Definition of Small Company and form MGT-7 / 7A

[Rajesh]

Dear All,

The Turnover of a Company for the Financial Year ended on 31st March 2020 is 25 Crores and the Turnover of the Company as at 31st March 2021 is 17 Crores.  Now, when I am trying to file Form MGT-7, I am getting the message to file Form MGT-7A. 

In my opinion it is not a Small Company, because as per last P&L A/C (i.e., as at 31st March 2020), the Turnover is 25 Crores.

Now, what should I do ?  Proceed with filing Form MGT 7A or raise a ticket to MCA

[Peer Mehboob]

You should raise a ticket at MCA portal if as per the definition of small company u/s 2(85), the paid up capital is more than 50 lacs or turnover exceed Rs. 2 crore, then this company should not come under the definiton of small company. 

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[ATI]

As per the new definition of small company, turnover not more than 20 crores. In your case in fy 19-20 turnover was 25cr now in fy 20-21 its 17cr, so if you are doing the filing today or in current scenario, you have to file MGT-7A  not MGT-7.  

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[CS Nagpur]

Yes as per my View ATI is Correct Now you have to file MGT 7A

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[Rajesh]

But to consider whether a Company is a Small Company or not the Turnover of the immediately preceding year is to be taken and not of the Current Year.

Hope my interpretation is correct.  That apart I have filed Form AOC-4 for the current year, for which Certification of the Professional was required.  Don't you think, in that case, that requirement of Form AOC-4 is contradicting with Form MGT-7 ???

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[Manisha Bajaj]

Turnover of the preceding FY is to be considered. In my opinion you need to file Form MGT-7. Raise Ticket and please let us know the revert. Others may face this issue in the coming days.

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Thanks & Regards,

Manisha Bajaj & Associates

Company Secretaries

[Hema Gaitonde]

Any solution for this issue?

 If the MCA site is not allowing us to file MGT 7 for a company which was not a small company in FY 2020-21 , then should we go ahead and file MGT 7A?. 

[Vishal Shah]

By raising the ticket with MCA, they are resolving the issue & afterwards one can file MGT-7.

[Sarvajit S. Yadwad]

Please file AOC-4 first and then try to file MGT-7.

Thanks & Regds,

CS Sarvajit S. Yadwad

9765144257

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[Rajesh]

Vishalji,

I actually raised the ticket, but they came out with a very funny explanation.  I got the reply that in Form AOC-4 already filed the Company is not mentioned as a Holding Company.  When there is no holding or subsidiary relationship, why would anyone do that.

But Vishalji, have you raised a ticket and did you get the solution ???

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[Rajesh]

Sarvajithji,

I actually filed Form AOC-4 first.

[Rajesh]

Reply I got from MCA help desk for the complaint raised:

"Please note that since CIN of holding company was not entered in latest filing of Form AOC-4 hence same was not updated in our database due to which CIN is displaying as small company."

[Vishal Shah]

Yes, I got the solution.

In my case the holding company is foreign company, so it is not possible to enter CIN for the same.

I raised the complaint for the same & got the positive response from MCA & now filing Form MGT-7 for the subsidiary company.

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With Regards
Vishal Shah

09825382110

 

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