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Published by vishalraidung, 2019-05-15 04:05:33

Newsletter-May, 2019

Newsletter-May, 2019

2019

IN TOUCH

WHAT’S
INSIDE???

RECENT UPDATES BY MINISTRY
OF CORPORATE AFFAIRS (MCA)

FAQ’s on FORM MSME
FAQ’s on FORM DPT-3

RSJ ASSOCIATES

MAY, 2019

RECENT Companies (Appointment and Qualification of
UPDATES BY Directors) Amendment Rules, 2019- dated 30th day of
MINISTRY OF April, 2019
CORPORATE
The Ministry of Corporate Affairs (MCA) has made amendment
AFFAIRS to Rule 12A of the Companies (Appointment and Qualification
of Directors) Rules, 2014, thereby substituting the word and
figures "on or before 30th April of immediate next financial
year" with "on or before 30th June of immediate next financial
year" thereby extending the time limit prescribed for
submission of Form DIR – 3KYC by every director having
approved DIN.

Accordingly, the form DIR – 3 KYC is now required to be filed
upto 30th June, 2019. However, the said Form DIR – 3 KYC is
yet to be made available at the Ministry of Corporate Affairs
(MCA) portal.

You may follow below mentioned link to refer amendment:

http://www.mca.gov.in/Ministry/pdf/CosAppointmentQualification
DirAmend_01052019.pdf

Companies (Removal of Names of Companies from
Register of Companies) Amendment Rules, 2019-
dated 08th day of May, 2019:

The Ministry of Corporate Affairs has amended Companies
(Removal of Names of Companies from Register of Companies)
Rules. The Amended rules have brought in following changes:

i. Filing fee in respect of Form STK 2 has been increased from
Rs. 5000 to Rs. 10000 w.e.f. 10 May 2019.

ii.No application in Form No. STK-2 shall be filed by a
company unless it has filed overdue returns in Form No. AOC-4
(Financial statement) and Form No. MGT-7 (Annual Return),
up to the end of the financial year in which the company ceased
to carry its business operations.

iii.However, in case a company intends to file Form No. STK-2
after the action under Section 248(1) has been initiated by the
Registrar, it shall file all pending overdue returns in Form No.
AOC-4 and Form No. MGT-7 before filing Form No. STK-2.

iv.Format of statement of accounts in FORM STK-8 has been
introduced.

You may follow below mentioned link to refer amendment:

http://www.mca.gov.in/Ministry/pdf/AmendmentRules_08052019.
pdf

RECENT UPDATES Clarification for FORM ADT-1 filed through FORM
BY MINISTRY OF GNL-2 under the Companies Act, 2013 through
General Circular No. 06/2019 issued on 13th day of
CORPORATE May, 2019:
AFFAIRS
The Ministry of Corporate Affairs (MCA), has finally
cleared the pending issue of FORM ADT-1 i.e. Appointment
of Auditors filed through FORM GNL-2 in the year 2014. On
the basis of the representation received from stakeholders
seeking relaxation of fee for filing e-form no. ADT-1,
particularly form ADT-1 filed through GNL-2 during the
period from 01.04.2014 to 20.10.2014 for appointment of
Auditor for the period from 01.04.2014 to 31.03.2019 due to
non-availability of e-form ADT-1 during the said period.

The MCA has clarified that Companies which had filed form
no. ADT-1 through GNL-2 as an attachment (by selecting
‘others’ during the period from 01.04.2014 to 20.10.2014,
may file e-form no. ADT-1 for appointmentof Auditors for
the period upto 31.03.2019 without fee, till 15.06.2019 (since
fee had been paid for filing GNL-2 for the same purpose)
and thereafter fee and additional fee shall be applicable as
per Companies (Registration of Office and Fees) Rules,
2014. Stakeholders are advised to avail this one time
opportunity and file ADT-1 without fee as stated above,
well in time and adhere to the time lines as specified above.

You may follow below mentioned link to refer circular:

http://www.mca.gov.in/Ministry/pdf/GeneralCircular1305201
9.pdf

FAQ’s ON MSME

As per notification issued by Ministry of Micro, Small and Medium Enterprises
(MSME) on 02nd day of November, 2018 read with subsequent
amendment(s), all companies who get supplies of goods and services from
Micro and Small Enterprises and whose payment to such suppliers exceeds 45
days from the date of acceptance, shall file in MSME Form I details of all
outstanding dues to Micro or small enterprises suppliers existing as on 22nd
day of January, 2019.Further, in addition to above referred initial return, every
such Company shall file a return as per MSME Form I details of all outstanding
dues to Micro or small enterprises suppliers, for the period from October to
March.

With recent introduction of massive reporting requirements by the Ministry of
Corporate Affairs, the stakeholders are brainstormed with queries in numbers.
This issue attempts to address the frequently asked questions with regard to
MSME Reporting and further FORM DPT-3 reporting in the subsequent
segment:

i. Applicability / which Companies are required to file the
MSME Form I :

All the Companies i.e. public, private, listed or unlisted etc., who get supplies
of goods or services from micro and small enterprises i.e MSME’s and whose
payments to such MSME’s are outstanding for more than forty five days from
the date of acceptance or the date of deemed acceptance of the goods or
service.

ii. Any Exemption/ Non-applicability:

Details of outstanding amount towards the supply of goods or service as
availed from medium enterprises are not required to be disclosed in MSME
Form I.

iii. What is the date of acceptance of goods and service:
The date of acceptance means the date of actual delivery of goods or
rendering of services.
Further, where any objection is made in writing by the buyer regarding
acceptance of goods or services within 15 (fifteen) days from the day of
delivery of goods or the rendering of services, then the day on which such
objection is removed by the supplier shall be the date of acceptance of goods
and services.

iv. What is the deemed date of acceptance of goods and
service:

The deemed date of acceptance means, where no objection is made in writing
by the buyer regarding acceptance of goods or services within 15 (fifteen)
days from the day of the delivery of goods or the rendering of services.

v. What is the time line to file the initial return and the half
yearly return of MSME Form I:

Initial return stating the outstanding of dues to Micro or small enterprises
suppliers existing as on 22nd day of January, 2019 is required to be filed on
or before May 30, 2019.

