PAS-3 form is a necessary form required to be filed as per the Companies Act, 2013, Section 39(4) and Section 42(0), as well as per Rules 12 and 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014.
Generally, when a company creates an allotment of shares or securities, it has to file a return of allotment of PAS-3 to the Registrar of Companies (ROC) on the MCA portal.
However, the Ministry of Corporate Affairs has revised the form, and new Valuation fields are now required to be filled in the form. What are they? – We will discuss them all below in this blog.
Moreover, many companies have questions on how to fill out a PAS 3 form on the MCA portal, or might be troubling to do so.
If that’s you, here in this blog, we will also discuss the step-by-step PAS-3 form-filling process on the MCA portal.
All and all, with the details taken care of, let’s look at
➡️ Return Of Allotment Of PAS-3
➡️ Details To Be Filled In PAS-3 Form
➡️ New Valuation Fields To Answer In PAS-3 Form
➡️ PAS-3 Form Filling Process on MCA Portal
➡️ Fees For Filing PAS-3 Form
Purpose Of PAS-3 Form
Share capital is that part of the share that comes from the allotment of shares or an investment made by a company via subscribing shares.
Companies Act 2013 needs these companies to inform about the allotment of shares by filling PAS-3 form to the Registrar of Company (ROC).
Filing the PAS-3 form helps the company provide complete information about the individuals to whom the shares have been issued by the company. This ensures that the company does not get involved in any kind of malpractice.
Hence to avoid malpractice, whenever a company issues any shares or securities, it needs to file a return of allotment in PAS-3 to the Registrar on the MCA portal with a comprehensive list of allottees to whom the securities have been allocated.
It must be noted that the PAS-3 form should be filed within 30 days from the date of shares allotment with the Registrar of Companies over the portal of MCA.
Details To Be Filled In PAS-3 Form
Here are the following details that need to be filled in the PAS-3 Form:
1. Corporate Identification Number (CIN)
2. Company name, registered office address, and company ID based on CIN
3. Securities allotted payable in cash or other than cash
4. Total number of allotments made
Here if consideration is in cash, the details of a maximum of five allotments can be added. If the number of allotments exceeds more than 5, then the company needs to file a separate form for allotment beyond 5.
Similarly, if consideration is other than cash, then the details of a maximum of 3 allotments can be added. If the number of allotments exceeds more than 3, then the company needs to file a separate form for allotment beyond 3.
5. Date of allotment
6. Date of passing shareholder’s resolution
7. SRN of Form No. MGT-14
8. Nature of allotment (Preference shares/equity shares without differential rights/equity shares with differential rights/debentures)
9. Allotment details
10. Details of consideration
11. Details of bonus shares
12. Details of private placement
13. Company’s capital structure after allotment consideration
14. Company’s debt structure after allotment consideration
15. Whether the complete list of allottees has been enclosed as an attachment
What Are The New Valuation Fields To Answer In PAS-3 Form?
(a) *Name of firm/individual undertaking valuation
Add the name of the person or firm conducting the valuation of the company or asset
(b) *Registration number issued by IBBI
Enter the registration number issued by the Insolvency and Bankruptcy Board of India (IBBI)
(c) *Email ID
Provide the email ID of the valuer for communication purposes
(d) *Mobile number
Provide the mobile number of the valuer for communication purposes
(e) *Is valuer, a member of a professional body, i. e. ICAI, ICSI or ICWAI(Yes/No)
Select the option to confirm if the valuer is a member of any of these professional bodies, such as the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI), or Institute of Cost Accountants of India (ICWAI).
(f) Membership number of the valuer
Enter the membership number of the valuer in the professional body to which they belong.
(g) Permanent Account Number (PAN)
Provide the 10-digit alphanumeric identifier issued by the Income Tax Department of India.
(h) *Has ICAI issued UDIN against the valuation report(Yes/No/NA)
(i) UDIN of valuation report issued by ICAI
Provide the unique Document Identification Number (UDIN) issued by the Institute of Chartered Accountants of India (ICAI) against the valuation report.
(j) *Method of valuation
Enter the valuation method used by the valuer
(k) *Valuation amount
(l) *Date of issue of the report (DD/MM/YYYY)
(m) Other brief details of valuation (if any)
Provide other relevant information related to the valuation not covered by the above points.
The Best Part?
If you are getting your business valuation done from My Valuation, we will provide you with a comprehensive report, where you will receive all these details to fill in the report itself, where the signature is placed by the valuer.
Form Filling Process on MCA Portal
✔️ Download Form PAS-3
The first step is to download Form PAS-3 from the MCA Portal.
✔️ Avail Pre-Fill Facility
The second step is to enter CIN and avail of the pre-fill facility, which helps auto-fill the form details from the details that have been collected already.
✔️ Enter Additional Details
Another step is to fill in all the additional details carefully about the allotment and capital structure of the company and details of bonus shares.
✔️ Document Attachment
Make sure to attach all the required documents and attachments.
✔️ Sign & Submit
The last second step is to attach your digital signature for form authority and then submit the form.
✔️ Upload Form
Lastly, pay the fees and upload the form. Keep in mind to note down SRN Number for future reference.
Attachments Required To Submit In PAS 3 Form
- List of allottees, including their name, address, profession, and securities number allotted to each of the allottees. (Separate list for each allottee is needed)
- A copy of the Board or Shareholders’ resolution authorizing shares allotment is mandatory.
- A valuation report from the registered valuer is compulsory.
- A duly stamped copy of the contract is obligatory to submit in case securities are issued other than cash.
- Compulsorily attach the private placement offers and acceptances record in Form PAS-5 in case of a private placement.
- A special resolution copy approving the issue of bonus shares is needed in case of a bonus issue.
PAS-3 Form Filing Due Date
The due dates to file a return of allotment of shares are as follows:
|Manner Of Allotment||Description||Time Limit|
|Allotment of shares to the Public at large||When a company makes an allotment of shares to the public to a large extent.||The company should file the return of allotment of shares within 30 days in PAS-3 Form to the registrar.|
|Allotment of shares through private placement||When a company makes an allotment of shares via private placement.||The company should file the return of allotment of shares within 15 days in PAS-3 Form to the registrar.|
Fees For Filing PAS-3 Form
When a company has a share capital
|Nominal Share Capital||Fee applicable|
|Less than 1,00,000||200₹|
|1,00,000 to 4,99,999||300₹|
|5,00,000 to 24,99,999||400₹|
|25,00,000 to 99,99,999||500₹|
|1,00,00,000 or more||1,000₹|
When a company does not have a share capital then a flat fee of 200₹ is applicable.
Penalty Fees For Filing PAS-3 Form In Case Of Delay
|Delay Period||Additional Fee|
|Up to 30 days||2 times of normal fees|
|More than 30 days and up to 60 days||4 times of normal fees|
|More than 60 days and up to 90 days||6 times of normal fees|
|More than 90 days and up to 180 days||10 times of normal fees|
|More than 180 days and up to 270 days||12 times of normal fees|
Whenever a business issues any allotment of shares or securities, it’s necessary to file a return of allotment in form PAS-3 to the Registrar of Companies.
We have highlighted every detail related to PAS-3 Form, from its purpose to process, details to be filed to required documents, and deadlines to fees.
We hope you find the above information helpful. If you have, then do share this blog with someone who needs to be aware of this information.
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