Companies LawLegal Updates

MCA instructs “all specified companies” to submit details of outstanding dues to Micro or small enterprises suppliers on half yearly basis

MSME Updates

MCA issues Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 (‘Order’). The respective order directs that every specified company is required to file MSME Form I  wherein the details of all existing outstanding dues to Micro or small enterprises suppliers has be submitted within 30 days starting from 22nd January, 209 ( date of publication of the notification).
Further, the Order states that specified company are required to file  the return by 31st October for the period from April to September and by 30th April for the period from October to March.
Specified Companies are defined as the all companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty five days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act, 2006.
On 2nd November, 2018 as per vide notification number S.O. 5622(E), specified companies were directed to submit a half yearly return to the MCA stating the following :-
(a) the amount of payment due; and
(b) the reasons of the delay
Find the link of the notification and MSME Form I
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