{"id":13026,"date":"2020-09-15T18:39:56","date_gmt":"2020-09-15T13:09:56","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=13026"},"modified":"2020-09-15T18:40:04","modified_gmt":"2020-09-15T13:10:04","slug":"form-mgt-14","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/","title":{"rendered":"Form MGT 14: A Guide on Its Meaning, Fees, and Mode of Filing"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The term \u201c<strong><em>Form<\/em><\/strong> <strong><em>MGT 14<\/em><\/strong>\u201d denotes an <strong><em>e-form<\/em><\/strong> that a company needs for <strong><em>filing Resolutions<\/em><\/strong> with the <strong><em>ROC<\/em><\/strong> (Registrar of Companies), which are <strong><em>passed<\/em><\/strong> by the <strong><em>Directors <\/em><\/strong>and <strong><em>Shareholders<\/em><\/strong> at <strong><em>Board Meetings<\/em><\/strong>. Further, this <strong><em>e-form<\/em><\/strong> is available on the <strong><em>official portal of MCA<\/em><\/strong><a href=\"http:\/\/www.mca.gov.in\/\">[1]<\/a> . <\/p>\n\n\n\n<p>In this blog, we will discuss the meaning of <strong><em>Form\nMGT 14<\/em><\/strong>, together with its <strong><em>Fees<\/em><\/strong>, <strong><em>Documents<\/em><\/strong>, and <strong><em>Mode\nof Filing<\/em><\/strong>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a35e360d20\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a35e360d20\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Form_MGT_14_Meaning\" title=\"Form MGT 14 Meaning\">Form MGT 14 Meaning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Laws_Regulating_MGT-14\" title=\"Laws Regulating MGT-14 \">Laws Regulating MGT-14 <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#MGT_14_Form_Purpose\" title=\"MGT 14 Form Purpose\">MGT 14 Form Purpose<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Resolutions_and_Agreements_Filed_under_Section_117_3\" title=\"Resolutions and Agreements Filed under Section 117 (3)\">Resolutions and Agreements Filed under Section 117 (3)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Resolutions_to_be_Filed_under_Form_MGT_14\" title=\"Resolutions to be Filed under Form MGT 14\">Resolutions to be Filed under Form MGT 14<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Board_Resolution\" title=\"Board Resolution\">Board Resolution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Special_Resolution\" title=\"Special Resolution\">Special Resolution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Ordinary_Resolution\" title=\"Ordinary Resolution\">Ordinary Resolution<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Exemption_from_Filing_Form_MGT_14\" title=\"Exemption from Filing Form MGT 14 \">Exemption from Filing Form MGT 14 <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Documents_Required_for_E-form_MGT_14\" title=\"Documents Required for E-form MGT 14\">Documents Required for E-form MGT 14<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Contents_of_MCA_Form_MGT_14\" title=\"Contents of MCA Form MGT 14\">Contents of MCA Form MGT 14<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Process_of_Filing_MCA_Form_MGT-14\" title=\"Process of Filing MCA Form MGT-14\">Process of Filing MCA Form MGT-14<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Concept_of_Straight_Through_Processing\" title=\"Concept\nof Straight Through Processing\">Concept\nof Straight Through Processing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Fees_for_Filing_E-form_MGT_14\" title=\"Fees for Filing E-form MGT 14\">Fees for Filing E-form MGT 14<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Time_Limit_for_Filing_MGT_14_Form\" title=\"Time Limit for Filing MGT 14 Form\">Time Limit for Filing MGT 14 Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Penalty_for_Not_Filing_MCA_E-form_MGT_14\" title=\"Penalty for Not Filing MCA E-form MGT 14\">Penalty for Not Filing MCA E-form MGT 14<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Consequences_of_Not_Filing_MGT_14_Form_within_300_Days\" title=\"Consequences