I hope everyone reading this post have done DIR 3 KYC recently during the Fin. year 2018-2019. Due to the ambiguity and non availability of new forms most of them formed an opinion that DIR 3 KYC is a one time affair. I have always held the opinion that KYC like in Banks is a repetitive process and its time again to do it.
On 13th of April 2019 MCA also issued a message on its portal stating that DIR 3 KYC is a yearly process and all people who have an active DIN are supposed to be doing the KYC filing every year.
Since the new form has not been deployed in the MCA system the original due date no longer exists now and 30 days from the date of deployment would be the new due date.
So all the Directors of Companies / Partners in LLP / Others holding active DIN Numbers get ready for another round of compliance.
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As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August,2018. While filing the form,the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password(OTP). The form should be filed by every Director using his own DSC and should be duly certified by a practicing professional (CA/CS/CMA). Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.
After expiry of the due date by which the KYC form is to be filed,the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’. After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken.
To be done by the Board of Director within 30 days of incorporation of the company. If Board fails to appoint auditor then Extra Ordinary General Meeting (EGM) shall be called for within 90 days and auditor shall be appointed.
Tenure shall be from the date of appointment till the end of the First AGM
Appointment of auditor – Subesequent Auditor
To be appointed at the AGM
Tenure shall be for 5 years block period subject to ratification at the AGM
Intimate the auditor regarding the intention of the company to appoint him or her as the statutory auditor of the company and ask whether he is eligible and not disqualified to be appointed as auditor of the company.
Obtain letter of consent for the auditor
Call board meeting
Approve appointment of auditor in the first meeting
Intimate the appointment of first auditor to the MCA within 30 days of board meeting in Form No. ADT 1
Please email any concerns at firstname.lastname@example.org about this posting and take advice of your CA / CS before acting on the content of this blog.