Filing of Form MGT-14
Form MGT 14 was introduced in the Companies Act of 2013 with the objective of filing certain resolutions with the Registrar of Companies. Such resolutions must be filed after the passing of the same at the meeting held by the Board/Shareholders/Creditors of the company. This article looks at the resolutions to be filed in Form MGT 14.
Does Board Resolution also need to filed with ROC?
Yes, The following board resolutions must be filed in Form MGT-14:
- To issue securities, inclusive of debentures, either inside or outside the confines of India. It may be noted that in case of shares, issue of security denotes issue of Letter of Offer.
- To borrow money from any sources, including a director.
- To invest the funds of the company. (Also follow provisions of Section 186)
- To issue loans or provide guarantee or security in respect of loans. (Also follow provisions of Section 186)
- To endorse the financial statement and Board’s report.
- To appoint internal auditors.
- To appoint Secretarial Auditor.
- To appoint or remove Key Managerial Personnel.
- To make political contributions.
- To take decisions on those shareholders relating to the money unpaid on their shares.
- To sanction buy-back of securities under Section 68.
- To expand the business of the company.
- To endorse Amalgamation, Merger or Reconstruction.
- Take over a company or acquire a controlling or considerable stake in another company.
Private Limited Companies does not need to file these board resolution, though private limited companies which are subsidiaries of public limited entities are not exempt from this provision.