of Not Filing MGT 14 Form within 300 Days\">Consequences of Not Filing MGT 14 Form within 300 Days<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/learning\/form-mgt-14\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Form_MGT_14_Meaning\"><\/span>Form MGT 14 Meaning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to <strong><em>Section 117 (3)<\/em><\/strong> of the <strong><em>Companies\nAct 2013<\/em><\/strong>, a copy of every <strong><em>Agreement signed<\/em><\/strong> and <strong><em>Resolution\npassed<\/em><\/strong>, along with the <strong><em>Explanatory Statement<\/em><\/strong> under <strong><em>Section\n102<\/em><\/strong>, needs to be filed with the <strong><em>Registrar of Companies India. <\/em><\/strong><\/p>\n\n\n\n<p>Further, companies require to file these <strong><em>resolutions\n<\/em><\/strong>within <strong><em>30 days<\/em><\/strong> from <strong><em>passing <\/em><\/strong>it under <strong><em>MGT\n14 Form<\/em> <\/strong>with the <strong><em>Fees<\/em><\/strong> prescribed. <\/p>\n\n\n\n<p>Therefore, <strong><em>Form MGT-14<\/em><\/strong> was introduced under the\n<strong><em>Companies\nAct 2013<\/em><\/strong> for providing a basis to the <strong><em>directors<\/em><\/strong> for filing the <strong><em>resolutions\npassed<\/em><\/strong> as at various <strong><em>Board Meetings<\/em><\/strong>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Laws_Regulating_MGT-14\"><\/span>Laws Regulating MGT-14 <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Laws-Regulating-MGT14-Form-1024x512.png\" alt=\"Laws Regulating MGT-14 \" class=\"wp-image-13028\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Laws-Regulating-MGT14-Form-1024x512.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Laws-Regulating-MGT14-Form-300x150.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Laws-Regulating-MGT14-Form-768x384.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Laws-Regulating-MGT14-Form.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>laws regulating MGT 14 Form<\/em><\/strong> are as\nfollows:<\/p>\n\n\n\n<ol><li>Section 94(1) of\nthe Companies Act 2013; and<\/li><li>Section 117 of\nthe Companies Act 2013;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MGT_14_Form_Purpose\"><\/span>MGT 14 Form Purpose<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A <strong><em>Liquidator <\/em><\/strong>or <strong><em>Company<\/em><\/strong> needs to file\nsome <strong><em>Resolutions\nand Agreements<\/em><\/strong> with the <strong><em>Registrar of Companies, India<\/em><\/strong>. The\nterm \u201c<strong><em>Resolutions<\/em><\/strong>\u201d denotes the <strong><em>decisions passed<\/em><\/strong> in various <strong><em>Meetings<\/em><\/strong>\nby the <strong><em>Shareholder<\/em><\/strong>\/ <strong><em>Directors<\/em><\/strong>\/ or <strong><em>Creditors<\/em><\/strong> of the Company.\nThe concerned company requires to file the <strong><em>particulars<\/em><\/strong> of these resolutions and\nagreements in this <strong><em>E-form<\/em><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Resolutions_and_Agreements_Filed_under_Section_117_3\"><\/span>Resolutions and Agreements Filed under Section 117 (3)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>Resolutions<\/em><\/strong> and <strong><em>Agreements<\/em><\/strong> to be filed\nunder <strong><em>Section 117 (3)<\/em><\/strong> are as follows:<\/p>\n\n\n\n<ol><li><strong><em>Special<\/em><\/strong> Resolutions;<\/li><li>Resolutions\nPassed by the <strong><em>Shareholders<\/em><\/strong> of the Company;<\/li><li>Resolutions\npassed by the <strong><em>Board of Directors<\/em><\/strong> with respect to Appointment\/ Reappointment\/ Renewal\/\nVariation of Terms of Appointment of the MD (Managing Director);<\/li><li>Resolutions\npassed by the <strong><em>class or majority<\/em><\/strong> of <strong><em>Members<\/em><\/strong>;<\/li><li>Resolutions\npassed for the <strong><em>Winding up of the Company<\/em><\/strong> in accordance with Section 