total filings done during the year. It is observed that bulk of annual filings is being done during the months of October and November. To avoid last minute rush and system congestion in MCA21 during the month of October and November 2017, you are requested to file your returns without waiting for the last date.

2.In case your company has already filed the relevant forms as above, please ignore the mail.

                                                                                                           Yours faithfully
                                                                                                                RoC

Kindly don’t ignore the filing or else it may lead to strike-off as completed in 2 rounds recently.

  • A total of 3,19,637 directors of shell companies stand disqualified
  • There are about 50 companies which had over 400 banks accounts
  • Earlier on September 12, over one lakh directors were disqualified by the ministry.

What section of 164 of companies Act 2013 says ?

  1. Disqualifications for appointment of director

(1) A person shall not be eligible for appointment as a director of a company, if —

(a) he is of unsound mind and stands so declared by a competent court;

(b) he is an undischarged insolvent;

(c) he has applied to be adjudicated as an insolvent and his application is pending;

(d) he has been convicted by a court of any offence, whether involving moral turpitude or otherwise, and sentenced in respect thereof to imprisonment for not less than six months and a period of five years has not elapsed from the date of expiry of the sentence:

Provided that if a person has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more, he shall not be eligible to be appointed as a director in any company;

(e) an order disqualifying him for appointment as a director has been passed by a court or Tribunal and the order is in force;

(f) he has not paid any calls in respect of any shares of the company held by him, whether alone or jointly with others, and six months have elapsed from the last day fixed for the payment of the call;

(g) he has been convicted of the offence dealing with related party transactions under section 188 at any time during the last preceding five years; or

(h) he has not complied with sub-section (3) of section 152.

(2) No person who is or has been a director of a company which—

(a) has not filed financial statements or annual returns for any continuous period of three financial years; or

(b) has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on the due date or pay interest due thereon or pay any dividend declared and such failure to pay or redeem continues for one year or more,shall be eligible to be re-appointed as a director of that company or appointed in other company for a period of five years from the date on which the said company fails to do so.

(3) A private company may by its articles provide for any disqualifications for appointment as a director in addition to those specified in sub-sections (1) and (2):

Provided that the disqualifications referred to in clauses (d), (e) and (g) of sub-section

(1) shall not take effect—

(i) for thirty days from the date of conviction or order of disqualification;

(ii) where an appeal or petition is preferred within thirty days as aforesaid against the conviction resulting in sentence or order, until expiry of seven days from the date on which such appeal or petition is disposed off; or

(iii) where any further appeal or petition is preferred against order or sentence within seven days, until such further appeal or petition is disposed off.

 

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NOTICE FOR DEFAULT UNDER SECTION 92 AND 96 READ WITH SECTION 403 OF THE COMPANIES ACT, 2013

MCA has started issuing notice to companies which have failed to file annual return with ROC. There are lakhs together companies which got registered but failed to submit annual return and return of meeting held in the form of MGT 7.

NOTICE FOR DEFAULT UNDER SECTION 92 AND 96 READ WITH SECTION 403 OF THE COMPANIES ACT, 2013  GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS OFFICE OF REGISTRAR OF COMPANIES, ROC – BANGALORE E Wing 2nd Floor Kendriya Sadana Kormangala Banglore-560034

NOTICE FOR DEFAULT UNDER SECTION 92 AND 96 READ WITH SECTION 403 OF THE COMPANIES ACT, 2013(XYZ PRIVATELIMITED ) CIN (XXXXXXXXXXXXXXX)

1. Whereas the above named company ought to have held its Annual General Meeting in respect of the Financial Year ending 31.03.2015 in terms of section 96 of the Companies Act, 2013 herein after referred to as the Act.

2. And whereas an Annual Return made up to 31.03.2015 in accordance with the section 92 of the Act should have been filed on or before 29.11.2015.

3. And whereas the Annual Return should have been filed with the Registrar in the manner as prescribed u/s 92(1) of the Act and within the time as specified u/s 92(4) read with Section 403 of the Act & further read with the Companies (Management and Administration ) Rules, 2014 as amended from time to time.

4. And whereas the said Annual Return has not been filed so far and the undersigned has reasonable cause to believe that the aforesaid provisions of the Act have not been complied with.

5. Now therefore the addressees (being the company or its Directors/Officers in default as the case may be) are hereby called upon to Show Cause as to why action should not be taken by launching Prosecution under sections 92 and 99 for contravention of sections 92, 96, respectively read with section 403 of the Act. Please take notice that if no cause is shown within 15 days from the date of issue of this notice, necessary Prosecution against the addressee shall be launched.

6. A copy of this notice is being served on the company and its officers in default as per provisions of section 20 of the Companies Act, 2013. Company is requested to bring this notice to the knowledge of its officers who were in default immediately upon its receipt. In terms of the provisions of section 20 of the Companies Act, 2013, service of this notice is made by electronic mode to the company on email id provided by them on MCA Portal.

7. Your attention is invited to the provisions of Section 441 of the Companies Act, 2013 for option of compounding of the said offence.

If you wish to attend this kind of notice contact www.saiconsultingservices.com

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Ministry Of Corporate Affairs Issues Notifications Regarding Corporate Restructuring

The Ministry of Corporate Affairs has put out the notification regarding provision of the Companies Act 2013 (Act). As per the notification, National Company Law Tribunal will be enabled to handle the corporate restructuring and winding up companies in addition to transfer of pending proceedings to it.

Corporate restructuring involves transformation of the organization of a business. The definition of corporate restructuring has a very wide definition and can involve things like mergers of the departments, buyout, reshuffling and also relocating staff members.

The Ministry of Corporate Affairs has brought into force provision of the Act linked with to variation of shareholders’ right, compromises, arrangements, amalgamations and reduction of share capital. All these provisions will come into effect from December 15, 2016. The components of the compromises, arrangements and amalgamations include:

  • The Power vested with NCLT to implement the compromise or arrangement
  • The Power of NCLT to issue a binding order for a meeting so as to provide for the compromise or arrangement with creditors and members
  • Authorisation to purchase minority shareholdings, given 90% of the shareholding of the company has been acquired
  • The conditions to be met in case of a scheme of amalgamation or merger
  • Authority of the Central Government to furnish a notice for the amalgamation of companies for the benefit of the public
  • Various other procedures and formalities required for implementation of a scheme of merger, amalgamation, arrangement or compromise.

The government has not issued any notification relating to cross-border mergers and takeover offers under a compromise or arrangement.

MInistry of Corporate Affairs notification for restructuring

Corporate restructuring

Winding-Up Provisions

During the proceedings the company is dissolved and during the process assets are collected, debts are paid and the assets of the company or contribution made by the members should be done, if deemed necessary. After the process of wind up, if anything is left then it will be distributed among the members according to their rights.The ministry has given power to NCLT to wind up the powers but has put the condition that voluntary winding-up provisions will come into effect starting April 1, 201These are the powers that ministry has vested in NCLT:

  • Power and jurisdiction of the NCLT and the situations in which a company will go for wind-up
  • Power to NCLT in appointment, working powers, obligations and procedural compliances to be observed by a company liquidator.
  • Eligibility to file a petition for winding up before the NC

Transfer Of Pending Proceedings

NCLT benches will take care of all the proceedings under the Act pertaining to compromise, arbitration, arrangements and reconstructions. After, the government will notify the implementation date, the NCLT will take from there and hear the transferred matters right from where the proceedings were paused. However, NCLT will not be given the cases that have been reserved by the High Court.

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