As part of its crackdown against shell companies and updating its registry, the Ministry of Corporate Affairs has directed all directors of companies and designated partners in LLPs (limited liability partnerships) to submit their KYC details. The ministry has floated the DIR-3 KYC e-form for all directors who hold a Director Identification Number (DIN), irrespective of the fact whether they hold any directorship or not. This means that even disqualified directors have to fill the DIR-3 KYC form.
The directors and designated partners who got their DIN on or before March 31, 2018, need to submit the DIR-3 KYC form by August 31, 2018. For those who received their DINs on or after April 1, 2018, the due date to submit the e-KYC form is April 30 of the succeeding financial year.
While filling in details in the DIR-3 KYC e-form, directors have to mandatorily enter unique personal mobile number and personal e-mail ID, which will be further verified by an OTP verification. The directors of Indian origin have been asked to mandatorily furnish their PAN, Aadhaar, permanent residential address, and their passports, if they own one.
Directors of foreign origin have to provide their respective passport numbers with the DIR-3 KYC form along with a duly attested copy of their passports and a copy of their proof of residence. The form must also be certified by a practising chartered account, cost accountant or company secretary.
Those who fail to submit the DIR-3 KYC forms within the stipulated time frame will have their DINs deactivated. This means they will not be able to able to sign any compliance document on behalf their company. The DIN will be reactivated only on the submission of DIR-3 KYC form and a reactivation fee to the tune of Rs 5,000 by September 1, 2018.
(Edited by Vivek Punj)