Form MGT-14 is a crucial document required under the Companies Act, 2013 in India, concerning the filing of resolutions and agreements with the Registrar of Companies (ROC).
Purpose of Form MGT-14
The primary purpose of Form MGT-14 is to ensure transparency and accountability by requiring companies to formally register specific resolutions and agreements with the ROC. This allows stakeholders to access important company decisions and ensures compliance with legal requirements. It's filed pursuant to Section 117(1) of the Companies Act, 2013 and Rule 24 of The Companies (Management and Administration) Rules, 2014.
Key Elements of Form MGT-14
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Resolution Details: Form MGT-14 requires the company to provide detailed information about the resolution passed, including the date of the resolution, the type of resolution (e.g., special resolution, ordinary resolution), and a brief summary of the resolution's content.
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Agreement Details: If the filing pertains to an agreement, the form requires details about the parties involved, the date of the agreement, and the key terms and conditions.
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Attachments: The actual resolution or agreement document is attached to the form as evidence. Other relevant documents may also be required depending on the nature of the resolution or agreement.
Resolutions and Agreements Requiring Filing
Several types of resolutions and agreements necessitate the filing of Form MGT-14. These include, but are not limited to:
- Special resolutions
- Agreements relating to appointment, re-appointment, or removal of a director
- Agreements relating to appointment of sole selling agents
- Resolutions passed by the company which relate to alteration of memorandum of association, alteration of articles of association and other matters as specified under section 117(3) of the Companies Act, 2013.
Significance
Filing Form MGT-14 within the prescribed timeframe is mandatory. Failure to do so can result in penalties for the company and its officers. This underscores the importance of understanding and complying with the requirements for filing resolutions and agreements.
In summary, Form MGT-14 serves as a vital mechanism for regulatory oversight and transparency in corporate governance, mandating the formal registration of significant company decisions with the Registrar of Companies.
