PAS-7 Form: Details of Pending Share Warrants

PAS-7 Form: Details of Pending Share Warrants. The Ministry of Corporate Affairs (MCA) in India introduced the PAS-7 form in October 2023, a mandatory requirement for public companies to report pending share warrants issued before the Companies Act of 2013 came into effect. This form ensures that companies with such outstanding share warrants provide detailed information about them to the Registrar of Companies (ROC). Filing the PAS-7 form within the specified time frame is crucial for compliance, and failure to do so may result in penalties. This article will walk you through everything you need to know about the PAS-7 form, including its applicability, filing process, fee structure, and penalties for late submission.
What is the PAS-7 Form?
The PAS-7 form is an essential filing for public companies in India that issued share warrants before the implementation of the Companies Act of 2013 and have not yet converted them into regular shares. Introduced as part of the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023, the form is used to inform the Registrar of Companies about such pending share warrants. Companies that fall into this category have three months from the commencement of the amendment to file the PAS-7 form.
Who Needs to File the PAS-7 Web Form?
The PAS-7 form needs to be filed by public companies in India that issued share warrants before the Companies Act of 2013 and have outstanding share warrants that have not been converted into shares. If your company is in this situation, you are required to submit the PAS-7 WebForm with the ROC to comply with the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023. Companies that fail to submit this form on time could face penalties for late filing.
Information Required to File the PAS-7 Form
When filing the PAS-7 WebForm, certain information is mandatory to ensure compliance with the regulations. Here is the list of details required to fill out the form:
• Corporate Identity Number (CIN): The unique identifier for your company.
• Details of Pending Share Warrants Issued Before the Companies Act, 2013:

Number of approvals sought from the Central Government.

Date of approval from the Central Government.

Date of issue of share warrants.

Number of shares involved.

Details of the persons to whom share warrants were issued, including the name of the person and the certificate number against which the warrants were issued.

Distinctive number of shares against which share warrants were issued.

These details are necessary to provide a clear picture of the outstanding share warrants and to ensure that the information provided is accurate and complete.
How to Submit the PAS-7 WebForm on the MCA Portal?
Filing the PAS-7 form involves a step-by-step process that needs to be completed on the MCA Portal. To submit the form, your company must have a valid CIN and a Digital Signature Certificate (DSC). Follow these steps to file the PAS-7 WebForm:
1. Access the MCA Homepage: Visit the official website of the Ministry of Corporate Affairs.
2. Login: Enter your MCA portal login credentials to access the portal.
3. To the PAS-7 WebForm: Once logged in, select "MCA services" and then "Company E-Filing." Under the "Compliance Services" section, choose "Form No. PAS-7 - Details of Pending Share Warrants."
4. Enter Company Information: You can directly enter your CIN or use the search function to find it. If you search by CIN, enter it in the designated field and click "Search CIN." Choose your company from the dropdown if multiple results appear.
5. Fill Out the WebForm: Provide all the required details in the form.
6. Save as Draft (Optional): You can save the partially filled form as a draft and complete it later.
7. Submit the WebForm: Once all the details are filled, click the "Submit" button.
8. Obtain SRN: After submission, you will receive a unique Service Request Number (SRN) to track the progress of your filing.
9. Affix DSC: After submission, digitally sign the form using your DSC.
10. Upload the Signed Document: Upload the DSC-affixed PDF document on the MCA portal within 15 days of SRN generation to avoid cancellation of the SRN.
11. Acknowledgement Generation: Once the signed document is successfully uploaded, the MCA portal will generate an acknowledgement for your records.
Due Date for Filing the PAS-7 Form
The due date for filing the PAS-7 form is within three months from the commencement of the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023. It is crucial to file the form before the specified deadline to avoid late fees and penalties. Keep in mind that the MCA may extend the deadline, so it is always wise to stay updated by checking the MCA website for any notifications or announcements regarding extensions.
Filing Fee for PAS-7 Form
The filing fee for the PAS-7 form is determined according to the Companies (Registration Offices and Fees) Rules, 2014. The fee varies based on the nominal share capital of the company. It is essential to ensure that the correct fee is paid to complete the filing process successfully. If the fee is not paid correctly, the form will not be accepted.
Penalty for Late Filing
If the PAS-7 form is filed after the due date, a penalty or additional fee will apply. The penalty is calculated based on the delay in filing the form, as outlined in the table below:

