ICSI Representation to MCA for extension of time limit for annual filing

The Institute of Company Secretaries of India [ICSI] submitted a representation to Ministry of Corporate Affairs for extending the due date of annual filing of e-forms.

This is in reference to the provisions of the Corporations Act, 2013 (hereafter referred to as ‘the Act’) regarding the annual filing of e-forms by companies. Every company is required to have an Annual General Meeting (AGM) within six months after the financial year’s end, according to section 96(1) of the Act. The third proviso to section percent (1), on the other hand, states that the Registrar of Companies may, for good reason, extend the time for the AGM by up to three months.

In relation to the foregoing provisions, the Institute expresses its heartfelt gratitude to the Ministry for favourably considering the request and advising the Registrar of Companies to provide an extension of time for companies to hold their annual general meetings for the financial year ended on 31.03.2021 under the third proviso to section 96(1) of the Act.

Furthermore, under Section 137(1) of the Companies Act, 2013, financial statements duly adopted at the AGM must be filed with the ROC within thirty days of the date of the AGM, and every company must file a copy of its annual return with the Registrar within sixty days of the date of the AGM, according to Section 92(4) of the Companies Act, 2013.

As you are aware, the current time has been marked by a slew of filings under multiple laws; firms and experts have been busy pursuing compliance under other regulatory regimes in addition to those prescribed under the Companies Act, 2013. In this regard, we’d like to point out that, despite the odds, many companies have already held their annual meetings, but are having practical and technological difficulties publishing their annual reports on time.

In light of the foregoing, we respectfully request that you consider extending the deadline for filing e-forms AOC-4, AOC-4 (XBRL), and MGT-7 without additional fees for such entities until December 31, 2021.