59 of the IBC\n2016; and<\/li><li>Resolutions\npassed under <strong><em>section 179 (3)<\/em><\/strong> of the Companies Act 2013;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Resolutions_to_be_Filed_under_Form_MGT_14\"><\/span>Resolutions to be Filed under Form MGT 14<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Resolutions-to-be-Filed-under-Form-MGT-14-1024x768.png\" alt=\"Resolutions to be Filed under Form MGT 14\" class=\"wp-image-13029\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Resolutions-to-be-Filed-under-Form-MGT-14-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Resolutions-to-be-Filed-under-Form-MGT-14-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Resolutions-to-be-Filed-under-Form-MGT-14-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Resolutions-to-be-Filed-under-Form-MGT-14.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>different types of Resolution<\/em><\/strong> filed\nunder <strong><em>Form MGT 14<\/em><\/strong> are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Board_Resolution\"><\/span>Board Resolution<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For passing a Board\nResolution, <strong><em>at least 75%<\/em><\/strong> of the <strong><em>Board of Directors<\/em><\/strong> needs to give\ntheir <strong><em>approval<\/em><\/strong> regarding a decision made. Moreover, the same must be <strong><em>signed<\/em><\/strong>\nby the <strong><em>Shareholders<\/em><\/strong> as well. Also, all the Resolutions passed by the\nBoard are filed under <strong><em>Annexure A of the MGT 14<\/em><\/strong>. <\/p>\n\n\n\n<p>Further, the <strong><em>matters\nincluded<\/em><\/strong> under <strong><em>Board Resolution<\/em><\/strong> are as follows: <\/p>\n\n\n\n<ol><li>Inspection of\nthe Books of Account and other Records;<\/li><li>Authorization\nfor making Political Contributions;<\/li><li>For making an investment\nor granting Loan\/ Guarantee\/ Security;<\/li><li>Related Party Transaction\n(RPT) concerning Contract or Agreement;<\/li><li>For Appointing a\nwhole-time KMP (Key Managerial Personnel) of a company;<\/li><li>Appointment of a\nperson as MD (Managing Director) if he is acting as a Manager or Managing Director\nof another company;<\/li><li>Approval of\nShelf Prospectus;<\/li><li>Appointment\/\nReappointment\/ Renewal\/ Variation of Terms of Appointment of the MD (Managing\nDirector)<\/li><li>For calling of\nthe Unpaid Share Amount from the Shareholders;<\/li><li>Authorization of\nBuyback of securities as given under Section 68;<\/li><li>For issuing\nsecurities in India or outside India (including debentures);<\/li><li>To borrow money;<\/li><li>For the approval\nof the Board Report;<\/li><li>For the approval\nof the Financial Statements;<\/li><li>To expand the\nbusiness of the company;<\/li><li>To approve Reconstruction,\nMerger, or Amalgamation; <\/li><li>For acquiring\nthe controlling stake in another company;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Special_Resolution\"><\/span>Special Resolution<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For\npassing a Special Resolution, <strong><em>at\nleast 75%<\/em><\/strong> of the <strong><em>Board\nof Directors<\/em><\/strong> needs to give their <strong><em>approval<\/em><\/strong> regarding a decision made.\nFurther, this resolution is needed for passing <strong><em>special<\/em><\/strong> and <strong><em>extraordinary\ndecisions<\/em><\/strong> that are not possible to be passed otherwise.