What is Form PAS-6?

Introduction

The MCA has introduced an E-Form PAS-6 that is used for the reconciliation of the share capital audit report based on half-year. E-Form PAS-6 introduced rule 9A (8) of the Companies Rules,2014 which was amended vide companies Third Amendment Rules, 2019 which was effective from 30th September 2019 but it was deployed on the official site of MCA on 15th July 2020.

Form PAS- 6

Form PAS-6 is a ‘Reconciliation of Share Capital Audit Report’ which requires to be submitted based on a half-yearly by the unlisted public company.

Purpose of the Form PAS-6

The main purpose of E-Form PAS-6 is to submit the Reconciliation of Share Capital Audit Report based on half-yearly by Companies that are to be certified by a Chartered Accountant, CS in practice. It provides for the issue of securities only in disappear form by unlisted public companies from 2nd October 2018.

Applicability and Non-applicability of Form PAS-6

According to Rule 9A of the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, Form PAS-6 applies to all unlisted public companies that issue shares. However, some unlisted public companies need not file from PAS-6 that is given below:

• Nidhi Company

• Government Company

• Wholly owned subsidiary

Document required in Form PAS-6

• ISIN & all details about the Capital of the Company along with the reason for any differences.

• Details concerned with the changes in the share capital in the form of Rights, Bonus, Private placement, ESOPs, Amalgamation, Conversion, and others.

• Details about the shares that are held by Promoters, Directors, and KMP.

• A specific number of Demat requests, number of shares, and grounds for delay for requests confirmed after 21 days.

Due Date of Form PAS-6

Form PAS-6 is a half-yearly form that the unlisted companies should file with the ROC within 60 days from the consequences of the half-year. The due dates for filing Form PAS-6 are given below:

Important Points of Form PAS-6

• According to the agreement executed between the parties the Unlisted Public Companies have to make timely payment of fees to the depository and registrar to an issue and share transfer agent.

• It shall also maintain a security deposit all the time which is less than two years’ fees with the depository and share transfer agent.

• It shall also have to agree with the guidelines of the Security Exchange Board of India that are issued from time to time in respect of the disappearance of securities.

If such Companies fail to comply with the above-given points then they cannot make an offer of any securities buy back securities, Issue bonus shares, or Make the right issues of shares till the payment to depositories and registrar to issue or share transfer agent is made.

The Process to file Form PAS-6

The process of filing form PAS-6 is given below:

• Download the e-form PAS-6 from the MCA Portal.

• Fill in all the details in the e-form PAS-6.

• Affix the digital signature of the Director, CEO, or secretary of the company.

• In the case of a digital signature of the Director provide the DIN, in case of the digital signature of the CEO or CFO then provide the PAN Card of the CEO or CFO, and in case of the digital signature of a secretary then provide the membership number.

• Attach the digital signature of a practicing CA or CS, enter their membership/COP number, and submit the e-form along with the mentioned fees.

Conclusion

It concluded that Form PAS-6 is a ‘Reconciliation of Share Capital Audit Report’ which requires to be submitted based on a half-yearly by the unlisted public company. The main purpose of E-Form PAS-6 is to submit the Reconciliation of Share Capital Audit Report based on half-yearly by Companies that are to be certified by a Chartered Accountant, CS in practice. It provides for the issue of securities only in disappear form by unlisted public companies from 2nd October 2018. E-Form PAS-6 introduced rule 9A (8) of the Companies Rules,2014 which was amended vide companies Third Amendment Rules, 2019 which was effective from 30th September 2019 but it was deployed on the official site of MCA on 15th July 2020.

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Author:

Radhika Punani
Ambala
I am Radhika from Ambala city. I qualified LLM from Kurukshetra University and B.A.LLB from Maharishi Markandeshwar University