Ambiguity
as regards to extract of the Annual Return - under section 92 through the
Companies (Amendment) Act, 2017.
WEBLINK OF ANNUAL RETURN
Now , the Companies (Amendment) Act, 2017 requires that Web-link of the
annual return shall be given in the Board’s report instead of the extract of
the annual return in form MGT-9.
CONFUSION AMONG PROFESSIONALS
This has created a lot
of confusion among professionals as the above amendment is not notified yet. As
the amendment has not been notified yet , there are two opinions on the
subject-
·
One section comments
that it is adequate that web-link of the annual return shall be given in the
Board’s report.
· The other section says that since section 92 is not yet notified
, we have to enclose the extract of the annual return in form MGT-9.
THE FATE OF COMPANIES WHICH DO NOT HAVE A WEBSITE
There is another
confusion prevails as to what would happen if a listed or a private or public
company does not have a web site of its own?
If a private company
does not have website, does it need to attach MGT- 9 to Board report prepared
after 31st July 2018?
If a company has not a
website on its own, whether it has to publish the extract of the annual return in form MGT-9
in the Board’s report or not?
SECTION 134 OF COMPANIES ACT HAS BEEN NOTIFIED
Section 134 which deals with Financial statement and Board's Report has been notified.134 (3) (a) deals with the extract of the annual return as provided under sub-section (3) of section 92; However , section 92 (3) has not been notified yet.
SECTION 134 OF COMPANIES ACT HAS BEEN NOTIFIED
Section 134 which deals with Financial statement and Board's Report has been notified.134 (3) (a) deals with the extract of the annual return as provided under sub-section (3) of section 92; However , section 92 (3) has not been notified yet.
SEC. 92(3) OF THE COMPANIES
ACT ,2013- NOTIFICATION IS YET TO BE RELEASED BY MCA
Even though sec. 92(3)
of Bthe Companies Act ,2013 has been amended , the notification for this section
is yet to be published?
As a result , all the
companies (including ) listed companies which do not have their own website are
in the confusion whether they have to attach the MGT- 9 to Board report
prepared after 31st July 2018? Or not ?
It is sad that the
abridged form of annual return has not been prescribed till date by the
MCA.
WILL THE MCA ISSUE A
NOTIFICATION?
Will the MCA issue a
notification on the subject as all the companies are not sure what has to be
followed as regards to the above.
This will a put a
full-stop to the ambiguity prevailing as regards to attaching to MGT-9 to Board’s
Report.
Dear Sir,
ReplyDeletewhat I believe:-since both sub-sections 92 (3) and 134 (3a) is not yet notified the compliance will continue as before (MGT-9 to be attached with Board Report).
Once the section 92(3) and 134(3a) notified (for ease of doing business) then there is no need for companies to attach MGT-9 with Board Report.
After both subsections notified, for Companies having a website, a copy of annual return to be placed in their website and the web link to be given in Board of Director's Report {If the company have a website otherwise it is ease of doing business, no more MGT-9}
There should not be any confusion as both subsections are not yet notified, hence MGT-9 to form part of Board Report.