<\/p>\n\n\n\n<p>Further, the <strong><em>matters\nincluded<\/em><\/strong> under <strong><em>Special Resolution<\/em><\/strong> are as follows: <\/p>\n\n\n\n<ol><li>Insertion of the provision of Entrenchment in the AOA (Articles of Association) by companies;<\/li><li>Change of the Registered Office from One place to another in the same state;<\/li><li> <strong><a href=\"https:\/\/swaritadvisors.com\/learning\/alteration-of-moa-guide-to-alter-memorandum-of-association\/\">Alteration of MOA<\/a><\/strong> (<strong>Memorandum of Association<\/strong>);<\/li><li>Change in the Object Clause if the money raised is unutilized;<\/li><li>Alteration of AOA (Articles of Association);<\/li><li>Variation in the Object of the prospectus and Terms of a Contract;<\/li><li>Issuance of depository receipts in the Foreign Countries;<\/li><li>Variation of the Shareholder Rights;<\/li><li>Issuance of Sweat Equity Shares;<\/li><li>Issuance of Employee Stock Options;<\/li><li>Private Offer of Securities;<\/li><li>Issuance of Debentures or Loans having an option of Conversion;<\/li><li>Reduction of Share Capital;<\/li><li>Purchase and Subscription of fully-paid shares for the benefit of Employees;<\/li><li>Buyback of Shares;<\/li><li>Keeping of Registers at any place other than the Registered Office;<\/li><li>Removal of Auditor before the Expiry of the Term;<\/li><li>Appointment of 15 or more Directors;<\/li><li>Reappointment of the Independent Director;<\/li><li>Restricting the number of directorships of a director;<\/li><li>Selling, leasing, or disposing of the whole or substantially the whole of the undertaking of the company. However, if the company owns more than 1 undertaking, then whole or substantially whole of any of such undertakings;<\/li><li>For investing in trust securities;<\/li><li>For borrowing money, where the amount to be borrowed, together with the money already borrowed, will exceed the aggregate paid-up share capital + free reserves of the company; <\/li><li>Provides time for the repayment of debt remaining from a director;<\/li><li>Scheme for granting a loan to directors;<\/li><li>When the Loan and Investment by a company exceeds 60% of the total Paid-up Share Capital, Free Reserves and SPA (Securities Premium Account), or 100% of its Reserves, i.e., (Free Reserves + Securities Premium Account), whichever is more;<\/li><li>For the appointment of a\u00a0 director who is above the age of 70 years;<\/li><li>Affairs of the company required to be investigated;<\/li><li>Application to the ROC for the removal of name from the register;<\/li><li>Scheme concerning the Amalgamation of Sick Companies with other company;<\/li><li>Winding-up of a company by the Tribunal;<\/li><li>Voluntary Winding up of a company;<\/li><li>For providing sanction to the company, the liquidator needs to exercise certain powers;<\/li><li>Disposal of the books and paper of the company when the same is completely wound-up and is about to be dissolved;<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ordinary_Resolution\"><\/span>Ordinary Resolution<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For\npassing an Ordinary Resolution, <strong><em>at\nleast 50%<\/em><\/strong> of the <strong><em>Board\nof Directors<\/em><\/strong> needs to give their <strong><em>approval<\/em><\/strong> regarding a decision made.\nFurther, a majority of shareholders must agree to pass this resolution as well.<\/p>\n\n\n\n<p>Further, the <strong><em>matters\nincluded<\/em><\/strong> under <strong><em>Ordinary Resolution<\/em><\/strong> are as follows: <\/p>\n\n\n\n<ol><li>When a company needs to change its name after receiving direction and orders from the ROC. The same is done when the company has submitted false information while applying for the name;<\/li><li>When a company needs to change its name after receiving direction and orders from the Central Government, if the trademark or name is identical to an existing company or trademark;<\/li><li>Acceptance of Deposits from the General Public;<\/li><li>Representation of Corporations at the Board Meeting;<\/li><li>Representation of Creditors at any meeting;<\/li><li>Appointing any person as a Statutory Director other than a Retiring Auditor;<\/li><li>Removal of Director before the expiry of his office tenure;<\/li><li>Delegation of powers by the board as mentioned under Section 179 (3) clauses (d) to (f);<\/li><li>Permission to a director for entering into non-cash transactions;<\/li><li>Appointment of an MD (<strong>Managing Director<\/strong>)\/ WTD (Whole-time Director)\/ Manager;<\/li><li>Dissolution