Company Compliance

MANDATORY COMPANY COMPLIANCE IN INDIA & PENALTIES FOR NON-COMPLIANCE

Company registration in India falls under the ambit of Ministry of corporate affairs and are subject to certain rules & regulations mentioned in the companies act, 2013 (erstwhile companies registration act, 1956). These rules & regulations forms the part of company compliance in India. Registrar of companies (ROC) is the statutory body established by the company registration act, 2013 that ensures that private limited companies & LLP’s are following the company compliance.

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Company compliance as per companies act, 2013 is divided into two broad categories:

  1. Mandatory compliance
  2. Compliance based on events
MANDATORY COMPLIANCEDESCRIPTION
1st Board meetingIn 30 days of receiving company registration certificate, the 1st board meeting of the company is bound to commence. Atleast 7 days’ notice must be served to every director before the meeting
Other board meetingNot more than 120 days gap between two board meetings; and Minimum 4 board meetings every year
Interest disclosure by directorsForm MBP-1 must be filed by every director; containing the details of relatives (if associated with the company & their interest)
Annual general meetingHolding an Annual General Meeting on or before 30th September every year forms the very important part of company compliance.
Annual return filingForm MGT-7; Every Private Limited Company is required to file its Annual Return within 60 days of holding of Annual General Meeting.
Filing of financial statements (Form AOC-4)Every Private Limited Company (PLC) is required to file its Balance Sheet along with Profit & Loss Account statement in the prescribed form within 30 days of holding of AGM.
AuditingAppointment of 1st auditor: shall be appointed by the BOD within 30 days of Incorporation who shall hold the office till the conclusion of 1st AGM. Subsequent auditors: Board of directors shall appoint the auditor in first AGM of company who will hold the office till the conclusion of 6th AGM. Filing of ADT-1 becomes mandatory to inform the ROC.  
Statutory auditEvery Company shall prepare its Accounts and get the same audited by a Chartered Accountant at the end of the Financial Year compulsorily. The auditor shall provide the audit report and audited financial statements for the purpose of submitting it to the Registrar.

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EVENT BASED COMPLIANCEDESCRIPTION
Change in registered officeINC-22; Within 15 days from the date of change in the registered office of the company.
Change in directorsDIR-12; Within 30 Days of such change
Authorised share capitalSH-17; Within 30 days of passing Ordinary Resolution
Paid-up share capitalPAS-3; Within fifteen days from the date of the allotment
Secured borrowingCHG-1; All types of Charges within 30 days of its creation

How to make company compliance’s easy?

Find a good & reliable company secretarial services provider who will understand your business well and work accordingly. Reliability is one of the most important factors which one must look for before opting for company secretarial services because of the sensitivity of information so shared.

We at CAONWEB give the utmost priority to company compliance & looks after the secrecy of our client’s information. We provide company secretarial services, ITR & GST consultancy and all other company registration services under single roof. Our team includes chartered accountants, company secretary, lawyers & various other experts which will help in growth of your business.

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