Time for KYC of Companies (ACTIVE)

Like KYC of Directors, time to KYC for Companies.

Ministry of Corporate Affairs notified the rules for ACTIVE COMPANY TAGGING IDENTITIES AND VERIFICATION (ACTIVE) on 21st February 2019. According to this rule, every company incorporated on or before the 31st December 2017 shall file the particulars of the Company and its registered office, in e-Form ACTIVE on or before 25th April 2019.

Below is the summary of the notification and requirements for filing the said form:

Every Company incorporated on or before 31/12/2017
Companies whose Financial Statements or Annual Return or both are not filed, should file their such returns and then only they will be able to file e-Form ACTIVE.

Non Applicability:
Struck off companies
Companies which are in the process of struck off
Companies which are under liquidation
Companies which are amalgamated
Companies which are dissolved

Impact of non-compliance of such rule:
Company shall be marked as “ACTIVE–non–complaint” on 26th April 2019 till the date of compliance
Liable for action under sub-section (9) of Section 12 of the Act
Rs 10,000 penalty on the filing of e-Form ACTIVE on or after 26th April 2019
Not able to file SH-07, PAS-3, DIR-12, INC-22, INC-28 till the date of this compliance make good

Pre-requisites for filing e-Form ACTIVE:
Name of the Company
CIN of the Company
Registered Address of the Company
Photo of the Registered office showing external building with at least one Director who is signing the form
Photo of the Registered office showing inside office with at least one Director who is signing the form
Email ID of the company – verification through OTP

List of Directors with the status of DIN(In case any of the Director have not filed DIR-3 KYC, then Company will not be able to file e-Form ACTIVE unless and until Director file DIR-3 KYC)
Details of Statutory Auditors and Cost Auditor, if any
Details of the Managing Director/CEO/Manager/Whole-Time Director
Details of the Company Secretary/CFO, if applicable
Details of SRN of Form AOC-4/MGT-7 filed for the FY 2017-2018

Verification and Attestation:
In case of OPC, one Director need to sign the Form
For others, two Director need to sign the form
Any professional CA/CS must attest the form before filing.

In the light of applicability of this form, every company and directors need to work on getting the requirements complete for filing this Form. Many companies need to change their registered office and also need to file their annual returns for the FY 2017-2018 and these activities will take time. Every company needs to take action now for filing this form otherwise Rs 10,000 will be levied in case of non-compliance.

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