Active Company Tagging Identities and Verification compliance under the Companies Act, 2013 (e-Form ACTIVE)

The Ministry of Corporate Affairs, on the 21st of February, 2019 has came up with a relatively new concept called ACTIVE i.e Active Company Tagging Identities and Verification which verifies the company’s details and registered office in e-Form ACTIVE

Effective date of the notification: February 25, 2019

Applicability: The above provisions are applicable to all companies which have been incorporated under the act on or before December 31, 2017 except companies which were incorporated on or before December 31, 2017 but have been:
• Struck off by the Registrar or is under the process of striking off; or
• Under the process of Liquidation; or
• Has been amalgamated; or
• Dissolved

Due Date of filing e-Form:- on or before April 25, 2019

Pre-requisites for filing e-Form: Every company that is required to file the said e-Form ACTIVE, must ensure the following things before filing the form:
(1) Annual Filing forms i.e AOC-4 and MGT-7 for the financial year 17-18 is filed with the Registrar of Companies (Ensure both the forms are filed)

(2) Has the prescribed number of directors in the company i.e minimum 2 in private companies, minimum 3 in public companies and minimum 1 in OPC

(3) Each and every director of the company has duly filed their KYC forms with MCA and the status of their DIN is “Approved” and are neither “De-activated due to non-filing of DIR-3 KYC” nor “Disqualified u/s 164(2)”

(4) Has duly appointed an Auditor and the e-Form ADT-1 for their appointment has been filed with the Registrar of Companies

(5) Has duly appointment a Whole Time Company Secretary in the company, if applicable, and the e-form DIR-12 has been filed with the Registrar of Companies

(6) Has appointed Cost Auditor in the company, if applicable, and the e-Form CRA 2 has been filed with the Registrar of Companies

Consequences of non-filing of the e-Form: If the reporting company fails to file this e-Form with the Registrar of Companies on or before the due date:-
(1) Such companies will be marked as “ACTIVE-non-compliant”
(2) Such companies will not be allowed to file the following forms with the MCA
• SH-7 (Changes in Authorized Capital)
• PAS 3 (Changes in Paid Up Capital)
• DIR-12 (Changes in Director except for cessation)
• INC-22 (Changes in Registered office)
• INC-28 (Amalgamation, de-merger)

Filing Fees: Zero if filed on or before April 25, 2019

INR 10,000 if filed on or after April 26, 2019

Requirements for filing e-Form: Following documents/details are required for filing the form:
(1) Photograph of the external building of the registered office of the company showing name of the building (for eg. say the registered office of the company is situated in “Starlight” building, ensure the photo of the building shows the name “Starlight”)

(2) Photograph of outside of the registered office of the company (showing board of the company indicating its name, address, CIN, GSTIN, email id, telephone number and website, if any) (3) Photograph of inside of the registered office showing atleast one director whose DSC will be used in the form (for eg. If your company has 3 directors, Mr. X, Mr. Y and Mr. Z and DSC of Mr. X and Mr. Y is used in the form then the photo of inside office should mandatory include either Mr. X or Mr. Y)

(4) Email id of the company such as [email protected] or [email protected] or [email protected] or if it is gmail then [email protected] (this email id will be subject to #OTP verification and must be unique and shall belong to the company)

#Please note that the OTP can be generated only 10 times in one day and shall be valid for a span of 30 minutes each time

(5) DSC of any two directors of the company (including the Director whose photograph has been shared). Disqualified Directors will not be allowed to sign this form.

(6) Longitude and latitude of the company’s location.

The Companies (Significant Beneficial Owners) Amendment Rules, 2019-SBO Compliance

The Ministry of Corporate Affairs vide its notification dated February 8, 2019 has further amended the Significant Beneficial Owners (SBO) Rules and the new amended rules are now called as the Companies (Significant Beneficial Owners) Amendment Rules, 2019.

The intention behind the said rules is to identity the real owners behind the complex layers of investment made into the companies by individual or corporate entities.

Effective date of notification: February 8, 2019

Applicability: The said rules are applicable to all the companies incorporated under the Companies act.

