Last updated: June 16th, 2023 6:00 PM
Companies (Miscellaneous) Amendment Rules, 2023
The Ministry of Corporate Affairs (MCA) published the Companies (Miscellaneous) Amendment Rules, 2023 on January 21, 2023, in order to further amend the Companies (Miscellaneous) Rules, 2014. These amendments include the revision of forms MSC-1, MSC-3 and MSC-4. The same will come into effect on January 23, 2023.Forms MSC-1, MSC-3 and MSC-4:
A dormant company is a legal entity that has been incorporated but is not currently engaged in significant business activities or operations. It is essentially a "sleeping" company that exists on paper but remains inactive. Many jurisdictions allow for the formation of dormant companies to facilitate future business endeavours or hold assets without incurring ongoing obligations. In the context of a dormant company, specific administrative procedures and forms may need to be followed to maintain compliance with regulatory requirements. One such form is the MSC-1 (or its equivalent in different jurisdictions), which is typically used for the initial registration of a company. It includes details about the company's name, registered office address, directors, shareholders, and objects or purpose. When a dormant company is established, it may be required to submit periodic returns or notifications to the relevant authorities to confirm its inactive status. This is where forms like MSC-3 and MSC-4 come into play. These forms often update the company's dormant status, change directors or shareholders, or confirm that the company has remained inactive during a specific reporting period.Form MSC-1 (Application to Registrar for obtaining the status of dormant company):
Form MSC-1 is used in the context of the Ministry of Corporate Affairs (MCA) in India. Specifically, Form MSC-1 is the application form for seeking the availability of a company name. When a person or entity intends to register a new company in India, they need to propose a unique name for the company.
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