Query - Penalities/punishment/compounding of offences - in MGT - 9

[PRAFULLA DEVALIYA]

Dear Learned Members,

1. If a company having matter pending before 01.04.2014 and still continues that needs to be taken in above head of MGT - 9

2. suppose appeal made and this appeal has been decided than appeal decided that needs to be taken under this.

3. suppose we have paid intered for late filing service tax return for this details need to be mention

4. also query on Unsecured Loan from Directors and Relatives: we have taken unsecured laon from Directors and relatives should we have to pass board resolution whenever we taken loan or end of the year suffice. 

please guide ASAP.

Thanks & Regards,

CS Prafulla Devaliya

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[CS_SrikanthReddyKolli]

hi

1. MGT 9 is for current f.y events only and since the matter is continuing during the f.y you need to enter those details with remark that still pending 

2. if decided during the f.y, those details also needs to be disclosed

3. yes

4. on reading section 179 (3) which says the board resolution for borrowing money needs to be filed with roc in MGT 14, we can understand that the board resolution is required each time you borrow money from directors in your case and declaration also required from such directors/relatives under section 73 i.e deposits

others view are welcome

[Peer Mehboob]

I think in MGT-7, only those matters under the head of Penalties/Punishments/Compounding of offences shall be disclosed in which statutory authorities have imposed penlty through any order during the Financial Year. Payment of additional fees, matters which are subjudice in the court, payment of interest on late filing of returns etc.will not be required to mention in MGT-7.

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[PRAFULLA DEVALIYA]

Dear Srikanthji,

Thanks for your reply.

4. Section 179 says that power of board to borrow monies. but in my case Directors have given loans to company. 

also note i have pvt. ltd. co.

from directors you can taken unlimited loans bt declaration needs to be taken wat about relatives? becoz that relatives exemption has came in the month of aug/sep so for f.y. 2014-15 they are not exempted.

pl. guide. what compliance i need to follow.

Thanks & Regards,

CS Prafulla Devaliya

8421073310

9028604681

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