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Applicability of mbp-1 if director has nothing to disclose

Amit (Accounts Manager) (109 Points)

26 February 2016

If Director does not have any interest to disclose then also company has to file torm MBP-1

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prakash (Company Secretary) (1352 Points)
Replied 26 February 2016

Amit,

As per Section 184 (1) of CA, 2013, Every director shall at the first meeting of the board in which he participates as a director and thereafter at the first meeting of the board in every financial year or whenever there is any change in the disclosures his concern or interest in any company or companies or bodies corporate, firms, or other association of individuals which shall include the shareholding, in form Form MBP-1.

Even, Director does not have any interest in the Company, he has to disclose the same in MBP-1 with the Company as stipulated under sub section 1 of Section 184 of CA, 2013.

I did not understand your point "Company has to file form MBP-1", Only Directors will file MBP-1 with Company.

Do you means to say that, Filing of MBP-1 and extract of board resolution in Form MGT-14?

Now, all the companies are not required to file form MGT-14 since same was omitted from rules.

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Amit Kanunga (Article Assistant and Post Gradute) (644 Points)
Replied 26 February 2016

Mandatory Disclosure of Interest as per New Companies Act 2013 MBP-1 Along with Board Resolution

Companies Act 2013 Changed everything.

(1) Section 184 of the Companies Act, 2013 along with Rule 8 and 9 of the Companies (Meetings of Board & its Powers) Rules, 2014,

(a) Every director shall at the first meeting of the Board of EVERY YEAR

(b) has to give disclosure of interest/concern in form MBP-1.

(c) and the same has to be filed with Registrar of Companies in MGT-14within 30 days from the date of Board Meeting in which such disclosure is made.

(2) As per new company Act, Gap between 2 board meetings can not exceed 120 days. There is no requirement to hold the meeting every quarter as provided under the Companies Act, 1956.

(3) If a Unlisted company holds a meeting on 31st March 2014 & will hold next board meeting on 29th July 2014 (i.e. within 120 days), it will be sufficient compliance of Companies Act 2013.

(4) Board meeting on 29th July, 2014 will be first board meeting of 2014-15 in which directors of company have to give disclosure of interest/concern in form MBP-1 and the same can be filed with Registrar of Companies in MGT-14 within 27th August, 2014 without paying any penalty.

Filing Requirements in ROC:-

(1) Prepare a Board Resolution as per new companies act 2013. Prepare the same on letter head of the company containing CIN No of the company as well

prakash (Company Secretary) (1352 Points)
Replied 26 February 2016

Amit,

As per Section 117 (3) (g), Resolution passed in pursuance of sub-section (3) of Section 179 required to be filed in MGT-14 with ROC..

As per Section 179 and Under sub rule (5) of Rule 8 of the Companies (Meeting of Board and it Powers) Rules, 2014, stipulates " taking note of the disclosures of director's interest and shareholdings.

Under this provisions, Companies were use to file MBP-1 in form MGT-14 with ROC, but later, by MCA Notification, Sub Rule (5) of Rule 8, Taking note of the disclosures of director's interest and shareholding is Omitted from said Rule, hence, Now companies are not required to file MBP-1 in Form MGT-14 with ROC but Directors should disclose and submit MBP-1 with Company as required under section 184 of CA, 2013 (Exempted only filing of same with ROC.)

I Hope, you understood the subject, information posted by you would not be relevant now, since there is modification to Rule 8 of Said Rules.

Amit Kanunga (Article Assistant and Post Gradute) (644 Points)
Replied 26 February 2016

Originally posted by : prakash
	Amit, As per Section 117 (3) (g), Resolution passed in pursuance of sub-section (3) of Section 179 required to be filed in MGT-14 with ROC.. As per Section 179 and Under sub rule (5) of Rule 8 of the Companies (Meeting of Board and it Powers) Rules, 2014, stipulates " taking note of the disclosures of director's interest and shareholdings. Under this provisions, Companies were use to file MBP-1 in form MGT-14 with ROC, but later, by MCA Notification, Sub Rule (5) of Rule 8, Taking note of the disclosures of director's interest and shareholding is Omitted from said Rule, hence, Now companies are not required to file MBP-1 in Form MGT-14 with ROC but Directors should disclose and submit MBP-1 with Company as required under section 184 of CA, 2013 (Exempted only filing of same with ROC.) I Hope, you understood the subject, information posted by you would not be relevant now, since there is modification to Rule 8 of Said Rules.