MCA has issued clarification on applicability of Annual Return format for the financial year ended on 31/03/2014.
As per the clarification for the companies having Financial year ended before 01/04/2014 format of Annual Return shall be as per Companies Act, 1956 and not format as per MGT - 7.
MCA has further clarified that untill a fee is specified in the AOA of the company for inspection of documents as per rule 14(2) & rule 16 of the Companies (Management & Administration) Rules, 214, inspection could be allowed without levy of fee.
Nikita Singh [B.com(Hons), ACS]
Nikita Singh & Co.
All Regional Directors,
All Registrars of Companies,
Subject: Cladfication wlth regard to format of antrual return appllcable for Flnancial Year 2013-14 and fees to be charged by companles for allowlng lnspectlon of records.
Government has received requests for clarification about the applicability of form of annual return (MGT-7) prescribed under r-ule 11(1) of the Companies (Management and Administration) Ru1es, 2014 for financial year(s) commencing earlier thall 16t April, 2014. The matter has been examined in the light of provisions of section 92(1) of the Act lehich requires annual return to contain particulars as they stood on the close of the financial year. It is, clarilied 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.
2. Companies have also sought clarity about permitting lree of cost inspection of records under rule 14(2) ard rule 16 ol the rules cited above and till a fee is prescribed for the purpose in the Articles. It is clarified that until the requisite fee is specified by companies, inspections could be allowed wlthout lely of fee.
3. This issues witl: the approval oi the competent authority.
Assistant Dirdctor (Policv)