The Prevention Of Corruption Act Presentation.pptx
New Compliance Requirement for Specified Companies in Respect of Micro & Small Enterprises
1. IS YOUR ENTITY A COMPANY?
&
DOES YOUR COMPANY DEAL WITH MICRO AND SMALL
ENTERPRISES?
if, YES
then here is a New Compliance Requirement to be abided by
your Company.
Corporate Law Vertical | Asija & Associates LLP |E-Mail : corporatelaws@asija.in
2. SPECIFIED COMPANIES (FURNISHING OF
INFORMATION ABOUT PAYMENT TO
MICRO & SMALL ENTERPRISES
SUPPLIERS) ORDER, 2019
(Ministry of Corporate Affairs)
As per …
3. QUESTIONS IN YOUR
MIND????
What is this Order?
Is it Applicable on all Companies?
What Compliances are required to be done?
What are the Consequences of Non-Compliance?
E-Mail : corporatelaws@asija.in
5. WHAT IS THIS ORDER?
The Central Government in exercise of the power under section 405 of
Companies Act, 2013 published the Notification SO NO. 368(E)
[F.No.17/6/2017-CL-V] dated 22nd January, 2019.
As per the said notification Specified Companies are required to submit a
return stating the following:
• The Amount of Payment due to Micro and Small Enterprises and
• Reason of Delay
E-Mail : corporatelaws@asija.in
6. IS IT APPLICABLE TO ALL COMPANIES?
Gets the Supplies
of Goods or
Services from
Micro & Small
Enterprises
Payment to
“SUPPLIERS” are
due for more
than 45 days
from date of
Acceptance
/Deemed
Acceptance
Specified
Companies
Who is Supplier as per MSMED Act, 2006 ?
“Supplier” means a Micro or Small Enterprise, which has filed a memorandum with the specified
authority as per Section 8 (1) of the MSMED Act, 2006 and has obtained the Udyog Aadhaar
Memorandum Number (UAM No. ) for MSMEs.
E-Mail : corporatelaws@asija.in
7. WHAT COMPLIANCE IS REQUIRED TO BE DONE?
The specified companies shall furnish following details to the Ministry
of Corporate Affairs in Form MSME I:
Financial Year / Particulars
Name of Supplier
PAN of the Supplier
Amount Due
Date from which it is due
Reasons for delay in amount of payments due
E-Mail : corporatelaws@asija.in
8. WHAT COMPLIANCE IS REQUIRED TO BE DONE?
MSME I
Regular
Half Yearly
(April -
September)
Half Yearly
(October-March)
One Time
Till Date of
Notification
(22.01.2019)
9. WHAT ARE CONSEQUENCES OF
NON-COMPLIANCE?
Imprisonment up to 6 months to every
Officer in Default
Fine up to Rs. 25,000/- on Company
Fine of Rs.25,000/- to Rs.3,00,000/- on every
Officer in Default
10. Disclaimer
This presentation has been prepared by our firm to provide a gist of impact of
Specified Companies (Furnishing of Information about Payment to Micro & Small
Enterprises Suppliers) Order, 2019.
For detailed insight and for better understanding of the various provisions of the
said law, our team shall be available to provide our professional consultancy in this
respect, if required by your office.
Neither our firm nor any partner or employee or article of our firm shall be
responsible for any decision taken on the basis of the said presentation and without
obtaining our professional guidance or consultation on the matter for which
reliance was made on this presentation.
11. For any Further Queries & Clarification Contact
CA. Lavish Bansal
Partner
Corporate Law Vertical
lavish.bansal@asija.in
CS. Manish Mishra
Director
Corporate Law Vertical
manish.mishra@asija.in
Corporate Law Vertical
Asija & Associates LLP
E-Mail: corporatelaws@asija.in