MCA notifies procedure for physical submission of compliance forms
Feb 23, 2023
The ministry of corporate affairs (MCA) on Tuesday notified the procedure for physical submission of compliance forms. The development comes after several companies faced impediments due to glitches in the new online filing portal. In a general circular, the ministry said companies can submit several forms, including PAS-3, GNL-2 and MGT-14, in physical mode. These three forms pertain to capital-raising activities.
The Companies Act mandates that these forms should be submitted before the company can utilise the proceeds. However, since the portal was facing technical glitches, several companies were unable to file the forms and, hence, were unable to utilise the funding proceeds.
This ministry’s move comes after it received representations from both companies and professional bodies seeking resolution of the issue.
The physical forms can be submitted only during the period February 22 to March 31, according to the circular.
The circular said that companies “may file such form 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 concerned registrar without payment of fee and take acknowledgement”.
The ministry also clarified that no additional fee will be applicable for such submissions. This is because the ministry has already extended the deadline for submission. This year, the ministry transitioned to a new portal, V3, in January, from V2, and ever since the new portal was launched, market participants have been facing challenges.
[The Economic Times]