Get All Your Legal and Tax Compliances at One Place

All about MCA Compliance in India

By Admin, 5/28/2024 1:54:09 AM

Every Private Limited Company, as per the Companies Act of 2013, needs to inform the Registrar of Companies, popularly known as ROC, regarding every minor or major change in the company’s name, objective of the company, article of association of the company, appointment of directors, the appointment of auditors, passing of board resolution, etc. Providing all this information to the registrar of Companies is known as ROC compliance for Private Limited Companies. These ROC compliance for Private Limited Companies are of two types which are given below:

Mandatory ROC Annual Compliances
Event-based ROC Annual Compliances

Mandatory Annual Compliance checklist:

Compliances	Details
Appointment of Auditor and Annual General Meeting(AGM)	The first Auditor has to be appointed within 30 days and the appointment is confirmed by the shareholders in the First Annual General Meeting (AGM) of the company. In case the company fails to appoint an auditor, they will not be allowed to continue with the business and will also be charged with a penalty of INR 300. The auditor is supposed to fill Form ADT-1 that is duly approved by the shareholders in the first AGM. It needs to be filed within 15 days of the AGM. The first AGM is to be held within 9 months of the end of the financial year post which the AGM is held twice every year. The gap between two consecutive AGM should not be more than 15 months
Annual Board Meeting	First meeting within 30 days of incorporation. A minimum gap of 120 is required between the 2 meetings and the meeting must be attended by ⅓ rd of the number of directors or a minimum of 2 directors. The meeting is supposed to be recorded for official purposes.
Directors’ Report	The directors’ report is to be filed covering all the information required for Small Company under Section 134. The report has to be signed by the Chairperson authorized by the Board.
Maintenance of Statutory Registers	The form AOC-5 has to be filled out within 7 days of executing the board resolution to notify the RoC of the available space. Along with that, the Statutory Registers such as the Register of Members/ Directors and KMP/ Shareholders/ Beneficial owners/ Loan, Contract and Arrangements/ Deposits/ Related Parties, Transactions, etc.; Minutes Book of Board Meeting / AGM /Other Meeting; Books of Accounts; Financial Statements; ROC File, etc., is to be regularly maintained and updated.
E- Forms Filing Requirements	Form INC-20A is a declaration for the commencement of business that is to be filed within 180 days of the date of incorporation of the company. Form AOC-4 is a declaration of the financial statements that include the balance sheet, a statement of profit and loss, and the director’s report. The form must be filed within 30 days of holding the Annual General Meeting. The declaration of the annual returns for small companies and is supposed to be filed within 60 days of the AGM can be done using Form MGT-7A Form DIR-12 is the declaration of the appointment/resignation of any of the directors. It is supposed to be filed within 30 days of appointment/Resignation. Form DIR – 3 KYC is the declaration that ensures that every director of the company files KYC whose DIN is allotted on or before 31 March, within 30th September every year. To ensure that every company should file the return furnishing information about any deposits and/or outstanding receipts of loan or money other than deposits within 30th June every year, use Form DPT-3 declaration Form MGT 14 is the filing of a resolution with MCA. It includes the details of the resolutions passed at the board meetings that should be filed within 30 days of passing any board resolutions.
Circulation of Financial Statement.	Companies are supposed to be sent to their members- approved Financial Statements along with the Directors’ Report and Auditor’s Report at least 21 clear days before the AGM.

Event-based RoC Compliance checklist

Event-based compliances are to be filed when a company under its course of business undergoes specific changes. Such events are usually related to the allotment of new shares, giving or taking loans from other companies, change of directors, appointment or change of statutory auditors, etc.

Below are the specific event-based compliance checklist for a private company:

Compliances	Details
Commencement of Business	Form INC-20A is to be filed within 180 days of the incorporation of the company.
Active Company Tagging Identities and Verification	Form INC-22A is to be filed before 31st December.
Change in Registered Office	Form INC 22 is to be filed within 15 days of any such change.
Change in Directors	Form DIR-12 is to be filed within 30 days of any such change.
Change Company’s Name	Form INC-24 is to be filed within 60 days from the date of applying for the name.
Increase in Authorized Share	Form SH-7 is to be filed within 7 days of passing an ordinary resolution.
Filing of Resolution and Agreements	Form MGT-14 is to be filed within 30 days of passing the resolution.
Change/Increase in Paid-Up Share Capital	Form PAS-13 is to be filed within 15 days from the date of allotment.
Application for Director’s KYC	Form DIR-3 KYC is to be filed before 30th April of the next financial year.
Any Change in Secured Borrowing	Form CHG-1 is to be filed which includes all types of charges within 30 days of its creation.
Removal of Director	Form ADT-2 is to be filed within 30 days of passing the resolution.
Deposits taken	Form DPT-3 is to be filed annually before 30th June and is to be audited for that financial year.
Significant Beneficial Owner reported	Form BEN-2 is to be filed within 30 days of receipt.
Condonation of Delay	Form CG-1 is to be filed in condonation for the delay with CG along with other required documents.

What will happen if the ROC is not filled?

If the company fails to file the ROC then it is liable to pay penalties. The company will be liable to pay a penalty of Rs. 50000. In case of further failure by filing the ROC Rs. 100 be penalized per day subject to a maximum of Rs. 500000 as a penalty.