Form PAS-6 is a ‘Reconciliation of Share Capital Audit Report’ which is to be submitted by the unlisted public company on a half-yearly basis. The provisions relating to filing of Form PAS-6 is covered in rule 9A (8) of the Companies (Prospectus and Allotment of Securities) Rules, 2014.
Noticeably, Form PAS-6 shall now be available for filing as e-Form from 15th July 2020. The present article decodes the various provisions and aspects of Form PAS-6.
Filing requirement of Form PAS-6
Every unlisted public company covered within the ambit of rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014 are required to file a ‘Reconciliation of Share Capital Audit Report’ in Form PAS-6.
Due date for filing of Form PAS-6 and extended
Every unlisted public company shall submit a ‘Reconciliation of Share Capital Audit Report’ in Form PAS-6 within a period of 60 days from the conclusion of each half-year. Accordingly, the due dates for filing of the Form shall be-
|For half-year ending on 30th September||On or before 29th November|
|For half-year ending on 31st March||On or before 30th May|
Vide the General Circular No. 16/2019 dated 28th November 2019, the Ministry of Corporate Affairs had earlier extended the time limit for filing Form PAS-6 for half-year ending 30th September 2019 to 60 days from the date of deployment of the relevant Form PAS-6 on the website.
However, the Form PAS-6 is first time deployed on the website on 15th July 2020. Accordingly, as per the General Circular No. 16/2019, the due date for filing Form PAS-6 is 12th September 2020.
Additionally, as a measure of COVID-19 relief, the Ministry of Corporate Affairs, vide General Circular No. 11/2020 dated 24th March 2020, has announced that no additional fees shall be charged/ chargeable for any late filing during the moratorium period from 1st April 2020 to 30th September 2020.
Concluding thereby, the due date for filing Form PAS-6 for both the half-year ending 30th September 2019 and 31st March 2020 shall be 30th September 2020.
Other important points
- Provisions of rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014 doesn’t apply to a Nidhi Company, a Government Company, and a Wholly Owned Subsidiary.
- The Reconciliation of Share Capital Audit Report in Form PAS-6 is to be filed twice in a year, on a half-yearly basis, for each ISIN (i.e., International Security Identification Number).
- E-form PAS-6 is to be signed by either the Director or Manager or CEO or CFO of the company. It should be noted that the disqualified director is not allowed to sign the e-form.
- The form is to be signed and certified by the practicing professional i.e., Chartered Accountant in practice or Company Secretary in practice.
- Vital details to be provided in Form PAS-6 are-
- Details of the capital of the company.
- Details of changes/ amendment in share capital during the half-year.
- Details of shares held by Directors, Promoters, and KMP.
- Details of the company secretary of the company.
- Details of the practicing professional certifying the Form.
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CA Poonam Gandhi is a Chartered Accountant and a Lawyer. With a wide practice experience and deep understanding of different laws and taxes, she has been an independent professional writer in the field of taxation, finance and laws.