On June 28,2024 the Ministry of Corporate Affairs (MCA) announced the launch of the third set of company forms, encompassing nine forms, including MSME, BEN-2, MGT-6, IEPF-1, IEPF-1A, IEPF-2, IEPF-4, IEPF-5, and the IEPF-5 e-verification report. This update, effective from July 15, 2024, marks the migration of three forms—MSME, BEN-2, and MGT-6—that are already live to the V3 portal, As of now. Detailed information on the changes and new requirements for these forms is provided below.
Key Changes:
Form | Previous Requirements | New Requirements |
MSME-1 | Report amounts due to Micro or Small suppliers (MSMEs) pending for more than 45 days, as of the half-year closure date. | Companies with dues to MSMEs pending for more than 45 days, as of the half-year closure date, must now report: a. Amount paid to MSMEs within 45 days b. Amount paid to MSMEs after 45 days c. Amount due (as of closure of half-year) for more than 45 days d. Amount due (as of closure of half-year) for less than 45 days. If no dues are pending for more than 45 days, no reporting is required. |
MGT-6 | Form of return to be filed with the Registrar under section 89 of the Companies Act, 2013 | The introduction of BO ID (PAN or Passport-based) is similar to the SBO ID concept in Form BEN-2. |
BEN-2 | 1. Reporting of SBO 2. Reporting of changes in SBO 3. Declaration of holding reporting company (under proviso to Rule 8(b)) | a. Reporting of SBO b. Reporting of changes in particulars of SBO c. Reporting of changes in SBO (including deletion) d. Declaration for holding reporting company e. Changes in existing holding reporting company (including deletion) |
These updates are part of MCA’s ongoing efforts to streamline compliance processes and enhance the ease of doing business. Companies are encouraged to familiarize themselves with the new requirements and ensure timely compliance to avoid any penalties.
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Disclaimer: This article provides general information existing at the time of preparation and we take no responsibility to update it with the subsequent changes in the law. The article is intended as a news update and Affluence Advisory neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this article. It is recommended that professional advice be taken based on specific facts and circumstances. This article does not substitute the need to refer to the original pronouncement
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