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ANNUAL RETURN IN FORM MGT-7A FOR OPCs & SMALL COMPANIES

ANNUAL RETURN IN FORM MGT-7A FOR OPCs & SMALL

Section 2(62) of  Companies Act, 2013 defines “One Person Company" means a Company which has only one person as a member.

Section 2(85) of companies Act, 2013 defines “Small Companies” means a Company, other than a public company:-

(i)            paid-up share capital of which does not exceed fifty lakh rupees or such higher amount as may prescribe which shall not be more than ten crore rupees and

(ii)          turnover of which [as per profit and loss account for the immediately preceding financial year] does not exceed two crore rupees or such higher amount as may be prescribed which shall not be more than one hundred crore rupees

Provided that nothing in this clause shall apply to—

(A) a holding company or a subsidiary company;

(B) a company registered under section 8; or

(C) a company or body corporate governed by any special Act

For ease of doing business Ministry of Corporate Affairs (MCA) has issued a notification dated 5th March, 2021 in the exercise of the powers conferred by sub-section (1) and (2) of section 469 of the Companies Act, 2013, the Central Government has made amended the Companies (Management and Administration) Rules, 2014 to provide that OPC and Small company shall file the Annual Return from Financial Year 2020-21 onward in Form MGT-7A.


 #TeamOrporateLegal

 

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