The Ministry of Corporate Affairs issued a significant amendment to the Specified Companies Order under the Companies Act 2013 vide Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Amendment Order, 2024.
Key provisions of the amendment include:
1. Criteria for Reporting: Only specified companies with overdue payments to MSEs beyond 45 days are mandated to submit information.
2. Form MSME-1: The amendment substitutes the existing MSME Form-1
Link – https://www.mca.gov.in/bin/dms/getdocument?mds=LNC1bxj5jUf0Cxk6hVY6uQ%253D%253D&type=open
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