Meaning of Significant beneficial owner (SBO): The following will be considered as the SBO of the reporting company-

1) Incase the member is a individual: In relation to a reporting company, SBO means an individual, who acting alone or together, or through one or more persons or trust, possesses one or more of the following rights or entitlements in such reporting company:
i. holds indirectly, or together with any direct holdings, not less than 10% of shares;
ii. holds indirectly, or together with any direct holdings, not less than 10% of voting rights in the shares;
iii. has right to receive or participate in not less than 10% of total distributable dividend, or any other distribution, in a financial year through indirect holdings alone, or together with any direct holdings alone

2) In case the member is a body corporate (whether registered in India or abroad) other than Limited Liability Partnership: The individual who:- a) holds majority stake in that member; or b) holds majority stake in the ultimate holding company (whether incorporated or registered in India or abroad) of that member.

3) In case the member is a Hindu Undivided Family (HUF)(through Karta):- the Karta of HUF.

4) In case the member is a partnership entity:- the individual who is:-
a) the Partner; or
b) holds majority stake in the body corporate which is partner of the partnership entity; or
c) holds majority stake in the ultimate holding company of the body corporate which is a partner of the partnership entity.

5) In case the member is:-
a) a pooled investment vehicle; or
b) an entity controlled by the pooled investment vehicle, based in member States of the Financial Action Task Force on Money laundering and the regulator of the securities market in such member state is a member of the International Organization of Securities Commissions, and the individual in relation to the pooled investment vehicle is:-
• is a general partner; or
• is an investment manager; or
• is a Chief Executive Officer where the investment manager of such pooled vehicle is a body corporate or a partnership entity

 

INDIRECT HOLDING to be considered in respect of individual member:- The rules put an emphasis on the word “indirect holding” therefore, an individual member who holds shares in his name, on behalf of another person, such individual member should not be considered as the SBO. The person on whose behalf the shares are held is considered the SBO.

“Direct holding” for the purpose of rule will mean any individual holding shares in the reporting company representing such right or entitlement in his/her own name; or the individual holds or acquires a beneficial interest in the share of the reporting company under sub-section (2) of section 89, and has made a declaration in this regard to the reporting company.

Meaning of majority holding with respect to indirect holdings of members that are corporate entity:- “Majority stake” means:-
i) holding more than one-half of the equity share capital in the body corporate; or
ii) holding more than one-half of the voting rights in the body corporate; or
iii) having the right to receive or participate in more than one-half of the distributable dividend or any other distribution by the body corporate

Duty of Reporting Company:- Every company shall take necessary steps to find out:-
1. In case of individual member:- If there is any individual member who will be considered as SBO, cause him to make a declaration of such beneficial ownership in Form BEN 1

2. In case the member is other than individual:- Shall identify such members who hold not less than 10% of its:-
a) Shares, or
b) Voting rights, or
c) Right to receive or participate in the dividend or any other distribution payable in a financial year, except to the extent the share of such reporting company is held by:-
• The authority constituted under sub-section (5) of section 125 of the Companies Act i.e IEPF authority;
• It’s holding reporting company (Provided the details of such holding reporting company shall be reported in Form No. BEN-2);
• The Central Government, State Government or any Local Authority;
• (i) a reporting company, or
(ii) a body corporate, or
(iii) an entity, controlled by the Central Government or by any State Government or Governments, or partly by the Central Government and partly by one or more State Government;
• Securities and Exchange Board of India registered Investment Vehicles such as mutual funds, alternative investment funds (AIF), Real Estate Investment Trusts (REITs), Infrastructure Investment Trust (InVITs) regulated by the Securities and Exchange Board of India,
• Investment Vehicles regulated by Reserve Bank of India or Insurance Regulatory and Development Authority of India, or Pension Fund Regulatory and Development Authority,

and give notice to such member, seeking information in accordance with sub-section 5 of section 90, in Form No. BEN-4

Duty of SBO: The significant beneficial owner must give a declaration in form BEN-1 to the reporting company within 90 days from the date of the notification i.e. February 8, 2019 for one time reporting and thereafter, if there is any change in significant beneficial ownership, such change must be reported in Form BEN-1 within 30 days from the date of the change

Compliance under the order: The reporting company upon receipt of declaration from significant beneficial owner will have to file a return with MCA in the e-Form BEN-2 within 30 days from the date of receipt of the declaration along with prescribed fees.

