Why Form GNL -1 Should be made as STP form?Can balance sheets be signed ...

The Registrar of Companies may, on an application made to it by way of
filing of Form GNL-1 with certified true copy of the Board Resolution/General
Meeting Resolution, extend the period for holding the Annual General meeting
for a period not exceeding 3 months. 

The Companies are not allowed to make an
application for extension of time for the First Annual General Meeting. And,
therefore, the non-holding of 1st AGM will be a non-compliance of the Section
96 of the Companies Act, 2013 and the Company will be liable for penal provisions.

MCA Circular
No. 28/2020 dated 17th August, 2020

Companies which are unable to hold their AGM for the financial year
ended on 31.03.2020, despite availing the relaxations provided in the G.C.
20/2020 ought to file their applications in form No. GNL-1 for seeking
extension of time in holding of AGM for the financial year ended on 31.03.2020
with the concerned Registrar of Companies on or before 29.09.2020.

The Registrars of Companies are hereby advised to consider all such
applications (filed in Form No. GNL-1) liberally in view of the hardships faced by the stakeholders and
to grant extension for the period as applied for (up to three months) in such applications.

However , due to administrative reasons , regional ROC may delay their
approval for the extension of AGM. Then , in such situations , stakeholders may
have to apply to NCLT. To avoid such situation in the COVID-19 Scenario, it is
requested that MCA should come forward to make the GNL-1 Form as STP form.  By doing this , stakeholders may have the
extension up to 31^st December 2020 without any issue.

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Can balance sheets be signed digitally?. Will that be acceptable under
Law?

Under Information Technology Act, documents signed digitally is
acceptable and IT Act prevails over other statute.

SEBI has specifically allowed use of digital signature by issuing
circular (i December 31, 2020)

These days Video Conferencing, Electronic Voting and Electronic Records
are becoming a norm. In this
digital environment, it is important to understand about the authenticity and
validity of signing various documents digitally by a Director of a company.

At present Information Technology Act, 2000 provides for recognition of

Electronic/Digital Signatures. However there is limited reference to
Digital signatures in other Acts like Companies Act, 2013 and Indian
EvidenceAct,1872. Signing by means of digital signature is optional but in
certain cases it is mandatory to validate electronic records through digital
signatures.

Companies Act, 2013

As per Sub Rule (1) of Rule 8 of Companies (Registration offices and Fees)
Rules, 2014 , An electronic form shall be authenticated by authorized signatories
using a digital signature.

Further As per Sub Rule (6), A scanned image of documents shall be of original
signed documents relevant to the e-forms or forms and the scanned document
image shall not be left blank without bearing the actual signature of the authorized
person

Indian Evidence Act 1872

The Information Technology Act, 2000

Documents which cannot be signed digitally.

As per First Schedule of the Information Technology Act, 2000, for the

following documents and transactions the provisions of the Act shall not
be applicable

1) A negotiable instrument (Other than a cheque) as defined in section 1
of  the Negotiable Instruments Act 1881

2) A power of attorney as defined in section 1A of the Powers
–of- Attorney Act,1882

3) A trust as defined in section 3 of the Indian Trust Act,
1882

 4) A will as defined
in clause (h) of section 2 of the Indian Succession Act,1925 including any
other testamentary disposition by whatever name called

5) Any contract for the sale or conveyance of immovable
property or any interest in such property.

There can always exist
some doubts in the mind of the user of DSC as the law does not prescribe
elaborate procedure. Therefore, it is very important that Govt. should come out
with clear cut detailed guidelines in this regard and especially in these times
of “Lockdown” for using Electronic/ Digital signatures under various Acts by
Directors or any other persons.

MCA
FORMS DEADLINE AS ON 30 September 2020

FORM NO	DETAILS	DUE DATE
LLP 11	Annual Return of LLP	30 September 2020
PAS -6	Reconciliation of Share Capital Audit Report	13 September 2020
BEN -2	Disclosure of Significant Beneficial Owner	30 September 2020
DIR -3 KYC	KYC of Directors	30 September 2020
MSME	Delay in Payment to MSME Vendor	30 September 2020
DPT-3	Return of Deposit	30 September 2020
CFSS -2020 Scheme	Waiver of Late Fees for forms	30 September 2020