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Brief
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Introduction
MGT-8 is a certification provided by a Company Secretary (CS) in practice, certifying that a company has maintained all records as required by law and that the information disclosed is accurate and true. This certificate is crucial for companies to demonstrate compliance with regulatory requirements.
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Who Needs to File
The MGT-8 certification is mandatory for:
- Listed companies.
- Public companies with a paid-up share capital of ten crore rupees or more.
- Public companies with a turnover of fifty crore rupees or more.
Importance
Filing MGT-8 is vital because it:
- Ensures corporate governance and compliance.
- Provides transparency in the company’s financial and operational affairs.
- Helps in building investor confidence and trust.
- Avoids legal penalties and repercussions from non-compliance.
Deadline
The MGT-8 form must be filed annually along with the MGT-7 form, which is the annual return of the company. The deadline for filing the MGT-7 and MGT-8 is within 60 days from the conclusion of the Annual General Meeting (AGM).
Documents Required
To file MGT-8, the following documents are generally required:
- Annual Return (MGT-7).
- Financial Statements.
- Board’s Report.
- Notice of AGM.
- Minutes of the AGM.
- Register of Members.
- Other relevant registers and records as specified under the Companies Act.
Penalties
Non-compliance with the filing of MGT-8 can lead to significant penalties, including:
- Monetary fines on the company and officers in default.
- Additional fees for delayed filing.
- Possible prosecution of officers in default for continued non-compliance.
Filing Process
The process for filing MGT-8 includes:
- Preparation: Collect and verify all necessary documents and records.
- Certification: The practicing Company Secretary reviews and certifies the documents, ensuring compliance with all applicable laws.
- Filing: Submit the certified MGT-8 form along with the MGT-7 form through the Ministry of Corporate Affairs (MCA) portal.
- Acknowledgment: Obtain an acknowledgment receipt upon successful submission for your records.
Index
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