Remedies for the reporting company: If a person fails to give the information required by the notice given the reporting company in from BEN-4 within specified time or where the information given is not satisfactory, the reporting company in accordance with sub-section (7) of section 90 of the Companies Act, 2013, can make an application to the Tribunal for an order directing that the shares in question be subject to restrictions, including:-
• Restrictions on transfer of interest attached to shares in question;
• Suspension of the right to receive the dividend or any other distribution in relation to shares in question;
• Suspension of voting rights in relation to the shares in question;
• Any other restriction on all or any of the rights attached to the shares in question

Recent Amendment in the Companies (Acceptance of Deposits) Rules, 2014

The Ministry of Corporate Affairs, issued a notification on the January 22, 2019 amending the Companies (Acceptance of Deposits) Rules, 2014. These amended rules are called as the Companies (Acceptance of Deposits) Amendments Rules, 2019 and shall come into effect from January 22, 2019.

According to the amendment, every reporting company will have to file with the Registrar of Companies:

(1) A one-time return: Giving details of all the outstanding receipt of money or loan which is considered as Deposits as per the Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 for the period from April 1st, 2014 till the date of publication of the notification in the official gazette i.e. January 22, 2019 in e-Form DPT-3.

(2) Periodic return: Giving the details of particulars of transactions which are not considered as deposits as per Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 by 30th June of every year containing details as on March 31st in e-Form DPT-3.

Applicability: This amendment is applicable to all the companies irrespective of whether they are private or public except the Government Companies. Further since the Section 73(1) of the Companies Act, 2013 is not applicable to banking Companies and NBFCs, the said amendment will also not apply to them.

List of money or loan received by a company but not considered as deposits in terms of 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014:-

1 Any amount received from Central or State Government:–

(i)            the Central Government; or

(ii)           a State Government; or any amount received from any other source whose repayment is guaranteed by the Central Government or State Government; or

(iii)          any amount received from a local authority; or

(iv)           any amount received from statutory authority constituted under an Act of Parliament or a State Legislature

2 Any amount received from foreign Government/banks, etc –

(i)            Foreign Governments; or

(ii)            Foreign or international banks;

(iii)           Multilateral financial institutions;

(iv)          Foreign Governments owned development financial institutions;

(v)           Foreign export credit agencies;

(vi)          Foreign collaborators;

(vii)         Foreign body corporates;

(viii)        Foreign citizens;

(ix)          Foreign authorities or;

(x)           Persons residents outside India subject to the provisions of Foreign Exchange Management Act, 1999 (42 of 1999)

3 Any amount received as Loan from banking companies–

(i)            A loan or facility from any banking company; or

(ii)           From the state Bank of India or any of its subsidiary banks; or

(iii)          From a banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (10 of 1949); or

(iv)          A corresponding new bank as defined in clause( d )of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); or

(v)            From a cooperative bank as defined in clause (b-ii) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934)

4 Any amount received as loan or financial assistance from PFIs –

(i)            Public Financial Institutions notified by the Central Government; or

(ii)           Any regional financial institutions; or

(iii)          Insurance companies; or

(iv)          Scheduled Banks as defined in the Reserve Bank of India Act,1934 (2 of 1934)

5 Amount raised through issuance of commercial paper:

Any amount received against issue of commercial paper or any other instruments issued in accordance with the guidelines or notification issued by the Reserve Bank of India

6 Inter Corporate Deposits:

Any amount received by the company from any other company

7 Amount received as subscription money for securities:

Any amount received and held pursuant to an offer made in accordance with the provisions of the Act towards subscription to any securities including share application money or advance towards allotment of securities pending allotment, so long as such amount is appropriated only against the amount due on allotment of securities applied for

8 Amount received from directors/relative of directors:

Any amount received from a person who, at the time of the receipt of the amount, was a director of the company or the relative of the director of a private company

9 Amount raised by issue of secured bonds/debentures:

A)Any amount raised by the issue of bonds or debentures secured by a first charge or a charge ranking pari passu with the first charge on any assets referred to in Schedule III of the Act excluding intangible assets of the company; or

(B) bonds or debentures compulsorily convertible into shares of the company within ten years

10 Amount raised through issuance of unsecured listed NCDs:

Any amount raised by the issue of non-convertible debentures not constituting a charge on the assets of the company and listed on recognized stock exchange as per applicable regulations made by Securities and Exchange Board of India

11 Non-interest bearing security deposit received from employees: 

Any amount received from an employee of the company not exceeding his annual salary under a contract of employment with the company in the nature of non-interest bearing security deposit

12 Non-interest bearing amount held in trust:

Any non-interest bearing amount received and held in trust

13 Any amount received in course of, or for the purposes of the business of the company:

(i)            As an advance for supply of goods or provision of services accounted for in any manner whatsoever provided that such advance is appropriated against supply of goods or provision of services within a period of three hundred and sixty five days from the date of acceptance of such advance.