after analysing the report made by the Company Liquidator;<\/li><li>For entering into a contract with an RP (Related Party);<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Exemption_from_Filing_Form_MGT_14\"><\/span>Exemption from Filing Form MGT 14 <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The ones who are <strong><em>exempted<\/em><\/strong> from <strong><em>filing\nMGT 14 MCA<\/em><\/strong> are as follows:<\/p>\n\n\n\n<ol><li>There is no need\nfor a <strong><em>private limited company<\/em><\/strong> to <strong><em>file MGT-14<\/em><\/strong> for the matters\nprescribed under <strong><em>section 179 (3)<\/em><\/strong> read with <strong><em>Rule 8<\/em><\/strong> of the Companies (Meetings of\nBoard and its Powers) Rule 2014;<\/li><li>The provisions\nof <strong><em>Clause\n(d)<\/em><\/strong> of <strong><em>section 179 (3)<\/em><\/strong> are not applicable to the borrowings made by a\nBanking Company from any other banking company or RBI or from any other bank\nestablished;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_for_E-form_MGT_14\"><\/span>Documents Required for E-form MGT 14<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Documents-Required-for-E-form-MGT-14-1024x768.png\" alt=\"Documents Required for E-form MGT 14\" class=\"wp-image-13030\" width=\"548\" height=\"411\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Documents-Required-for-E-form-MGT-14-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Documents-Required-for-E-form-MGT-14-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Documents-Required-for-E-form-MGT-14-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Documents-Required-for-E-form-MGT-14.png 1200w\" sizes=\"(max-width: 548px) 100vw, 548px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>documents<\/em><\/strong> required for <strong><em>filing\nE-form MGT 14<\/em><\/strong> are as follows:<\/p>\n\n\n\n<ol><li>Copy of the\nResolution passed;<\/li><li>Explanatory\nStatement;<\/li><li>In case the\ncompany passes a resolution for the change in the Articles, then the copy of the\naltered AOA, together with Resolution passed; <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Contents_of_MCA_Form_MGT_14\"><\/span>Contents of MCA Form MGT 14<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Contents-of-MCA-Form-MGT-14-1024x1024.png\" alt=\"Contents of MCA Form MGT 14\" class=\"wp-image-13031\" width=\"481\" height=\"481\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Contents-of-MCA-Form-MGT-14-1024x1024.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Contents-of-MCA-Form-MGT-14-150x150.png 150w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Contents-of-MCA-Form-MGT-14-300x300.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Contents-of-MCA-Form-MGT-14-768x768.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Contents-of-MCA-Form-MGT-14.png 1200w\" sizes=\"(max-width: 481px) 100vw, 481px\" \/><\/figure><\/div>\n\n\n\n<p>&nbsp;The <strong><em>contents <\/em><\/strong>of the<strong><em> MCA\nform MGT 14<\/em><\/strong> are as follows:<\/p>\n\n\n\n<ol><li>CIN\n(Corporate Identification Number);<\/li><li>Company\nDetails, such as Address of the Office, Name, E-mail ID, and other Contact Details;<\/li><li>Copy\nof Resolution Agreement;<\/li><li>Date\nof Dispatch for the Resolution;<\/li><li>Date\nof Passing Resolution;<\/li><li>Total\nNumber of Resolutions;<\/li><li>Details\nof the Resolution passed, such as purpose, authority, subject matter, etc.;<\/li><li>In\ncase, the company decides to wind up, then the details of same;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_of_Filing_MCA_Form_MGT-14\"><\/span>Process of Filing MCA Form MGT-14<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Form MGT 14<\/em><\/strong>\nis <strong><em>processed<\/em><\/strong>,\n<strong><em>approved<\/em><\/strong>,\nand <strong><em>taken\non record<\/em><\/strong> by using the method of STP (<strong><em>Straight Through Processing<\/em><\/strong>).