PAS 3 Form: Purpose, Procedure & Penalty for Late Filing

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PAS 3 Form: Purpose, Procedure & Penalty for Late Filing

Whenever a company registered under Companies Act 2013 makes any allotment of shares or securities, it is required to file a return of allotment with RoC. To file the return of allotment, PAS 3 form has to be used. If a company fails to file this form within the prescribed period, it will be liable to penalty. So, let’s check out what the PAS 3 form is.

What is PAS 3 Form?

According to Section 39(4) of the Companies Act 2013, whenever a company having a share capital allots its shares or securities, it must file a return of allotment with the Registrar of Companies (ROC). This must be done using PAS 3 form. This form must be filed 30 days within such an allotment. Along with PAS 3 form, fee must be paid as specified in Companies (Registration Offices and Fees) Rules, 2014. 

While filing this form, a complete list must be provided for all security holders, along with their full names, addresses, number of securities allotted and other necessary details.

Purpose of Filing Form PAS 3

The purpose of filing eform PAS 3 is to inform the Registrar regarding the allotment of shares by the company. The form provides complete information regarding the individuals to whom the company has allotted its shares. 

It ensures that the business doesn’t indulge itself in malpractices like fake allotment or issuance to unqualified persons. 

Key Information Required in PAS 3 Filing

For filing PAS 3 form, the following key information is required:

• Names, addresses, and other key details of those who have been allotted securities.

• Date of Allotment

• Corporate Identification Number (CIN)

• Share certificates issued and distinctive numbers.

• Number and price of shares allotted by the company.

• Nature of allotment, such as, preference shares or equity shares void of differential rights or equity shares with differential rights or debentures.

• Details regarding the allotment.

• SRN of Form No. MGT-14.

• Details regarding consideration.

• Bonus shares’ details.

• Private placement details.

• Capital structure of the company after considering allotment.

• Company’s debt structure after considering allotment.

• Premium collected during the allotment.

• Board resolution details for allotment.

Procedure for filing Form PAS 3

For PAS 3 filing, the following procedure needs to be followed:

• The applicant must visit the MCA portal, and download Form PAS 3 from there.

• Then they can use the pre-fill facility by choosing the auto-fill option for filling the form based on details which have already been collected.

• Any other additional information must be provided correctly by entering the data regarding the allotment and other crucial details that are required such as capital structure or bonus share details.

• Attach the relevant documents required to be submitted with PAS 3.

• Now, the form must be signed using DSC prior to submission.

• Finally, upload the eform PAS 3 on the portal and pay the prescribed fees. For future reference, it is recommended to note down SRN No.

Penalty for late filing of PAS 3

If a company fails to submit PAS 3 form to the ROC within 30 days from the date of allotment, then as per section 39(5) of the Act, the company and the officer in default will be liable to penalty of Rs. 1000 for each day for which the default continues, or Rs. 1,00,000, whichever is less.

Conclusion

PAS 3 form must be filed by every company which allotts its securities to allottees. Doing so ensures their compliance with the provisions of the Companies Act 2013. In case the form isn’t filed within PAS 3 form due date, the company and the officer in default will have to pay penalties.

Need help in company registration or in ensuring business compliances? Connect with Registrationwala.

PAS 3 Form: Frequently Asked Questions (FAQs)

Q1. What is PAS 3 full form?

A. PAS 3 full form is Prospectus and Allotment of Shares for PAS. Here, 3 refers to the form number.

Q2. When to file PAS 3 form?

A. Whenever a company makes an allotment of its shares, this form must be filed.

Q3. Within how many days should the PAS 3 form be filed?

A. Within 30 days from the allotment of shares made by the company.

Q4. What is the PAS 3 due date?

A. The due date for PAS 3 form is within 30 days from the date of allotment of securities by the company.

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