The PAS-6 form is used to reconcile share capital on a half-yearly basis. The same would be required to get submitted via the unlisted public companies to the Registrar of Companies (ROC). The major purpose of Form PAS-6 would be needed to notify the information and revise the share capital of the companies on half-yearly grounds. An individual who practices Company secretary (CS) or Chartered Accountant (CA) can certify it.
The Ministry of Corporate Affairs (MCA) launched Form PAS-6 via a notification on 10th September 2018. In the very notification, the MCA has inserted Rule 9A (sub-rule 8) to the Companies (Prospectus and Allotment of Securities), Rules, 2014 via the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019. The same shall furnishes for the problem of securities exclusively in dematerialized form through unlisted public companies from 2nd October 2018.
Read Also:- Know All About MCA Form PAS-6 For Unlisted Public Companies
All about PAS-6 (Reconciliation of Share Capital Audit Report on a Half-Yearly Basis)
- Section 29 of the Companies Act, 2013
- Rule 9A(8) of the Companies (Prospectus and Allotment of Securities) Rules, 2014
Furnishing the reconciliation of the share capital audit report on the half-yearly grounds of the unlisted public companies who had certified from Company Secretary in practice or Chartered Accountant in practice under 60 days from the closure of each half-year.
It is not applicable to the unlisted public company which is-
(a) a Nidhi company
(b) a Government company
(c) a wholly-owned subsidiary Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014.
Form PAS-6 is obligated to be filed for each type of security, viz., equity and preference. The e- form relates only to share capital (equity and preference) and not with respect to debts (debentures, bonds, etc.)
Below is the Form Pas-6 FAQ's
Question - 1. When a company owns multiple securities, does it require to furnish multiple Form PAS-6?
Answer: Yes
Question - 2. Do debt-listed companies are required to submit Form PAS-6?
Answer:- Yes
Question- 3. Some security holders does not convert their securities in DEMAT form while the company has received ISIN does the same would be a non-compliance with Section 29 of the Companies Act, 2013 or Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014, and whether the same is to be qualified in Form PAS-6?
Answer:- When the company has the purpose of ISIN and available utility for Demat to all security holders under rule 9A(4) of the Companies (Prospectus and Allotment of Securities) Rules, 2014 the company then followed on its end.
Unless any issue of securities or buyback of securities happens at the Company level or any security holder seeks the Company for the share transfer there is no time duration mentioned to convert the current securities held in Demat.
But these companies are required to furnish the half-yearly returns and are mandated to specify that the securities would be owned by the members in the physical form.
Question-4. Is there any requirement to attach any documents/ supporting in PAS-6?
Answer:- No, you are not required to attach anything in the form of PAS-6.
Question-5. What is the penalty for late filing when ISIN generation is processing?
Answer:- Penalty under section 450 of the Companies Act, 2013 shall be applied.
Question-6. UDIN would not be needed to be generated for the certification of Form PAS-6?
Answer:- It does not essential
Question-7. In Form PAS-6 shareholding pattern of the promoters, directors, and KMP is to be stated. What happens when the promoters are the directors and they hold 10,000 shares? Would 10,000 shares in the promoters class and 10,000 shares in the directors class be specified? Does the same is not said to be the miscalculation?
Answer:- You can cite any one category and attach clarification
Question-8. What shall be the penalty for late filing of Form PAS-6?
Answer:- Rs.10,000 is a one-time penalty and for continuing default Penalty of Rs.1000 per day on the company, the officer in default under section 450 of the Companies Act, 2013 will be applicable as per maximum of Rs.2,00,000 on the Company and Rs.50,000 per officer in default.
Question-9. What is the last date to file PAS-6?
Answer:-
- The last date to file PAS-6 is 60 days from the conclusion date of each half-year.
- That is Half year ended 31st March: 30th May; and
- Half year ended 30th September: 28th November.
Question-10. Does the promoter, director or KMP would be needed to dematerialize the securities owned via them or the class of securities that the company wants to issue?
Answer:- Prior to issuing any shares all the securities, equity shares, preference shares, or debentures that the promoter owned, director, or KMP would need to be materialized.
Question-11. What is the method to obtain the Demat connectivity through the company?
Answer:-
- Conduct a board meeting to acknowledge and approve the proposal to take DEMAT connectivity regarding securities with the depositories.
- Appoint a Registrar and Transfer Agent (RTA);
- Post RTA appointment, the company furnishes the application including the related documents with the depository to take DEMAT connectivity:
- The company, depository along with RTA would insert into Tripartite agreement for the securities which would be shown as qualified to be held in dematerialized form;
- Post application verification along with additional documents the depository shall furnsihed DEMAT connectivity to the company and provide ISIN to securities of the company.
- After that, the company shareholders might approach RTA for the dematerialization of their securities.
Question-12. What would be the obtained outcome for the company as well as its shareholders when they do not convert their shares in DEMAT?
Answer:-
- The company shall not arrive with the below-mentioned things:
- The issue of the new securities with the right issue along with the bonus issue,
- Securities buyback
- Shareholders are not able to transfer their securities.
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