(ii)           As advance accounted for in any manner whatsoever, received in connection with consideration for immovable property under an agreement or arrangement, provided that such advance is adjusted against such property in accordance with the terms of agreement or arrangement.

(iii)          As security deposit for performance of the contract of supply of goods or provision of services.

(iv)          As advance received under long term projects for supply of capital goods except those covered under item (b) of subclause (xii) clause (c) of sub- rule (1) of rule (2) of the Companies (Acceptance of Deposits) Rules, 2014.

(v)           As an advance towards consideration for providing future services in the form of a warranty or maintenance contract as per written agreement, if the period for providing such services does not exceed the period prevalent as per common business practice or five years, from the date of acceptance of such service whichever is less.

(vi)          As advance received and allowed by any sectoral regulator or in accordance with directions of Central or State Government.

(vii)         As an advance for subscription towards publication, whether in print or electronic to be adjusted against receipt of such publications.

(viii)        Any amount brought in by promoters of the company by way of unsecured loans in pursuance of the stipulation of any lending financial institution.

(ix)          Any amount received by a Nidhi company in accordance with the rules made under section 406 of the Act.

(x)           Any amount received by way of subscription in respect of chit under the Chit Funds Act, 1982(4 of 1982).

(xi)          Any amount received by company under any collective Investment scheme in compliance with regulations framed by the Securities and Exchange Board of India. Any amount of twenty five lakh rupees or more received by a start up company, by way of convertible note (convertible into equity shares or repayable within a period not exceeding five years from the date of issue) in a single tranche, from a person

14 Any amount received by a company from:–

(A) Alternate Investment Funds;

(B) Domestic venture Capital Funds;

(C) Infrastructure Investments Trusts;

(D) Real Estate Investment Trusts;

(E) Mutual Funds registered with the Securities and Exchange Board of India

Due date of submitting e-Form DPT-3:-

Particulars Date
One Time Reporting Within 90 days from the date of publication of the notification. The date of publication of the notification is January 22, 2019 therefore, the form has to be filed by April 21, 2019. (the updated version of the form to be filed is yet to be made available by the MCA)
Periodic Reporting By 30th June

Specified Companies (Furnishing of Information about payment to micro and small enterprises suppliers) Order, 2019-MSME Form I Compliance

Overview:- With a view to support Micro, Small and Medium Enterprises (MSMEs), the Ministry of Corporate Affairs (MCA) has recently issued a notification directing all companies that obtain supplies of goods/services from Micro and Small Enterprises to furnish and submit a one-time return (and subsequently every half year) with the MCA stating the following:
(1) The amount of payment due; and
(2) The reasons for the delay
with respect to such Micro and Small enterprises in a new e-Form MSME 1.

Date of notification: January 22, 2019

Applicability: To all the companies who get supplies of goods or services from micro and small enterprise and whose payment to micro and small enterprise suppliers are outstanding for over forty-five days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of Section 9 of the Micro, Small and Medium Enterprises Development Act, 2006

Reporting and due dates:

(1) For one-time reporting:- The first return in MSME Form 1 has to be filed by every specified company furnishing the details of all outstanding dues to Micro and Small enterprises suppliers existing as on the date of notification of this order i.e. January 22, 2019 within thirty days from the date of publication of this notification (However, the form is yet to be made available by the MCA and therefore, such 30 days will now be considered from the date the form is made available by the MCA).

(2) Half yearly return:- For the regular half yearly return in MSME Form 1 it has to be filed by every specified company as per the following timeline:-
• For the period April to September:- by 31st October of the same year
• For the period October to March:- by 30th April of the same year

Information to be furnished in MSME Form I:-
(1) Outstanding amount due to micro and small enterprises as on 22.01.2019 (for the one time return) and outstanding amount during the period April to September/October to March (for half yearly return).
(2) Name of Suppliers
(3) PAN of Suppliers
(4) Date from which the amount is due
(5) The reasons of delay in payment

How to apply for Incorporation of a Company in India – Indian National & Resident Investors

For starting up any kind of business in India, it is important to give that business a legal recognition.

