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Introduction

According to SEBI (Depositories and Participants) norms, the settlement of the Share Capital Audit Report was suitable only for Listed Companies and was expected to be registered with Stock Exchanges on a quarterly basis.

Beneath the companies act 2013 a concept has been launched by the Central Government (Ministry of Corporate Affairs) MCA for the unlisted public companies Form pas 6 was introduced vide Companies (Prospectus and Allotment of Securities)Third revision Rules, 2019 posted on 22nd May 2019 which was active from 30th September 2019. However, e-Form PAS-6 was deployed on the MCA portal only on 15th July 2020.

Legal Provisions

S.29 (1A) of the Companies Act 2013 and Rule 9A (8) of the Companies (Prospectus and Allotment of Securities) Rules, 2014.

Purpose

A company secretary or a chartered accountant who practices can pass the Form PAS-6 half-yearly audit report on the agreement of the share capital.

Due Date:

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  • E-form PAS-6 will furnish with ROC for each ISIN separately.
  • It will be furnished in 60 days from the end of each half-year that is on or before 12th September 2020 for the half-year completed 30th September 19 and also for 31st March 2020 in 60 days from the end of each half-year.

Applicability of Form PAS-6:

PAS-6 applicability to a private limited company levied to the unlisted public companies excluding Nidhi Company; Government company or fully controlled subsidiary.

Key Details to be inserted within the Form PAS-6:

  • ISIN and information about the Capital of the Organization ruled in dematerialized form in CDSL, NSDL, and shares held in physical form along with the cause for any gap.
  • Information about the variations in the share capital in the right format, Bonus, Private placement, ESOPs, Amalgamation, Conversion, Buyback, Capital Reduction, Forfeiture, etc.
  • The information about the shares bought by the Promoters, Directors, and KMP.
  • Information about the request for the Demat, number of shares, and the late causes for the confirmation of the requests post 21 days or pending requests exceeding 21 days.

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