As per notification issued by Ministry of Micro, Small and Medium
Enterprises (MSME) on 02nd day of November, 2018 every specified
company is required to file half yearly returns stating details of all
outstanding dues to Micro or small enterprises suppliers. So as per out view
the specified Company should file the half yearly return for the period from
October to March. According to notification issued by MCA on 22nd January,
2019 the last date for filing of return for half yearly return from October to
March was 30th April, 2019. However, the form was not deployed till then.

vi. Whether MSME Form I can be filed with ‘Zero’
outstanding amount:

No, MSME Form I cannot be filed with zero or NIL outstanding amount.

vii. How to identify whether creditors entity or the suppliers
of goods or services falls under Micro and Small or not:

The Company must seek confirmation from the concerned creditor’s entity or
the suppliers of goods or services whether they are registered under the
Micro, Small and Medium Enterprises Development Act, 2006. If any of the
creditors or suppliers supplying goods or services is found registered under
MSME Act 2016 and his payment is more than 45 days overdue as on
January 22, 2019 and during October, 2018-March, 2019, the Company shall
submit the MSME Form I with the required details:

viii. Who can digitally sign the MSME Form I:

Any of Director, Manager, Secretary, CEO or CFO of the Company whose
signature is registered on the MCA Portal may digitally sign the MSME Form

ix. What is the statutory fee for the filing of MSME Form
I:NIL

x. What is the additional fee (late fee) for delay filing of
MSME Form I:NIL

xi. What are the details to be furnished in MSME Form I:

Name of supplier; PAN of supplier; Amount due against the supplies of goods
or services; Date from which the amount is due; Reason of delay in payment
of the amount due;

FAQ’S ON FORM DPT-3

Who shall file Every Company other
Form DPT-3? than Government

How many Company has to file Form
returns have to DPT-3.

be filed? Following two returns have to be filed:

What is the time one-time return of outstanding receipt
limit to file the of money or loan from 01st April, 2014
to 31st March, 2019, by a Company
form? which is not considered as deposits, in
terms of rules as on 31st day of March,
What does 2019 and
‘Particulars of
transactions not Return of deposit or particulars of
considered as deposit’ transaction not considered as deposit or
both, as on 31st day of March, 2019.
means?
Both the returns i.e. One Time Return and
Annual return for the financial year ended on

31st March, 2019, have to be filed latest by
29th June, 2019.

Rule 2 of Companies (Acceptance of Deposit)
Rules, 2014 and amendment thereof,
prescribes for certain transactions which are
exempted from being classified as Deposit. For
example, Inter-Corporate Loans, Loans from
Directors, Banks, Financial Institutions, etc.
The Companies are required to report such
exempted transactions in the referred returns.

Whether certificate of Considering the financial transactions involved
Auditor’s is required in the report pertaining to financial year ended
on 31st March, 2019, it is advisable to enclose
to be filed with the Certificate of Auditors of the Company
FORM DPT-3? certifying the financial data being furnished in
both the returns.

Whether FORM DPT- There is no clarity on this point. The form does
3 can be filed with give the option to fill “Zero” against the
“Zero” Outstanding outstanding amount. To avoid the non-
amount? compliance, it is advisable to file the NIL return
as well.

What is the  In the one-time return of FORM DPT-3, the
difference between Company has to report the outstanding receipt
One Time Return and of money or loan which is not considered as
deposits, in terms of rules, accepted/received
Annual return? on or after 01st April, 2014 and the same is
outstanding as on 31st March, 2019.

 In the Annual return of FORM DPT-3, the
Company has to report the transactions i.e.
outstanding receipt of money or loan which is
not considered as deposits, as deposit or both,
as on 31st day of March, 2019, irrespective of
period of acceptance/receipt. Further, the
Company is required to report the
categorization of exempted transactions in
terms of Deposit Rules, in this return as well.

Who shall sign The Director/Manager/CEO/CFO or Company
FORM DPT-3? Secretary authorized for the purpose by way of
Board resolution, may digitally sign the form.
Is there any
Statutory fee for Yes. The fee will be applicable as per The
filing of FORM Companies (Registration offices and Fees)
Rules, 2014, basis the Nominal Capital of the
DPT-3? Company.

Disclaimer: All data and information provided in this issue is for informational purposes only
and is not intended for any factual use. Our opinion is limited to the conclusions specifically
set forth herein. It should be noted that the Registrar of Companies (ROC) and/or other
governing authority could take a different position with respect to these transactions.

In case of any query/discussion/clarification required, you may reach us at:

RSJ ASSOCIATES, Company Secretaries
Head Office:2/11 B, Basement, Jangpura, Block- A,
New Delhi- 110014
Email- [email protected] , [email protected]
Mobile Number: +91-9871084820


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