PAS-7 Form: Form for Details of Pending Share Warrants

PAS-7 Form: Form for Details of Pending Share Warrants

In October 2023, the Ministry of Corporate Affairs (MCA) in India introduced a form called PAS 7. This form is used to inform the Registrar about the details of pending share warrants of the public company. It requires information including the Corporate Identity Number, Company name, and approval date. You can log in to the MCA Portal with valid credentials and submit the Pas 7 Webform. It must be filed before the specified date to prevent the late filing fee penalty. This guide gives you detailed information regarding the Pas 7 form, applicability, application process, filing fee and penalty. 

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What is the Pas 7 Form?

The PAS 7 Form is a mandatory filing for public companies in India. It applies to companies that issued share warrants before the Companies Act, 2013 came into effect (pre-2013) and haven’t converted them into regular shares. Introduced in October 2023 through the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023, these companies have three months from the commencement of the amendment to inform the Registrar of Companies (ROC) about the details of such outstanding share warrants using the PAS 7 Form.

Who should file the Pas 7 WebForm?

The requirement to file the PAS 7 WebForm applies specifically to public companies in India. If your company falls under this category and issued share warrants before the Companies Act of 2013 (pre-2013), you need to assess whether these warrants have been converted into shares. Companies that have outstanding pre-2013 share warrants are mandated to file the PAS 7 WebForm with the Registrar of Companies (ROC) to comply with the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023.

What is the Information Required to File the Pas 7 Form?

The following information is required to fill out the pas 7 Webform,

• Corporate Identity Number (CIN)
• Details of pending share warrants issued before the commencement of the Companies Act, 2013:
  • Number of approvals sought from the Central Government
  • Date of approval of the Central Government
  • Date of issue of share warrants
  • Number of shares 
  • Details of persons to whom share warrants issued
• Details of persons to whom share warrants issued
  • Name of the person to whom share warrants issued
  • Certificate number against which share warrants are issued 
  • Distinctive number of shares against which share warrant issued
  • Number of shares involved

How to Submit the Pas 7 WebForm on MCA Portal?

To submit the PAS-7 WebForm, you will need a valid CIN (Corporate Identification Number) for the company and a Digital Signature Certificate (DSC). Below, we give a step by step procedure to file a Pas-7 form,

• Access the MCA Homepage: Visit the Ministry of Corporate Affairs website.
• Login: Enter your MCA portal login credentials and sign in.
• Navigate to PAS-7 WebForm:
  • Select “MCA services” and then “Company E-Filing.”
  • Under “Compliance Services,” choose “Form No. PAS-7 – Details of pending share warrants.”
• Enter Company Information (Optional):
  • You can enter the CIN directly or use the search function.
  • If searching, enter the CIN in the designated field and click “Search CIN.”
  • Select the correct company from the dropdown list if multiple results appear.
• Fill Out the WebForm: Provide all the details on the PAS-7 WebForm.
• Save as Draft (Optional): You can save the partially filled form to complete it later.
• Submit the WebForm: To file the form electronically, click the “Submit” button.
• Obtain Service Request Number (SRN): Upon successful submission, you’ll receive a unique SRN for tracking purposes.
• Affix DSC: Digitally sign the PAS-7 WebForm using your DSC after submission.
• Upload Signed Document: Upload the DSC-affixed PDF document on the MCA portal within 15 days of SRN generation. Failure to do so will result in SRN cancellation.
• Acknowledgement Generation: Once the signed document is uploaded, the MCA portal will generate an acknowledgement for your records.

Due Date for Filing Pas 7 Form

The due date for filing the PAS 7 Form is within three months of the commencement of the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023. Ensure to file the form on or before the deadline to avoid the penalties. It is better to stay in touch with MCA to know about the due date change or extension.

New MCA Update on Extension of time for Filing of PAS-7

The Ministry of Corporate Affairs (MCA) has provided an extension for public companies to file Form PAS-7 via a notification dated July 6th, 2024. As per the notification, Companies can now submit the details through the MCA-21 Portal’s web-form PAS-7 without any additional fees until August 5th, 2024.

Filing Fee for Pas 7 Form

The filing fee for the pas 7 Form is as specified by the Companies (Registration offices and Fees) Rules, 2014. This fee varies depending on the nominal share capital. Ensure you pay the prescribed fees to complete the application process successfully.

Penalty for Late Filing

The penalty or additional fee will be charged based on the filing delay period. In the table below, we have given the details regarding the penalty for late filing of Pas 7 form, 

Conclusion

In conclusion, the PAS 7 Form is a mandatory filing for public companies in India with outstanding pre-2013 share warrants. It requires details about the share warrants and must be submitted to the Registrar of Companies within three months of the relevant amendment’s commencement. While the standard filing fee applies, the MCA recently extended the deadline for filing without additional fees until August 5th, 2024. Remember to check with the MCA for any further updates on deadlines or procedures.

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