Delay Period

Applicable Late Fee

Up to 30 days

2 times the normal fees

Above 30 days and up to 60 days

4 times the normal fees

Above 60 days and up to 90 days

6 times the normal fees

Above 90 days and up to 180 days

10 times the normal fees

Above 180 days

12 times the normal fees

It is always recommended to file the PAS-7 form before the deadline to avoid these penalties and ensure smooth compliance with the regulations.
Conclusion
The PAS-7 form is a mandatory requirement for public companies in India that have issued share warrants before the Companies Act of 2013 and have not yet converted them into shares. The form provides detailed information about pending share warrants and must be submitted to the Registrar of Companies within three months of the amendment's commencement. Filing the PAS-7 form on time is critical to avoid penalties and ensure compliance. With the recent extension provided by the MCA, companies now have until August 5th, 2024, to submit their filings without incurring additional fees. Be sure to keep track of any further updates from the MCA to ensure your company remains compliant with the latest regulations.
FAQs 
Q1. Who is required to file Form PAS-7?
Ans. Public companies that issued share warrants before the Companies Act, 2013, and have not yet converted them into shares must file PAS-7 with the Registrar of Companies (ROC).
Q2. What is the deadline for filing PAS-7?
Ans. The form must be submitted within three months from the commencement of the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023. As per the latest MCA update, the deadline has been extended to August 5, 2024, without additional fees.
Q3. What happens if a company fails to file PAS-7 on time?
Ans. Non-compliance leads to penalties, with late filing fees increasing based on the delay period. For delays beyond 180 days, the penalty is 12 times the normal filing fee.
Q4. What documents are required for PAS-7 filing?
Ans. Companies need details such as their Corporate Identity Number (CIN), share warrant issuance date, government approvals, number of shares involved, and details of the persons to whom the warrants were issued.
Q5. How can a company file PAS-7 on the MCA portal?
Ans. Companies must log in to the MCA-21 Portal, navigate to "Compliance Services," fill out the PAS-7 Web-Form, digitally sign it using a Digital Signature Certificate (DSC), and submit it electronically.
Q6. Is there a fee for filing PAS-7?
Ans. Yes, the filing fee is determined based on the company's nominal share capital as per the Companies (Registration Offices and Fees) Rules, 2014. Late filings attract additional fees depending on the delay duration.

The Ministry of Corporate Affairs (MCA) in India introduced the PAS-7 form in October 2023, a mandatory requirement for public companies to report pending share warrants issued before the Companies Act of 2013 came into effect. This form ensures that companies with such outstanding share warrants provide detailed information about them to the Registrar of Companies (ROC). Filing the PAS-7 form within the specified time frame is crucial for compliance, and failure to do so may result in penalties. This article will walk you through everything you need to know about the PAS-7 form, including its applicability, filing process, fee structure, and penalties for late submission.

What is the PAS-7 Form?

The PAS-7 form is an essential filing for public companies in India that issued share warrants before the implementation of the Companies Act of 2013 and have not yet converted them into regular shares. Introduced as part of the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023, the form is used to inform the Registrar of Companies about such pending share warrants. Companies that fall into this category have three months from the commencement of the amendment to file the PAS-7 form.

Who Needs to File the PAS-7 Web Form?

The PAS-7 form needs to be filed by public companies in India that issued share warrants before the Companies Act of 2013 and have outstanding share warrants that have not been converted into shares. If your company is in this situation, you are required to submit the PAS-7 WebForm with the ROC to comply with the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023. Companies that fail to submit this form on time could face penalties for late filing.

Information Required to File the PAS-7 Form

When filing the PAS-7 WebForm, certain information is mandatory to ensure compliance with the regulations. Here is the list of details required to fill out the form:

• Corporate Identity Number (CIN): The unique identifier for your company.

• Details of Pending Share Warrants Issued Before the Companies Act, 2013:

Number of approvals sought from the Central Government.
Date of approval from the Central Government.
Date of issue of share warrants.
Number of shares involved.
Details of the persons to whom share warrants were issued, including the name of the person and the certificate number against which the warrants were issued.
Distinctive number of shares against which share warrants were issued.

These details are necessary to provide a clear picture of the outstanding share warrants and to ensure that the information provided is accurate and complete.

How to Submit the PAS-7 WebForm on the MCA Portal?