In India, there are various different types of legal structures like sole proprietorship, Partnership firm, Limited Liability Partnership, Company, etc available to choose from and selection of the form of business entity is one of the important decisions before starting a business.

Let us assume that after considering pros and cons of each of the legal structure available, you are intending to set up your business in form of a Company, the next big question that will arise is as to how to form a company?

With this article let us understand the flow and process of forming and incorporating a company.

Know the Authority

Knowing whom to approach and where to apply is very important and crucial step. Just like when you want to apply for a Driver’s Licence you immediately approach the respective RTO, similarly, when you intend to apply for the formation of a company, an application is made to the Registrar of Companies.

The Companies Act, 2013 is the act that is applicable to companies incorporated and the Ministry of Corporate Affairs (MCA) is the regulatory body that regulates the affairs of the company through the Registrar of Companies (ROC).

All Application for incorporation of a company is made online to the ROC of the Particular state which is routed through Central Registration Centre (CRC) department of the MCA.

No Company can come into existence without a Certificate of Incorporation issued by the Registrar of Companies.

Know more about MCA here http://www.mca.gov.in/MinistryV2/homepage.html

Understand the basic structure of a company

A Company as a form of legal business structure can further be divided into 4 different types as follows:
1) Private Limited
2) Public Limited
3) OPC
4) Section 8 (NGO)

As an applicant, understanding the structure of these above types of a company becomes a very important factor not only from the point of view of choosing the right type that will work for you but also with respect to the actual process of incorporation of your company.

Private Limited

Public Limited OPC
Minimum Shareholders Required  

2

 

 

7

 

Only 1
Maximum Shareholders Required 50 Unlimited Cannot have more than 1
Directors Required Min 2 Min 3 Min 1
Capital Required No Minimum requirement No Minimum requirement

No minimum requirement

Pre-requisites before making an application

It is essential for an applicant to have a Digital Signature certificate in place for all the subscribers i.e shareholders that will be willing to invest in the company. The subscribers will require a class 2 DSC and it is easily procured by making an application to any MCA recognized Certifying authorities.

The Actual Process

So now that you have decided upon the type of company you want to incorporate and managed to gather the shareholders and person willing to be the directors and accordingly procured the DSC, the company formation process will flow as per the following steps:

1) Create MCA Account: The First step will be to register yourself with the MCA Portal since all the applications will be required to be made online. Creating an account is very simple and involves zero cost.

You can register and create your account here http://www.mca.gov.in/mcafoportal/login.do

2) Apply for a name and reserve it: The second step will be to apply for the name to the Registrar of the Company. This can be done in 2 ways:
a) Through RUN Portal of MCA
b) Directly Through the Incorporation form

While applying for the name, you can propose 2 different names. However, an apparent check must be done for the similarity of the name with other company and trademark as these are the common reasons for the ROC to refuse to approve your name application.

You can check for the name availability here http://www.mca.gov.in/mcafoportal/showCheckCompanyName.do

The name approved shall be valid for 20 days.

3) Filing of Incorporation forms: The last but not the least step is submitting the incorporation forms online with the MCA along with paying statutory fees.

Forms to be filed:

a) SPICe Form or INC 32 wherein Basic details regarding the Shareholders, Directors, and Place of the registered office and Capital are to be mentioned in this form.

b) SPICe MOA or INC 33 is e-Memorandum of Association of the Company wherein the State in which the company will be registered along with capital of the company and the main activity of the company is mentioned.

c) SPICe AOA or INC 34 is e-Articles of Association of the Company. The Form contains standard format applicable to the company however, you can alter the clauses as per your requirements.

Documents required:

The documents required to be attached in the SPICe form are as follows:

1) Declaration in form of INC-9 from all the Subscribers

2) Consent from Directors in form of DIR-2

3) Proof of Registered office like Electricity Bill/Telephone Bil/Water Bill/Gas Bill along with a No Object letter from the owner to use the premises as the registered office of the company.

