P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 30 June 2016
Vide notification dated 5.6.2015 private companies have been exempted from filing MGT.14 u/s 117(3)(g) read with Sec.179(3). Now the question is whether the subsidiary co. is a private co. or not. Refer proviso to Sec.2(71) which says that subsidiary of public co. will be deemed to be public co. even if it continues to be a private co. in its articles. Hence the said exemption is not available in this case.
Rasila
(CS)
(49 Points)
Replied 30 June 2016
Thank you sir for your reply..so can we conclude that MGT -14 for Approval of Financials and Directors report will have to be filled though the Comapny is PVT Co. as company is subsidiary of Public Co.??
Rajnesh Gautam
(Company secretary)
(29 Points)
Replied 30 June 2016
yes right u have to file MGT -14
Jatin Bajaj
(CS)
(2930 Points)
Replied 01 July 2016
Yes agreed with all the members.
Company willl loose all its exemptions and privlages. if the company is subsidiary of indian public Company , then Company has to file MGT 14 within 30 days of board resolution.
The exemption of filing form mgt 14 is available to those private company which are not the subsidiaries of public company
Rasila
(CS)
(49 Points)
Replied 01 July 2016
Thank you so much all of you for your valuable time and expert comment..
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