The Central Government has prescribed an abridged form of annual return for One Person Company (OPC) and small company” by amending the provisions of Companies (Management and Administration) Rules, 2014 which shall come into force from 05th March, 2021.
Prior to this amendment, every company shall prepare its annual return in Form No. MGT.7.
However, after this amendment every Company shall file its annual return in Form no- MGT-7 except OPC and Small Company.
OPC and small companies shall file annual returns from the Financial Year 2020-21 onwards in Form No-MGT-7A.
Prior to this amendment, the extract of the annual return to be attached with the Board’s Report shall be in Form No. MGT.9.
Provided that a company shall not be required to attach the extract of the annual return with the Board’s report in Form No. MGT.9, in case the web link of such annual return has been disclosed in the Board’s report in accordance with sub-section (3) of section 92 of the Companies Act, 2013.
A copy of the annual return shall be filed with the Registrar with such fee as may be specified for the purpose.
However, after the amendment a copy of the annual return shall be filed with the Registrar with such fees as may be specified for this purpose.
The requirement of attaching the extract of the annual return with the Board’s Report shall be in Form No. MGT.9. has been omitted in Rule 12 of the said rules.
Prior to this amendment there was only Explanation I which said “for the purpose of this sub-rule, “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulation of such class of companies.”
However, after this amendment Explanation-II has been inserted which defines the following expressions Agency, Cut-off date, Cybersecurity, Electronic voting system, Remote e-voting, Secured system and Voting by electronic means.
Therefore, with effect from March 5, 2021 every company, except OPC and small company, shall file its annual return in Form No- MGT-7 whereas OPC and small company shall file their annual return from FY 2020-21 in Form no- MGT-7A.
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