\nHowever, there are <strong><em>some situations<\/em><\/strong> which do not <strong><em>require the filing<\/em><\/strong> of\nthis form, such as:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Situations-which-do-not-require-filing-of-MCA-Form-MGT-14-1024x1024.png\" alt=\"Process of Filing MCA Form MGT-14\" class=\"wp-image-13033\" width=\"453\" height=\"453\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Situations-which-do-not-require-filing-of-MCA-Form-MGT-14-1024x1024.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Situations-which-do-not-require-filing-of-MCA-Form-MGT-14-150x150.png 150w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Situations-which-do-not-require-filing-of-MCA-Form-MGT-14-300x300.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Situations-which-do-not-require-filing-of-MCA-Form-MGT-14-768x768.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Situations-which-do-not-require-filing-of-MCA-Form-MGT-14.png 1200w\" sizes=\"(max-width: 453px) 100vw, 453px\" \/><\/figure><\/div>\n\n\n\n<ol><li>Change of\nObjective;<\/li><li>Change of\nCompany Name;<\/li><li>Resolution for\nthe Further Issue of Capital; and<\/li><li>Conversion of\nCompanies;<\/li><\/ol>\n\n\n\n<p>Further, the <strong><em>main aim<\/em><\/strong> behind the <strong><em>implementation\nof STP<\/em><\/strong> was to facilitate <strong><em>speedy disposal<\/em><\/strong> of the <strong><em>E-form\nMGT 14<\/em><\/strong>. The term \u201c<strong><em>Speedy Disposal<\/em><\/strong>\u201d denotes that there\nis <strong><em>no\nneed<\/em><\/strong> for any <strong><em>Manual Verification<\/em><\/strong>, the <strong><em>details\nsubmitted<\/em><\/strong> are <strong><em>digitally processed<\/em><\/strong> and <strong><em>taken\ninto the record<\/em><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Straight_Through_Processing\"><\/span>Concept\nof Straight Through Processing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>STP or Straight Through Processing\nis a modern day practice that ensures that the forms uploaded are confirmed,\nprocessed, cleared, and settled in a shorter duration, cost-effective manner,\nand with few errors.<\/p>\n\n\n\n<p>Besides the benefits mentioned\nabove, STP provides Flexible and Cost-effective Infrastructure as well. These\nbenefits not only enable e-business expansion by real time processing but\naccess to enterprise data as well.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fees_for_Filing_E-form_MGT_14\"><\/span>Fees for Filing E-form MGT 14<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>fees <\/em><\/strong>for <strong><em>filing MCA form MGT 14<\/em><\/strong>\ncan be summarised as: <\/p>\n\n\n\n<ol><li><strong><em>Rs 200<\/em><\/strong> per document if the Share Capital is below <strong><em>Rs 1\nlakh<\/em><\/strong>;<\/li><li><strong><em>Rs 300<\/em><\/strong> per document if the Share Capital is between <strong><em>Rs 1\nlakh to 4.99 lakhs<\/em><\/strong>;<\/li><li><strong><em>Rs 400<\/em><\/strong> per document if the Share Capital is between <strong><em>Rs\n4.99 lakhs to 25.99 lakhs<\/em><\/strong>;<\/li><li><strong><em>Rs 500<\/em><\/strong> per document if the Share Capital is between <strong><em>Rs\n25.99 lakhs to 99.99 lakhs<\/em><\/strong>;<\/li><li><strong><em>Rs 600<\/em><\/strong> per document if the Share Capital is <strong><em>Rs 1\ncrore or above<\/em><\/strong>;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Time_Limit_for_Filing_MGT_14_Form\"><\/span>Time Limit for Filing MGT 14 Form<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to <strong><em>section 117 (1)<\/em><\/strong> of the <strong><em>Companies\nAct 2013<\/em><\/strong>, a company needs to <strong><em>file Form MGT 14<\/em><\/strong> within <strong><em>30\ndays<\/em><\/strong> from the <strong><em>passing of resolution<\/em><\/strong> or <strong><em>signing\nof the agreement<\/em><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Penalty_for_Not_Filing_MCA_E-form_MGT_14\"><\/span>Penalty for Not Filing MCA E-form MGT 