Is it necessary for your Company to submit the Form MGT-7A Form electronically?

• Only One-Person Companies (OPCs) and other qualifying small enterprises are allowed to submit their FORM MGT-7A forms electronically. All other enterprises that were established in accordance with the Companies Act of 2013 are required to provide the Registrar of Companies with an electronic copy of form Form MGT-7.
• The definition of a small company is a private organization that does not meet the requirements outlined in Section 2 of the Act (85).
• a maximum authorized and paid-in share capital of Rs. 2 crores, or such larger quantity as indicated, but not exceeding Rs. 10 crores; this amount cannot exceed the limit.
• A annual income of not more than 100 crores of rupees, but not less than 20 crores (or the bigger number specified).

On the other hand, the following are not considered to be small businesses:

• The parent corporation of many other distinct businesses
• A group that has been granted approval under Article 8.
• A legal framework for the formation of an organization.
• Under the context of the commercial world, an OPC isa analogous to a sole proprietorship. It’s possible for a single person to serve in both capacities at the firm they founded: director and founder.

What does it mean to submit the FORM MGT-7A Electronic Form?

• Every single OPC and small company is required to provide their financial information for the previous year using Form FORM MGT-7A.
• Please include details on the company’s primary line of business, including the PAN number, registered office, and any affiliated companies
• Details on the Annual General Meeting of less well-known businesses are provided here.
• Statistical data relative to various financial instruments such as stocks, bonds, and debentures.
• There is a discussion regarding the distribution of shares here
• Both the company’s revenues and its assets are shown in granular detail.
• Changes have been made to the membership, the promoter, and the debenture holders since the conclusion of the last fiscal year.
• Information on the disclosure and certification of compliance with the procedure
• Information on the attendance of attendees as well as the agenda for meetings held by a group, the Board, and many committees.
• Information on salaries for the board members.
• Specifics on the kind of penalties that may be imposed and their overall extent.
• In order to digitally sign Form FORM MGT-7A, an individual who is a director of the company and who has a valid Digital Signature Certificate (DSC) as well as a Director Identity Number is required. (DIN). You may get the FORM MGT-7A electronic form by going to the MCA website and selecting the ‘Annual filing e-forms’ menu option.