MGT 14

[CA. SACHIDANANDA DAS]

Dear Friend,

One of my client has entered into agreement with its foreign director for supplying the service abroad. They have entered into agreement on July2022. 

As the foreign director is related to this contract, it attract AS18 related party agreement for my client.

My question is, 

1. Whether the client need to file MGT 14 with RoC ?

2. What are the consequences if MGT 14 filed after due period.

Many Thanks 

CA. Sachidananda Das

[Prem Tripathi]

How MGT 14 filing will come into picture?

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[CA. SACHIDANANDA DAS]

Dear Sir,

The Foreign director of our client company is having 100 % stakes in the foreign organisation with whom the client is signing the service agreement. Hence foreign director is the related party for both the organisation.

Hence as there is related party transactions, the same need to inform to RoC.

Please clarify if I am wrong.

Many Thanks.

CA.SACHIDANANDA DAS

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[Ramakrishnan J]

It comes under Section 188. No reason to file MGT-14 for such transaction. Anyways ROC will come to know as AOC-4 has provision for mentioning RPT and attachments of Board Report and Financial statements shall contain details of the same.

[satish Jain]

MGT-14 is only required if RPT transactions exceed the limits mentioned under rules and that to only public companies are required to file form MGT-14 if ordinary resolution is passed for approval of RPT transactions.

S. V. JAIN & Associates

Company Secretaries

201, Zeba Apartments, 33-B,

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Mumbai-400050

8898666576/8850463751

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[AKC Consultancy]

Hi

If RPT Transaction doesn't exceed the limit but transaction is material in nature, it is better to file MGT-14.

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[Shubhra garg]

what is the RTP transaction limit for private company...please help

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CS Shubhra Garg

[Tausif Warsi]

Hey, Subhara,

You have to read Section 188 of the Companies Act, 2013 to know about RPT.

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Regards,

CS Mohammad Tausif 

Mob. No.:8420934642

[Shubhra garg]

  Yes i did for availing or rendering of services. It says  10% or more of the turnover of the Company..so if it is more than 10% do we need to call a general meeting  and do we need to file MGT 14 also?

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CS Shubhra Garg