Hope you all are doing well during this Pandemic.
This very latest step of the MCA (Ministry of Corporate Affairs) encourages us to get some new compliance after every periodic interval which also helps us to learn new things each year. Additionally, and even after 6 years of implementation this new Companies Act, 2013 seems afresh. And, MCA probably won’t even let us get bored. Well, we will go through some of the Form PAS-6 related details.
So, let’s Just begin with Frequently Asked Questions (FAQ’s) on deployment of E-Form PAS-6 on MCA.
General Queries for E-form PAS-6
Q.1 – What is the main Goal of Deployment of New E-Form PAS-6?
The e-Form PAS-6 has been deployed to reconcile the Share Capital Audit Report on a half-yearly basis.
Q.2 – Under which provision the new E-Form PAS-6 is in governance?
Following the Rule 9A of Companies (Prospectus and Allotment of Securities) Rules, 2014 which was amended with Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019.
Q.3 – From when the new E-Form PAS-6 is Available?
The New E-Form PAS -6 is available with effect from 15th July 2020 for filing on the MCA portal.
Q.4 – Who will file e-form PAS 6?
Every unlisted public company will have to file New e-form PAS 6 following are exempted from it;
- a Nidhi
- a Government company or
- a wholly-owned subsidiary
Q.5 – What is the Due date for Filing e-form PAS 6?
Each unlisted public company administered by this rule has to submit Form PAS-6 to the Registrar with the appropriate fee as mentioned in Companies (Registration Offices and Fees) Rules, 2014 within sixty days from the end of each half-year. It means 30th May and 29th Nov of each FY.
Q.6 – Who will be authorized to certify the new e-Form PAS-6?
To certify E-form PAS-6 a Company Secretary and a Chartered Accountant in Practice shall be authorized.
Q.7 – Is there any mandatory attachments for the new e-form PAS -6?
There is no document attachment stated mandatory in new e-form PAS -6 but for record-keeping purposes, the company can attach documents received from depository stating information of shares kept in DEMAT.
Q.8 – What are the Sections (Contents) of New E-Form PAS -6?
- ISIN. All information will be provided separately for each ISIN for the half-year ended 30 September and 31 March in each financial year.
- A description of the issued capital number of shares and the percentage of total issued capital as well as the total number of shares held in dematerialized or in physical form.
- Info of changes in the share capital in the form of Private placement, Rights, Bonus, ESOPs, Conversion, Buyback, Amalgamation, Capital Reduction, Forfeiture, and others.
- Description of shares held by promoters, directors, and KMPs in DEMAT or physical form.
- Info about Register of Members is Updated or not.
- Info about the total number of Demat requests (if any), confirmed after 21 days, and the number of Demat requests pending exceeding 21 days, along with the appropriate reasons for the delay.
- Confirmation about whether a common agency for registry appointed or not.
- Detail of Company Secretary of the Company, if any; if not, then digitally signed by the Director or CFO or Manager.
Q.9 – What are the unique main benefits of the new E-Form PAS-6?
- The purpose of the e-Form PAS-6 is to make the record of the unlisted public company shares more transparent as the company will immediately bring a depository notice of the difference between the capital issued and the dematerialized form in the capital.
- After deployment of this particular form, Unlisted Public Companies will update their Registers in a more disciplined manner.
Q.10 – Are there any penal provisions for not-furnishing e-Form PAS-6?
As Rule 9A doesn’t have anything about the penalty for non-compliance therefore section 450 (Residuary provision for the penalty) will be considered to define the penalty.
The company and every officer of the company who is in default or with any other person will be fined which can be up to ten thousand rupees. And if the violation continues, then an additional fine which may increase to one thousand rupees per day after the first, during which the violation continues.