PENAL PROVISIONS FOR NOT OBTAINING ISIN BY UNLISTED PUBLIC COMPANIES

PENAL PROVISIONS FOR UNLISTED PUBLIC COMPANIES

As we all are aware that the Ministry of Corporate Affairs has introduced a new form i.e. Form PAS-6 (Reconciliation of Share Capital Audit Report on a half-yearly basis) which is basically used for the reconciliation of the share capital audit report on the half-year basis.

The last date for filing of PAS-6 after deployment of form PAS-6 is September 12th, 2020, and thereafter 60 days from the date of the conclusion of each half year.

As there is no penalty prescribed under rule 9A for non-compliance, therefore Section 450 of Companies Act, 2013 (punishment where no specific penalty or punishment is provided) will be applicable.

Read Also: Know All About MCA Form PAS-6 For Unlisted Public Companies

As per Section 450, the company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to ten thousand rupees, and where the contravention is continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which the contravention continues.
Kindly get the ISIN for your Company as soon as possible to avoid the penalty for delay in filing Form PAS-6.

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