Normal and Additional fees for late filing of form MGT14

By now, we all know that filing of form MGT14 is mandated by section 117 of the companies’ act 2013. As per this section companies are required to file MGT14 in certain special cases as required by law.

Today in this article we will be looking into the applicability of normal filing fees that a company is required to be paid while filing form MGT14 and penalty or additional fees to be levied in case of late filing or for not filing form MGT14.

normal and additional fees to be paid while filling form MGT14

Section 117(2) of companies act 2013, prescribed the penalty for non filing or late filing of form MGT14.

As per section 117(2) of new companies act 2013, in case of failure to file resolutions or agreements under sub section (1) of section 117 before expiry of the period specified under section 403 with additional fee, the company shall be punishable with fine which shall not be less than Rs. 5 lakhs but which may extend to Rs. 25 lakhs and every officer of the company who is in default, including liquidator of the company, if any, shall be punishable with fine which shall not be less than Rs. 1 lakh but which may extend to Rs. 5 lakhs.

As prescribed, this penalty provision of section 403 will be applicable only when the company has not filed form MGT14 within 270 days from the due date of filing

Additional fee as referred above are fees which is required to be paid in case of delay in filing form MGT14.

As prescribed, form MGT 14 is required to be filled within 30 days from the date of passing resolution or postal ballot or making any agreement which required this form to file. This means if a board resolution which require to file form MGT14 is passed on 7th September 2014 for approving financial statements then due date for filing form MGT14 is 6th October 2014. Company has to file form MGT14 on or before 6th October 2014 with normal fees as applicable.

Normal fee as prescribed for filing of form MGT14 before the due date is in below table. This fee is calculated based on the nominal share capital of the company. If company’s nominal share capital is Rs.100000 then normal fee to be paid for form MGT14 is Rs.300.

Nominal share capital of the company Normal Fee to be paid for filing form MGT14 (Amount in Rs.)
Less than Rs. 1 lakh 200
Rs. 100000 to Rs. 499999 300
Rs. 500000 to Rs. 2499999 400
Rs. 2500000 to Rs. 9999999 500
Rs. 10000000 or more 600

Fee for filing e-forms in case of company not have share capital is Rs. 200.

As discussed above additional fees are also required to be paid in addition to normal fee in cases where form MGT14 is filled after the due date of filing.

Additional fee or late filing fee or penalty is to be paid based on the number of days in delay in filing form MGT14. Here is the table to find out additional fee that is required to be paid in case of delay in not filing before the due date.

Period of delay Additional fee or penalty for late filing form MGT14
Delay up to 30 days 2 times of normal fee
More than 30 days and up to 60 days 4 times of normal fee
More than 60 days and up to 90 days 6 times of normal fees
More than 90 days and up to 180 days 10 times of normal fees
More than 180 days 12 times of normal fees

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.