4) Identity Proof of Subscribers and directors (PAN Card and Either Passport/Voter’s ID/Driving Licence)

5) Address Proof of Subscribers and Directors (Latest Electricity Bill/Mobile Bill/Bank Statement)

6) A Declaration of the Practising Professional which forms part of the above Three forms.

7) Other Documents required by ROC specifically.

Fees to be paid:

The Fees required to be paid will depend upon the capital of your company and also the state in which the company is being incorporated.

Find the forms here http://www.mca.gov.in/MinistryV2/companyformsdownload.html

4) Scrutiny of ROC and getting the Certificate of Incorporation: After forms are filed with the MCA and the applicable fees are paid, the ROC will check your forms and if the ROC feels that the application are complete with all respects, he will issue the Certificate of incorporation and voila your Company is incorporated.

pexels-photo-618158

DIR-3 KYC- New Annual KYC for Directors

The Ministry of Corporate Affairs (MCA) has notified on 5th of July, 2018 an Annual filing of “DIR-3 KYC” – A form for Application for KYC of Directors as a part of updating its registry and conducting KYC of the Directors on a regular basis.

One can follow the below-given guidelines for filing the form and completing the KYC with MCA –

Applicability

Filing of the form DIR-3 KYC is applicable to all the Directors holding a DIN which is approved by the MCA on or before March 31, 2018 irrespective of whether one is currently a director of any company or not or has been disqualified u/s 162 (2) of the Companies Act, 2013 or not.

Due Date of Filing of the form

The form shall be filed with MCA on or before August 31, 2018, failure of which would lead to deactivation of the Director’s DIN by MCA.

Fees

If the Form is filed on or before August 31, 2018, no fees is payable on submission of the form. If the Form is filed after August 31, 2018 an amount of INR 5,000 is payable when submitting the form.

Finalising the KYC forms for your DSC

Documents required

The Documents required to be attached under the form will vary according to Nationality of the Director as follows:

A. If the Director is an Indian National:

(1) Self-attested copy of PAN Card

(2) Self-attested copy of Aadhar Card

(3) Self-attested copy of Passport (if the Director is a valid holder of one)

(4) Self-attested copy of Latest Residential proof (any one of Electricity bill/Mobile Bill/Driving License/Bank Statement)

B. If the Director is an Indian National but Foreign Resident:

(1) Self-attested copy of PAN Card

(2) Self-attested copy of Aadhar Card

(3) Self-attested copy of Passport

(4) Self-attested copy of Indian Residential proof (any one of Electricity bill/Mobile Bill/Driving License/Bank Statement)

(5) Self-attested copy of Foreign Residential proof (any one of Electricity bill/Mobile bill/Driving License/Bank Statement or any other Government issued document of the country which the Director is presently resident of and such proof shall be attested by the Consulate of Indian Embassy or Foreign Public Notary)

C. If the Director is a Foreign National:

(1) Self-attested copy of Passport (Duly notarized and apostilled in the country of the Director)

(2) Self-attested copy of Latest Residential proof (any one of Electricity bill/Mobile Bill/Driving License/Bank Statement duly notarised and apostilled in the country of the Director)

Important points to be noted

One must keep in mind the following important points –

(1) Download the form from the website of the MCA and enter DIN and pre-fill the form. Once the form is pre-filled, enter all the requisite details according to the PAN or in case of Foreign National not having PAN, according to the DSC (Digital Signature).

(2) The Form is required to be digitally signed by the Director only. Hence, each Director must have a valid DSC duly registered with the MCA.

(3) The Director is required to mention their personal email id and mobile number in the form which shall be duly verified by an OTP sent on both email id and mobile number of the director. Hence each DIN will require a unique email id and mobile number of the Director to be submitted.

(4) Such OTP shall be sent only for a maximum of 10 times in one day and twice in a span of 30 minutes.

(5) The Form DIR-3 KYC will be mandatorily required to be certified by a Practicing Company Secretary/Chartered Accountant/Cost Accountant.

(6) The Form will be processed by the MCA in STP mode which means an approval email will be sent to the director immediately upon the filing of the form.

(7) Non-filing of Form DIR-3 KYC will result in deactivation of the DIN.

(8) If the DIN is deactivated due to non-filing of the form DIR-3 KYC, such DIN will be activated only by payment of INR 5,000 as penalty along with the filing of the DIR-3 KYC.

For any queries feel free to reach out to me at [email protected].

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