14<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>penalty<\/em><\/strong> for <strong><em>not filing MCA e-form MGT 14<\/em><\/strong>\ncan be summarised as:<\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>Defaulting Party<\/strong>\n  <\/td><td>\n  <strong>Penalty Prescribed<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>In\n  the case of a Company<\/strong>\n  <\/td><td>\n  A minimum of Rs 1 lakh;\n  If in case the failure continues\n  after the first incident, then Rs 500 for each passing day;\n  A maximum of Rs 25 lakhs;\n  <\/td><\/tr><tr><td>\n  <strong>In\n  case of the Officer in default<\/strong> (including liquidator)\n  <\/td><td>\n  A minimum of Rs 50000;\n  If in case the failure continues\n  after the first incident, then Rs 500 for each passing day;\n  A maximum of Rs 5 lakhs;\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consequences_of_Not_Filing_MGT_14_Form_within_300_Days\"><\/span>Consequences of Not Filing MGT 14 Form within 300 Days<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>Consequences<\/em><\/strong> of <strong><em>Not Filing MGT 14 Form<\/em><\/strong>\ncan be summarised as:<\/p>\n\n\n\n<ol><li>The defaulter\ncompany will need to file <strong><em>Form CG 1<\/em><\/strong> with the Ministry of\nCorporate Affairs;<\/li><li>The company will\nneed to <strong><em>pay<\/em><\/strong> the <strong><em>penalty levied<\/em><\/strong> by the MCA;<\/li><li>After receiving\nthe order and payment of the fine prescribed, the company will need to file a\ncopy of the <strong><em>order passed and penalty receipt<\/em><\/strong> with the Registrar of\nCompanies, India in the <strong><em>form INC 28<\/em><\/strong>;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Form MGT-14<\/em><\/strong>\nwas introduced under the <strong><em>Companies Act 2013<\/em><\/strong> for providing a\nbasis to the <strong><em>directors<\/em><\/strong> for filing the <strong><em>resolutions passed<\/em><\/strong> as at various <strong><em>Board\nMeetings<\/em><\/strong>. This form is regulated by <strong><em>section 94 (1) and 117<\/em><\/strong> of\nthe Companies Act 2013.<\/p>\n\n\n\n<p>Further, a company needs to <strong><em>file Form MGT 14<\/em><\/strong> within <strong><em>30\ndays<\/em><\/strong> from the <strong><em>passing of the resolution<\/em><\/strong> or <strong><em>signing\nof the agreement<\/em><\/strong>. <\/p>\n\n\n\n<p>In case of any confusion and dilemma, reach out to <strong><em><a href=\"https:\/\/swaritadvisors.com\/\">Swarit Advisors<\/a><\/em><\/strong>, our experts will assist you in getting a <strong><em>clear understanding<\/em><\/strong> of the concept of <strong><em>MGT 14<\/em><\/strong>.<\/p>\n\n\n\n<p class=\"text-left\"><b>Also, Read<\/b>:<mark style=\"background: #fffd03 !important\"><a href=\"https:\/\/swaritadvisors.com\/learning\/how-to-change-of-name-of-the-company-complete-procedure\/\">Change of Name of the Company<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The term \u201cForm MGT 14\u201d denotes an e-form that a company needs for filing Resolutions with the ROC (Registrar of Companies), which are passed by the Directors and Shareholders at Board Meetings. Further, this e-form is available on the official portal of MCA[1] . In this blog, we will discuss the meaning of Form MGT [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":13027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[380],"tags":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/13026"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=13026"}],"version-history":[{"count":6,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/13026\/revisions"}],"predecessor-version":[{"id":13044,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/13026\/revisions\/13044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/13027"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=13026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=13026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=13026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}