MCA Extends Some Reporting Compliance Deadlines to March 31: V3.0 Portal Migration
India’s corporate affairs ministry (MCA) has extended the filing deadline for 45 forms launched in January 2023, besides other reporting compliance like PAS-03 and SPICe+ Part A, as it manages the migration to Version 3 of the MCA-21 portal. It must be noted that for a specified filing period, some stipulated forms must be submitted in physical mode as well – with the concerned Registrar.
Due to several concerns raised over the timely filing of company e-Forms and other reporting compliance on the new MCA-21 Version-3 portal of the Ministry of Corporate Affairs (MCA), the deadlines for the same have been extended at no additional fee cost.
Filing date extended for 45 forms
Issuing General Circular 05/2023, on February 22, the MCA announced that stakeholders would be given further additional time till March 31, 2023 for filing of 45 forms launched on January 23, 2023 – without payment of extra fees.
This is in continuation of General Circulars No. 1/2023 (dated January 9, 2023) and 03/2023 (dated February 7, 2023). Also, the General Circular 04/2023 dated February 21, 2023 indicated that no additional fees would be levied.
Filing certain forms in physical mode for interim period and undertaking for e-Form submission
To ensure a smooth information transition during the portal migration to V3, the MCA is asking companies intending to file specific forms between February 22, 2023 to March 31, 2023 to submit them in physical mode, duly signed by the persons concerned as per requirements of the relevant forms, along with a copy thereof in electronic media, with the concerned Registrar without payment of fee, and with the receipt of acknowledgement.
In addition to the physical filing with the concerned Registrar, the company must provide an undertaking that it will file the relevant Form in electronic mode on the MCA-21 Portal along with the fee payable as per the Companies (Registration Offices and Fees) Rules, 2014.
List of forms needing physical submission as well undertaking for electronic filing:
- Form GNL-2 (Filing of prospectus related documents and private placement)
- MGT-14 (Filing of Resolutions relating to prospectus related documents and private placement)
- PAS-3 (Return of allotment of shares)
- SH-8 (Letter of offer for buyback of own shares or other securities)
- SH-9 (Declaration of solvency)
- SH-11 (Return in respect of buyback of securities)
Reservation period of names extended
The reservation period for the company names that are reserved under sub-section (5) of section 4 of the Companies Act, 2013 has been extended by a further period of 20 days.
Also, the resubmission period under rule 9 of the Companies (Incorporation) Rules, 2014 falling between January 23, 2023 and February 28, 2023, has been extended by 15 days.
Why the extensions have been announced now
The MCA extended relevant deadlines so that affected stakeholders can seamlessly migrate to the newer filing system launched on the MCA21 Version-3 portal. Stakeholders will get more time to get adjusted to the changes, including fresh registration of users.
Importantly, the extension will ensure stabilization of the 45 forms launched on the MCA-21 V3 portal – in transition from the portal’s Version 2.
The MCA’s actions will bring some relief, as the portal roll-out has seen several glitches impacting normal company operations and compliance. Forms like PAS-3, for instance, must be filed by companies if they wish to use funds raised from investors [share allotment].
Meanwhile, the Kerala High Court recently delivered a verdict on a writ petition, which sought relief from the court to be make filings physically since the online system appeared unstable.
The Institute of Company Secretaries of India (ICSI) had also raised its concerns on 18 technical issues with the latest version of the MCA-21 portal in early February.
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