MCA (Ministry of Corporate Affairs) initiated a new step that motivates people to obtain the new compliance post every periodic interval that assists to know the things every year. Despite after 6 years of execution of the new companies act 2013 would seem to be newer. Some of the Form PAS-6 concerning information is.
Below are the mentioned Frequently Asked Questions (FAQs) on the deployment of E-Form PAS-6 on MCA.
Basic (Frequently Asked Questions) For E-form PAS-6
Question 1. What Is the Intention to Start Form PAS-6?
Answer:- The major purpose of Form PAS- 6 would be to perform the reconciliation of the different number of securities given (share certificate or Demat credit) match or do not match via furnishing or paid-up capital.
It ensures that no extra credit for the securities related to the given number of securities is there and that within the stipulated time the Demat process would execute.
Question 2. What Is the Program for Filing Form PAS-6?
Answer:- Under section 29(1) of the company act 2013 despite anything retain in any additional provisions of this Act, (a) each firm making a public offer, and (b) the same sort of other class or classes of companies as might be defined will provide the securities exclusively in dematerialized form through following the provisions of the Depositories Act, 1996 and the rules made as per that.
Under Section 29(1A) of the Companies Act, 2013, for the case of the same class or classes of unlisted companies as might be defined, the securities held or transferred merely in dematerialized form in the way enacted in the Depositories Act, 1996, and the rules formed as per that.
The same is counted under the companies specified in section 9A of the companies (Prospectus and Allotment of Securities) Rules, 2014, i.e., unlisted public companies. Rule 9A (8) of the Companies (Prospectus and Allotment of Securities) Rules 2014 specified that all the unlisted public companies shall provide the Form PAS-6 via the registrar of the companies by paying fees as cited in companies (Registration Offices and Fees) Rules, 2014 in 60 days from the result of each half-year duly certified via the company secretary in executing or chartered accountant in implementation.
Towards half year end dated 30/09/2019 and 30th March every year, the Form would be required to get filed.
On the date of 15th, July 2020, Form PAS-6 specified on the website of the MCA would be required to get filed within 60 days from the declared date.
Question 3. If the Firm Holds Different Securities Does It Requires to Furnish Form PAS-6?
Answer:- Yes, Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014 would apply for every class of security and in Form PAS-6 merely one ISIN can be inserted. Hence for distinct types and classes of securities different forms would be required to get filed. Form PAS-6 is an improvised ISIN that could be inserted. Hence the company would be required to file Form PAS-6 for all issued ISIN.
Question 4. Which Act or the Act Made Would Be Examined Even Certifying Form PAS-6 Via the Professional?
Answer:- Certification of Form would not merely be for the data filed in Form PAS-6 but the same is for the companies act 2013, Depositories Act, 1996, and all Regulations related to the dematerialization of Securities.
Hence the compliances with section 29 of the companies act 2013 rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014, Depositories Act, 1996 including with the laws furnished in it which is a matter to Form PAS-6 and would be examined and reported.
Question 5. For Which Division the Companies Are Required to File Form PAS-6?
Answer:- The companies which are public and not listed along with the subsidiary of the public companies would be obligated to file Form PAS-6. However, the government companies, wholly-owned subsidiaries, and Nidhi firms are unlisted public companies also these are not ought to file Form PAS-6.
Under Section 2(52) of the companies act, 2013 which is a listed firm discloses that the firm secures any of its securities listed on the recognized stock exchange.
The Companies (Amendment) Bill, 2020, is to be authorised via the Lok Sabha and Rajya Sabha seeks to furnish the provision in the same section in which the same qualifies the central government to prioritize, for the discussion of SEBI some of the firms that have listed or could be listed for the precise class of securities from the recognition that for listed firms.
The revision in section 2(52) maintains the goods and the central government specified the regulation related to different firms that might be classified as ‘unlisted public companies that are currently not considered to be unlisted public firms.
Question 6. Is Rule 9a of Firms (Prospectus and Allotment of Securities) Rules, 2014 Subjected to Be Applicable for (A) an Unlisted Public Company but Debt Is Listed, or (B) Private Company However Debt Is Listed or (C) an Unlisted Public Company and Debt Is Unlisted?
Answer:- For unlisted public firms the Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014 is qualified. As per section 2(52) of the companies act 2013, the listed firms directed that the firm has its securities listed.
Hence when the debt security is listed these firms (public or private) do not count under Rule 9A of the firms (Prospectus and Allotment of Securities) Rules, 2014. When the debt and equity do not being listed and the firm is a public company then Rule 9A of the firms (Prospectus and Allotment of Securities) Rules, 2014 is appropriate.
The same is compulsory to find out the specified provision (as per them as noted in answer to Q6 above) is requested to be cited in Section 2(52) of the Companies Act, 2013 (under listed company). When such revision in section 2(52) is good and the central government is related to this, the answer might be revised.
Question 7. If the Recorded Debt Firms Are Demanded to File Form PAS-6?
Answer:- According to the date of credential, the debt list companies would say to be the listed firms where the procurement of the firms act 2013, therefore the same would not be needed to file Form Form PAS-6 through ROC. Hence the applicant requests for the revision under section 2(52) of the companies act, 2013 (which is explained in Q6 and Q7 above) the very answer might be revised.
Question 8. Does This Happen That the Debit-Listed Public Firms Furnish, Transfer or Hold the Equity Share in Physical Form?
Answer:- Under Chapter IV of SEBI (LODR) Regulations, 2015, the Debt listed firms are counted. Therefore the Debt listed public firms do not come under Rule 9A of the firms (Prospectus and Allotment of Securities) Rules, 2014, and count under Regulation 40 of SEBI (LODR) Regulations, 2015, on the debt-listed companies (public or private) there is no restriction to furnish the equity shares in physical form.
The applicant to request the revision under section 2(52) of the companies act 2013, (as explained in Ques 6 and Ques 7) there should be obligated to comply with the compliances.
Question 9. When the Company Carried Isin While Some Security Owners Do Not Interchange Their Securities to the Demat Form Is It a Non-Compliance with Section 29 of the Companies Act 2013 or Rule 9a of the organization (Prospectus and Allotment of Securities) Regulations, 2014 and If the Same Is to Be Eligible in Form PAS-6?
Answer:- As per rule 9A(4) of the Companies (Prospectus and Allotment of Securities) Rules, 2014, when the company intended for ISIN and utility open for the Demat to all the security owners, the company needed to comply for the identical purpose.
There is no time limit towards the revising and existing securities in the Demat unless there would be a securities issue or securities buyback emerging on the basis of the company or on the other security owners requesting for the company for the transfer of the shares.
However, the same companies needed to provide the half-yearly returns and are obligated to circulate that the securities are rendered merely via the members in the physical structure.
Question 10. When the Debentures or Preference Shares Would Leave for Saving, Is This Indicate That It Could Be Redeemed in the Physical Form? Is Form PAS-6 to Be Filed for the Securities That Have Been Redeemed Completely in the Half Year?
Answer:- No limit would be there on saving the securities in the Demat form and therefore securing could be executed in physical form. When the securities would be taken completely at the end of half year, ISIN should be extinguished by building the application to the depositary.
For e-Form, PAS-6 does not get filed. However, on the due date of the half year, i.e. September 30 or March 31 when ISIN (International Securities Identification Numbering) would be running till now but preference shares or debentures would be redeemed, Form PAS-6 would be obligated to get filed and the redemption of the preference shares or debentures may inside form via the mode of attachment which the redemption arrived on the place and the ISIN would get destroyed.