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Company Annual Compliances

Running of private Limited or a public limited company was used to be a simple procedure under Companies Act, 1956 as enlistment registrar of companies ("ROC") didn't use to make any severe move against defaulters, But under new companies Act, 2013 there are stringent reformatory arrangements for resistance and if there is any occurrence of default; organization, administrative faculty, are obligated to substantial punishment in money related terms and other non-fiscal correctional results too. It is very crucial to meet the compliances on time to avoid penal consequences. To maintain a strategic distance from these risks, we atCAJCCcan help you by providing valuable services to ensure accomplishment of all ROC legal and other relatedcompany annual compliances.

What are the mandatory compliances for a Private Limited company

Following are the mandatory Compliances for a Private limited company:

First Board Meeting:

Every Company must hold its first board meeting within 30 days of its incorporation. Notice of Board Meeting shall be sent to every director at least 7 days before the board meeting.

Subsequent Board Meetings:

Every company is required to conduct 4 board meetings every year wherein the interval between the two meetings shall not be more than 120 days. However, there are some exceptions for a specified class of companies where the holding of only 2 board meetings will be sufficient compliance provided there is a minimum gap of 90 days between the meetings.

Disclosure of interest by Directors:

Every director of a company is required to disclose his interest at:

The first board meeting in which he participates as a director; or
The first board meeting of the board of directors every year; or
Whenever there is any change in interest, it shall be disclosed in Form MBP-1 (along with the list of all relatives and concern of relatives in the company as per Related Party Transaction definition), his interest or concerns in any company, firm, body corporate, or with any other association (including holding of shares). Form MBP-1 shall be filed timely and kept in the records of the company.

Appointment of First Auditor:

The board of directors shall appoint the first auditor of the companywithin 30 daysof the incorporation of the company which shall hold the office till the conclusion of the first annual general meeting. In the case of the first auditor, filing of ADT-1 is not mandatory.

Subsequent Auditor:The board of directors shall appoint the auditor in the first annual general meeting who shall hold the office till the conclusion of sixth AGM and shall inform the same to ROC by filingADT-1. It is the responsibility of the company itself to file Form ADT-1 and not of the auditor within15 daysfrom the date of appointment.

Holding of Annual General Meeting:

Every company shall hold an Annual General Meeting on or before30th Septemberevery year during business hours, on a day that is not a public holiday either at the registered office or within the same city, town or village where the registered office is situated. A 21 days' clear notice is required to be sent to the shareholders of the company for the same.

Filing of Annual Return (Form MGT-7):

Every Private Limited company is required to file its annual return in Form MGT-07 within sixty days of holding of the AGM. The annual return shall be for the period beginning on 1st April and ending on 31st March for every year.

Filing of Financial Statements (Form AOC-4):

Every Private Limited Company is required to file with MCA its audited balance sheet along with the statement of profit and loss account and Board's Report in form AOC-4 within 30 days of the holding of the annual general meeting.

Statutory Audit of Accounts:

Every Company shall mandatorily prepare its books of accounts and get the same audited by a Chartered Accountant after the approval of such financial statement by the board of directors. The auditor shall provide an Audit Report along with the financial statements duly audited by him to file it with the Registrar.

CAJCCcan help you with all mandatory compliances for a company. We have a dedicated team to look after all thecompany annual compliancesestablished inDelhi, Gurugram, Noida, Rohtak, Ranchi and pan India.So if you are looking for anannual compliance filing services in pan India, kindly get in touch with us atsanjay@charteredaccountantfirm.com