Company Law - format of annual return for 2013-14 and fees for allowing inspection of records
GOVERNMENT has received requests for clarification about the applicability of form of annual return (MGT-7) prescribed under rule 11(1) of the Companies (Management and Administration) Rules, 2014 for financial years(s) commencing earlier than 1st April, 2014.
MoCA clarifies that Form MGT-7 shall not apply to annual returns in respect of companies whose financial year ended on or before 1st April, 2014 and for annual returns pertaining to earlier years. These companies may file their returns in the relevant Form applicable under the Companies Act, 1956.
Companies have also sought clarity about permitting free of cost inspection of records under rule 14(2) and rule 16 of the rules and till a fee is prescribed for the purpose in the Articles.
The Ministry clarifies that until the requisite fee is specified by companies, inspections could be allowed without levy of fee.
MoCA General Circular No. , Dated: June 25, 2014