Companies get extra time to file 46 statutory forms
1 min read . Updated: 08 Feb 2023, 03:23 PM IST
Premium- The ministry is attempting to automate processes to reduce reliance on manual effort and is using technology for enhanced security and user experience. This is expected to speed up process and allow automatic detection of filing errors or non-compliances by companies
New Delhi: The government has given companies an extra 15 days to file 46 statutory forms related to Companies Act compliances without additional fee as it is in the process of overhauling its compliance management system.
An official order from the ministry of corporate affairs said that the additional time has been provided due to changes in the way of filing forms in the latest version of MCA21, the compliance portal of the ministry. The new forms were rolled out on 21 january.
Earlier, the ministry had given 15 days extra time without additional fee for those companies which had to file 45 of these forms between 7 January and 22 January, during which period the forms were not available. In its latest order, the ministry said that more time has been provided following the various representations it received.
"It has been decided to allow further additional time of 15 days for filing of these forms, without additional fees, to the stakeholders," the ministry said.
Reporting of appointment and changes regarding directors and managerial persons, reporting of resignation of directors, application for director identification number, application for conversion of public limited company into private limited company and vice versa, forms for various approvals regarding managerial remuneration, alteration of share capital and buy back of shares are among the forms for which extra time has now been given to companies.
Fifteen days extra time has also been given for reporting of share allotment in form PAS-03 for businesses whose due dates for filing fall between 20 January and 6 February without payment of additional fees, the ministry said.
The ministry is attempting to automate processes to reduce reliance on manual effort and is using technology for enhanced security and user experience. This is expected to speed up process and allow automatic detection of filing errors or non-compliances by companies.
Once the upgrade of the statutory filing system is complete, the ministry intends to roll out an e-adjudication facility for compoundable offences, which is expected to reduce the burden on tribunals.