Filing the PAS-7 form involves a step-by-step process that needs to be completed on the MCA Portal. To submit the form, your company must have a valid CIN and a Digital Signature Certificate (DSC). Follow these steps to file the PAS-7 WebForm:

1. Access the MCA Homepage: Visit the official website of the Ministry of Corporate Affairs.

2. Login: Enter your MCA portal login credentials to access the portal.

3. To the PAS-7 WebForm: Once logged in, select "MCA services" and then "Company E-Filing." Under the "Compliance Services" section, choose "Form No. PAS-7 - Details of Pending Share Warrants."

4. Enter Company Information: You can directly enter your CIN or use the search function to find it. If you search by CIN, enter it in the designated field and click "Search CIN." Choose your company from the dropdown if multiple results appear.

5. Fill Out the WebForm: Provide all the required details in the form.

6. Save as Draft (Optional): You can save the partially filled form as a draft and complete it later.

7. Submit the WebForm: Once all the details are filled, click the "Submit" button.

8. Obtain SRN: After submission, you will receive a unique Service Request Number (SRN) to track the progress of your filing.

9. Affix DSC: After submission, digitally sign the form using your DSC.

10. Upload the Signed Document: Upload the DSC-affixed PDF document on the MCA portal within 15 days of SRN generation to avoid cancellation of the SRN.

11. Acknowledgement Generation: Once the signed document is successfully uploaded, the MCA portal will generate an acknowledgement for your records.

Due Date for Filing the PAS-7 Form

The due date for filing the PAS-7 form is within three months from the commencement of the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023. It is crucial to file the form before the specified deadline to avoid late fees and penalties. Keep in mind that the MCA may extend the deadline, so it is always wise to stay updated by checking the MCA website for any notifications or announcements regarding extensions.

Filing Fee for PAS-7 Form

The filing fee for the PAS-7 form is determined according to the Companies (Registration Offices and Fees) Rules, 2014. The fee varies based on the nominal share capital of the company. It is essential to ensure that the correct fee is paid to complete the filing process successfully. If the fee is not paid correctly, the form will not be accepted.

Penalty for Late Filing

If the PAS-7 form is filed after the due date, a penalty or additional fee will apply. The penalty is calculated based on the delay in filing the form, as outlined in the table below:

Delay Period	Applicable Late Fee
Up to 30 days	2 times the normal fees
Above 30 days and up to 60 days	4 times the normal fees
Above 60 days and up to 90 days	6 times the normal fees
Above 90 days and up to 180 days	10 times the normal fees
Above 180 days	12 times the normal fees

It is always recommended to file the PAS-7 form before the deadline to avoid these penalties and ensure smooth compliance with the regulations.

Conclusion

The PAS-7 form is a mandatory requirement for public companies in India that have issued share warrants before the Companies Act of 2013 and have not yet converted them into shares. The form provides detailed information about pending share warrants and must be submitted to the Registrar of Companies within three months of the amendment's commencement. Filing the PAS-7 form on time is critical to avoid penalties and ensure compliance. With the recent extension provided by the MCA, companies now have until August 5th, 2024, to submit their filings without incurring additional fees. Be sure to keep track of any further updates from the MCA to ensure your company remains compliant with the latest regulations.

FAQs

Q1. Who is required to file Form PAS-7?

Ans. Public companies that issued share warrants before the Companies Act, 2013, and have not yet converted them into shares must file PAS-7 with the Registrar of Companies (ROC).

Q2. What is the deadline for filing PAS-7?

Ans. The form must be submitted within three months from the commencement of the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023. As per the latest MCA update, the deadline has been extended to August 5, 2024, without additional fees.

Q3. What happens if a company fails to file PAS-7 on time?

Ans. Non-compliance leads to penalties, with late filing fees increasing based on the delay period. For delays beyond 180 days, the penalty is 12 times the normal filing fee.

Q4. What documents are required for PAS-7 filing?

Ans. Companies need details such as their Corporate Identity Number (CIN), share warrant issuance date, government approvals, number of shares involved, and details of the persons to whom the warrants were issued.

Q5. How can a company file PAS-7 on the MCA portal?

Ans. Companies must log in to the MCA-21 Portal, navigate to "Compliance Services," fill out the PAS-7 Web-Form, digitally sign it using a Digital Signature Certificate (DSC), and submit it electronically.

Q6. Is there a fee for filing PAS-7?

Ans. Yes, the filing fee is determined based on the company's nominal share capital as per the Companies (Registration Offices and Fees) Rules, 2014. Late filings attract additional fees depending on the delay duration.