HALF YEARLY RECONCILIATION OF SHARE CAPITAL AUDIT REPORT IN FORM PAS 6

HALF YEARLY RECONCILIATION OF SHARE CAPITAL AUDIT REPORT IN FORM PAS 6

Ministry of Corporate Affairs (MCA) has deployed the Form PAS 6 for filing with effect from 15th July, 2020.

This form is mandatory for an unlisted public company in order to file the Reconciliation of Share Capital Audit Report on Half Yearly basis. 
 

Background
  1. Ministry of Corporate Affairs (MCA) on 22nd May 2019 through a general circular notified that every unlisted public company as per sub-rule 8 of Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014, has to file a Reconciliation of Share Capital Audit Report on a Half-yearly basis in Form PAS-6 to the Registrar of Companies.
     
  2. Form PAS-6 has to be filed within 60 days from the end of each half-year [30th September and 31st March.
     
  3. The company has to pay prescribed fees as provided in Companies (Registration Offices and Fees) Rules, 2014 after filing the form PAS 6 to the Registrar.
     
  4. The form must be duly certified by a practicing Company Secretary or by a practicing Chartered Accountant.
     

 
Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014
  • As per the rule, every unlisted public company has to issue the securities only in dematerialized form and to convert all its existing securities which are in physical form into dematerialized form as per the provisions of the Depositories Act, 1996 and regulations made thereunder
     
  • All the unlisted public companies will have to obtain International Security Identification Number (ISIN) for each type of security and they must inform about such facility to all its existing security holders. 
     
  • Every public company which are unlisted has to make sure that before making any offer like the right issue of shares, buyback of shares, etc, they should clear the fees of depositories or registrar to an issue and share transfer agent
     
  • Every public company which are unlisted has to make sure that before making any offer like the right issue of shares, buyback of shares, etc, the entire holding of securities of the promoters, directors, KMP should be in Demat form
     
  • The shareholders of every unlisted public company must get their shares converted into Demat form before transferring their shares to any other person or for subscribing to any issue of securities.
     
  • To submit the reconciliation of share capital audit reports on a half-yearly basis.
     
Non-applicability

This rule will not be applicable to the below-mentioned classes of unlisted public company:

  1. Nidhi Company
  2. Government Company
  3. A wholly-owned subsidiary Company
     

 
Due date of filing of PAS-6:

MCA has issued a General Circular No.16/2019 on 28th November 2019, for extending the time limit for filing of form PAS 6. As per the circular, every unlisted public company has to file Form PAS-6 within sixty days from the date of deployment of the form on the website.

For filing PAS 6, such companies do not have to pay any additional fees for the half-year ended on 30.09.2019. 

The E-form PAS-6 was made available for filing on the MCA website with effect from 15th July 2020. 

Requirements of Form PAS-6 

  1. Company’s CIN
  2. Name of the Company with address and contact details
  3. ISIN – [“Every information has to be furnished for the half-year ended 30th September and 31st March in every financial year for each ISIN separately”]
  4. Period of Filing
  5. Details of Capital of Company –
     

    S.No.

    Particulars

    Number of shares

    Percentage of Total Issued Capital

    a

    Issued Capital

     

     

    b

    Held in dematerialised form in CDSL

     

     

    c

    Held in dematerialised form in NSDL

     

     

    d

    Held in physical form

     

     

    e

    Total No. of Shares (b)+ (c)+(d)

     

     


     
  6. Reason of differences between 5a and 5e.
  7. Details regarding the changes in share capital during the half-year under consideration
  8. Details of Shares held by promoters, directors, and KMPs
  9. Information regarding whether the register of members are updated or not
  10. Information about dematerialised shares in excess in the previous half-yearly period
  11. Total no. of Demat requests, if any, confirmed after Twenty One [21] days and the total no. of Demat requests pending beyond 21 days with the reasons for the delay
  12. Details of Company Secretary of the Company, if any
  13. Details of Chartered Accountant/Company Secretary certifying this form
     

For any further clarification, kindly find the below link:

1.  General Circular G.S.R. 376(E). dated 22nd May 2019 - 

https://www.mca.gov.in/Ministry/pdf/Rules_23052019.pdf

2.  General Circular No.16/2019 on 28th November 2019

http://www.mca.gov.in/Ministry/pdf/FormPAS6_28112019.pdf
 

Edited by Minu Mishra

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