Dear Professionals

Hope you all are doing good during this Pandemic.

In this write up, I am sharing with you all Latest update from MCA regarding Deployment of new E-Form PAS 6 (Reconciliation of Share Capital Audit Report on half yearly basis) and It’s Applicability by way of Questions and Suitable Answers.

This approach of MCA (Ministry of Corporate Affairs) gives us enthusiast to get some new compliance after each periodic interval which let us learning new things every year, also we never get bored with this New Companies Act, 2013 and even after 6 years of implementation it’s still NEW.

Let’s Just begin with Frequently Asked Questions (FAQ’s) on Deployment of E-Form PAS-6 on MCA.

Question: 1 What is the Purpose of Deployment of New e-form PAS -6?
Answer: Reconciliation of Share Capital Audit Report on half yearly basis.
Question: 2 What is the Provision under which new e-form PAS -6 govern?
Answer: Pursuant to Rule 9A of Companies (Prospectus and Allotment of Securities) Rules, 2014 as amended vide Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019
Question: 3 What is the Date of Deployment of New e-form PAS -6?
Answer: The New E-Form PAS -3 is available for filing on MCA portal w.e.f 15th July, 2020.
Question: 4 Applicability of e-form PAS 6?
Answer: New e-form PAS 6 shall be file by every unlisted public company except (a) a Nidhi; (b) a Government company or (c) a wholly owned subsidiary.
Question: 5 What is the Due date of Filing of e-form PAS 6?
Answer: Every unlisted public company governed by this rule shall submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules,2014 within sixty days from the conclusion of each half year. i.e. 30th May and 29th Nov of each financial year.
Question: 6 Who shall be authorized to certify New e-form PAS -6?
Answer: A Company Secretary of A Chartered Accountant in Practice shall be authorized to certify E-form PAS-6.
Question:7 What is the mandatory attachment of New e-form PAS -6?
Answer: There is no mandatory attachment in New e-form PAS -6 but for record purpose a company may attach document received from depository stating details of shares held in DEMAT.
Question:8 What are the Contents of New e-form PAS -6?
ISIN. All information shall be furnished for the half year ended 30th September and 31st March in every financial year for each ISIN separately.

Details of issued capital number of shares along with percentage of total issued capital and total number of shares which are held in dematerialized form or physical form.

Details of changes in the share capital in the form of Rights, Bonus, Private placement, ESOPs, Amalgamation, Conversion, Buyback, Capital Reduction, Forfeiture and others.

Details of shares held by promoters, directors and KMPs in the form of DEMAT or physical.

Details whether Register of Members Updated or not.Total no. of demat requests, if any, confirmed after 21 days and the total no. of demat requests pending beyond 21 days with the reasons for delay.

Details if any common agency for registry appointed or not.Details of Company Secretary of the Company, if any; Else digitally sign by the Director/Manager/CFO.
Question:9 What are the Unique Key benefits New e-form PAS -6?

This form will bring Transparency in Records of Shares of Unlisted Public Company as the company shall immediately bring to the notice of the depositories any difference observed in its issued capital and the capital held in dematerialized form.

By deployment of this form Unlisted Public Companies will update their Registers in a        disciplined manner.
Question:10 What are the Penal Provision for non-filing of e-form PAS -3?
Answer: As there is no penalty prescribed under rule 9A for non-compliance thereof, therefore section 450 (Residuary provision for penalty) will come into picture. The Company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to ten thousand rupees, and where the contravention is continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which the contravention continues.


In compliance of this Rule there are 2 major Duties has been assigned to the Shareholders of Unlisted Public Company and Unlisted Public Company:
As per rule 9A(3) every holder of securities of an unlisted public company: who intends to transfer its securities; orwho intends to subscribe to any securities of an unlisted public company on or after 02nd October 2018 shall make sure that all his existing securities are held in dematerialized form before making such transfer or subscription, and if not, then the security holder shall not be able to make such transfer or subscription.As per rule 9A(4) every unlisted public company shall: facilitate dematerialisation of all its existing securities by making necessary application to a depository;secure ISIN for each type of security; andinform all its existing security holders about such facility.

As per rule 9A(2) every unlisted public company shall ensure that entire holding of securities of its promoters, directors and key managerial personnel has been dematerialised in accordance with the provisions of the Depositories Act, 1996, and if not, then the company shall not be allowed to do the following: issue of any securities;buyback of securities;issue of bonus shares;right offer  

As per rule 9A(5) every unlisted public company shall ensure that: it makes timely payment of fees (admission as well as annual) to depository, registrar to an issue and share transfer agent;it maintains security deposit at all times of at least 2 years Fees with depository, registrar to an issue and share transfer agent;it complies with the regulations or directions or guidelines issued by SEBI or Depository from time to time with respect to dematerialisation of shares of unlisted public companies.  

Orignally Published on – Compliance Calendar LLP : By CS Annu Sharma

By csannusharma

CS Annu Sharma is a highly qualified and experienced professional in the field of Company Secretarial and Legal activities. With an impressive academic background and relevant certifications, she has demonstrated exceptional expertise and dedication in her career. Education: Qualified Company Secretary (CS) from the Institute of Company Secretaries of India (ICSI). Graduate in Law from Indraparasth Law College, enabling a strong legal foundation in her professional journey. Graduate in Commerce from Delhi University, providing her with a comprehensive understanding of financial and business concepts. Certifications: Certified CSR Professional from the Institute of Company Secretaries of India (ICSI), showcasing her commitment to corporate social responsibility and ethical business practices. Work Experience: She possesses an extensive and diversified work experience of more than 6 years, focusing on Secretarial and Legal activities. Throughout her career, she has consistently showcased her ability to handle complex corporate governance matters and legal compliance with utmost efficiency and precision. Current Position: Currently, Mrs. Annu holds a prominent position in an NSE Listed Entity, namely Globe International Carriers Limited, based in Jaipur. As a key member of the organization, she plays a vital role in ensuring compliance with regulatory requirements, advising the management on corporate governance best practices, and safeguarding the company's interests. Professional Attributes: Thorough knowledge of corporate laws, regulations, and guidelines in India, enabling her to provide strategic insights and support in decision-making processes. Expertise in handling secretarial matters, including board meetings, annual general meetings, and other statutory compliances. Proficiency in drafting legal documents, contracts, and agreements, ensuring accuracy and adherence to legal requirements. Strong understanding of corporate social responsibility and its impact on sustainable business practices. Excellent communication and interpersonal skills, enabling effective collaboration with various stakeholders, both internal and external. Personal Traits: Mrs. Annu Khandelwal is known for her dedication, integrity, and commitment to maintaining the highest ethical standards in her professional conduct. Her meticulous approach to work and attention to detail make her an invaluable asset to any organization she is associated with. Conclusion: Cs Annu 's profile exemplifies a highly qualified and accomplished Company Secretary, well-versed in legal matters and corporate governance. With her wealth of experience and commitment to excellence, she continues to contribute significantly to the success and growth of the organizations she serves.