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Form MGT-8 is a certification given on a company’s annual return by a practising company secretary, as per the Companies Act 2013, under Section 92(2).
According to Section 92(2) of the Companies Act, 2013 read with rule 11(2) of Companies ( Management and Administration) Rules 2014, the annual return of a listed company or a company having paid-up share capital of Rs 10 crore or more and a turnover of Rs 50 crore or above will be certified by the company secretary in practice, and the certificate shall be in Form No MGT 8.
The Company Secretary shall certify that the annual return discloses the facts correctly and adequately and the firm has complied with all the provisions of the Act.
The company secretary shall certify that:
If the Company Secretary certifies the annual return which is not in conformity with the section/rules, then he/she shall be punishable with a fine which shall be a minimum of Rs 50,000 and a maximum of Rs 5 lakh.
A practising company secretary will be liable for disciplinary actions by the Disciplinary Committee of the ICSI under the provisions of the Company Secretaries Act, 1980. Further, Section 448 of Companies Act, 2013 also imposes a penalty if any return, report, certificate, financial statement, prospectus, statement or any other document makes a false statement or omits any material fact.
Finally, section 447 of the Companies Act 2013 imposes a severe punishment of imprisonment if any person is found to be guilty of fraud. It shall be for a minimum of six months and can extend to ten years. In addition, a fine will be imposed, which shall not be less than the amount involved in the fraud and may extend to three times the amount involved in the fraud. If the case is more serious, involving public interest, the imprisonment would be for a minimum of three years.
Form MGT-8 word format
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