Form MGT-6 – Applicability, Fees, Due Date & Filing Procedure

Form MGT-6 – Applicability, Fees, Due Date & Filing Procedure

Form MGT-6, a key company compliance document under the Companies Act 2013, is mandated by Section 89(6). This eForm is filed with the registrar to declare the persons who are on the list of registered members as shareholders but do not have a beneficial interest in shares. The procedure involves submitting the prescribed form within thirty days of receiving the declaration, along with the necessary fees or additional fees as outlined under Section 403. Understanding the applicability, fees, due dates, and detailed filing procedure of Form is crucial for ensuring proper corporate governance and compliance.

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What is the Form MGT-6? 

Form MGT-6 is an electronic form mandated by Section 89(6) of the Companies Act, 2013. This section requires a company to file a declaration with the Registrar of Companies (ROC) within 30 days of receiving a declaration from a person. This declaration pertains to someone whose name appears in the company’s register of members as a shareholder but who does not hold the actual beneficial interest in those shares. Essentially, the company uses this form to inform the ROC about any discrepancies between registered and beneficial ownership of shares.

What is the Form MGT 6 Applicability?

The applicability of Form MGT 6 depends on whether your company has members (shareholders) who do not share any beneficial interest. It is not restricted to a particular type of company in India. It is applicable that all companies must file this eform within 30 days of receipt of the declaration by the company. Ensure to file MGT-6 on the due date to avoid the penalties as designated by the Registrar of Companies.

Information Required to File MGT 6 Form

The following is some of the important information required for Form MGT 6 Filing, 

Company Information:

• Corporate Identity Number (CIN)
• Company Name
• Registered Office Address

Share Details:

• Number of Shares
• Distinctive Share Numbers (From & To)
• Kind of Shares (e.g., Equity Shares, Preference Shares)
• Face Value of Shares
• Paid-up Value of Shares

Registered Member Details:

• Income Tax PAN / Passport Number/ Other Registration Number
• Name
• Address
• Date of Birth/ Date of Incorporation
• Date of Entry in Register
• Declaration Date
• Date of Receipt of Declaration by the Company

Beneficial Owner Details:

• ID of Beneficial Owner
• Name
• Address
• Date of Declaration
• Date of Receipt of Declaration by the Company

Declaration Details:

• Date of Declaration
• Declarant’s Name
• Occupation

How to File Form MGT-6 through MCA?

The Ministry of Corporate Affairs (MCA) website provides an eForm filing portal for a smooth process. Here are the seven steps involved in filing the form:

• Step 1: Access the MCA portal – Visit the Ministry of Corporate Affairs website and navigate to the eForm filing section.
• Step 2: Login with credentials – You’ll need a valid user account to access the filing portal. If you don’t have one, you’ll need to register for an account.
• Step 3: Select eForm MGT-6 – Once logged in, locate the option for filing this eForm.
• Step 4: Fill in the required details – Enter all the required information carefully and accurately.
• Step 5: Attach relevant documents – While there are no mandatory attachments, you can optionally attach scanned copies of the declaration received from the registered member for your records.
• Step 6: Preview and submit – Thoroughly review all the entered details before final submission. Once confirmed, submit the eForm.
• Step 7: Payment of fees – The portal will guide you through the online payment process for the associated fee. Upon successful payment, the form will be electronically submitted to the ROC.

Additional Information:

• Processing Type: The eForm will be processed by the office of the Registrar of Companies (Non-STP).
• SRN Generation: After the eForm is successfully submitted, a Service Request Number (SRN) will be generated and shown to the user for future correspondence with MCA.
• Challan Generation: Upon successful submission, a challan will be generated shows the details of the fees paid to the Ministry. This serves as an acknowledgement that the eForm has been filed.
• Email: Once the eForm is processed, an acknowledgement email will be sent to the company’s registered email address.

Due Date of MGT-6 Form

MGT-6 filing adheres to a strict timeline. As mandated by the Companies Act, 2013, companies have 30 days from the date they receive a declaration from a registered member regarding non-beneficial ownership of shares. This 30-day window ensures timely notification to the Registrar of Companies (ROC) about any discrepancies in share ownership.

What is the Fee for Form MGT-6?

The filing fee for Form MGT-6 depends on the company’s share capital structure. There are different fee categories depending on whether the company has share capital. The fee increases as the nominal amount of share capital increases.

Penalty for Late Filing

The table below shows the penalty for late filing of Form MGT-6. The additional fee increases based on the period of delay.

New MCA Update on Form MGT-6: Companies (Management and Administration) Amendment Rules, 2024

The Ministry of Corporate Affairs (MCA) issued a notification on July 15th, 2024,  updating the Companies (Management and Administration) Rules, 2014. This update impacts Form MGT-6, used to declare beneficial interest in shares. The existing Form is being replaced with a new form. 

Conclusion 

In conclusion, this Form MGT-6 is an essential compliance document under Section 89(6) of the Companies Act, 2013, used to report discrepancies between registered and beneficial ownership of shares. Filing this form accurately and within the 30 days is crucial to avoid penalties. The form requires detailed information about the company, shares, registered members, and beneficial owners and must be submitted through the MCA portal with the appropriate fees. Adherence to the specified procedures and deadlines ensures proper ROC company compliance.

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