PAS-7 Filing: Extension of Time for Public Companies

Public companies in India must comply with the PAS-7 filing requirement when reporting details of share warrants issued before the commencement of the Companies Act, 2013.

Overview of PAS-7 Filing Requirement

According to Rule 9(2)(a) of the Companies (Prospectus and Allotment of Securities) Rules, 2014, every public company that issued share warrants prior to the Companies Act, 2013 and has not yet converted them into shares must report these details to the Registrar of Companies filing PAS-7. This ensures proper share warrants conversion compliance and regulatory adherence.

Amendment Rules and Filing Timeline

The Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 specify that the relevant details must be filed in Form PAS-7 within three months from the effective date of the amended rules.

MCA Circular on PAS-7 Filing Extension

To facilitate compliance, the Ministry of Corporate Affairs has launched Web-Form PAS-7 on the MCA-21 Portal PAS-7 as per General Circular No. 05/2024 dated 6th July 2024. The circular provides a cooling period until 5th August 2024 for filing Form PAS-7 extension without payment of additional fees, ensuring ease for public companies in meeting the regulatory deadline.

Key Compliance Points for Public Companies

• Mandatory Filing: Every public company that issued share warrants prior to the Companies Act, 2013 and has not converted them must submit details in PAS-7 filing format.
• Deadline Compliance: Submission must be made within three months of the commencement of the Second Amendment Rules, 2023, as per PAS-7 deadline extension provisions.
• Registrar of Companies Reporting: All details must be correctly filed with the Registrar of Companies filing PAS-7.
• Portal Access: Filing must be done through the MCA-21 Portal PAS-7 web form for streamlined processing.

Source:
Ministry of Corporate Affairs, General Circular No. 05/2024, Dated: 6th July 2024