Mandatory Dematerialization of Shares for most of the Private Companies in India and Filing of Form PAS - 6
CA. Megha Munjal
Senior Finance Manager | Chartered Accountant (CA) | mFilterIt | ex-Crownstack | ex-AT Kearney
The Ministry of Corporate Affairs (MCA) issued a notification on October 27, 2023, mandating that Non-Small Private Companies dematerialize their shares by September 30, 2024, as per the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023.
The Ministry of Corporate Affairs (MCA) introduced this new compliance to:?
The deadline for completing this process was September 30, 2024.
Exemptions
Now, What is a Small company as per the Companies Act, 2013?
Small company means a company other than a public company:
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Procedure
Penalties
Companies and officers who do not comply with the rule may face penalties, including:?
Filing of Form PAS - 6
As per Rule 9A (8) Every Non-Small Private Company governed by this rule shall submit Form PAS-6 (Reconciliation of Share Capital?Audit Report) to the Registrar with the prescribed fees as provided in the Companies (Registration Offices and Fees) Rules,2014 within sixty days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice.
Consequences of the provision are:
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