New Compliance requirements under Companies Act.(Updated as on 03rd May, 2019)

MANDATORY REQUIREMENT OF UPDATION OF DUE TOWARDS MSME's

The Ministry of Micro, Small and Medium Enterprises vide Notification dated on 02/11/2018 vide Notification dated on 02/11/2018 has mandated all companies to submit a half yearly return stating over-dues to supplies made by Micro and Small Enterprises (MSE). All companies who get supplies of goods or services from a MSE and whose payment to MSE suppliers exceeds 45 days from the date of acceptance or the date of deemed acceptance of the goods or services, as per the provisions of the Act, shall submit a half yearly return.

On the basis of the above notification, MCA has issued a notification on 22nd January, 2019, whereby all specified Companies are required to file half yearly return to the MCA in Form MSME I (Form). The initial reporting of all outstanding dues is to be done within 30 days from the date of availability of the eform MSME 1 in the official website of MCA i.e., by 29th May, 2019 and thereafter by 31st October for the half year beginning from April to September and by 30th April for the half year beginning from October to March.

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MANDATORY ONE TIME FILING REQUIREMENT- OUTSTANDING RECEIPT OF MONEY/LOAN

Ministry of Corporate Affairs [MCA] by its amendment dated 22.01.2019 amended Companies (Acceptance of Deposit) Rules 2014. By the amended rules 2019, your company have to file a onetime return of outstanding receipt of money or loan (not considered as deposits as per deposit rules) accepted from 01.04.2014 to 22.01.2019 in form DPT-3 within ninety days from 31-03-2019 [i.e.; on or before 29.06.2019].

In addition to above, every company to which these rules apply, shall on or before the 30th day of June, of every year, file with the Registrar, a return in Form DPT-3  and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of the company. You are requested to