ANNUAL COMPLIANCES TO BE DONE BY THE COMPANIES
As the new Financial Year begins, we must figure out the basic compliances to be done by every company in order to complete all those well within time to avoid any last minute rush or penalties.
The term compliance describes the ability to comply with orders, set of rules. Under the provisions of the companies Act, 2013, various compliances will have to be completed every year.
Here, we will look at the common compliances to be done mandatorily by every company.
1. DISCLOSURE OF INTEREST BY DIRECTOR: Section 184 of the Act requires every director to disclose at the first Board Meeting in every Financial Year, his concern or interest in any company or companies or bodies corporate, firms or other association of individuals, including shareholding in Form MBP –
2. DIRECTORS KYC – Web KYC of every director has to be done on or before 30th September every year. In case of any change in Email Id or Phone No. of Director, Form DIR 3 KYC has to be filed with new particulars.
3. RETURN OF DEPOSITS: Form DPT-3 is required to be filed on or before 30th
4. RETURN OF MSME: Form MSME I has to be filed Half Yearly in respect of outstanding
payments to MSMEs. Due date to file for October – March period – 30th April.
Due date to file for April – September period – 31st October.
5. SHARE CAPITAL RECONCILIATION AUDIT REPORT: Form PAS – 6 has to be submitted by the unlisted public companies, reporting about the details and changes in the share capital on a half yearly basis for each ISIN separately, within 60 days of the end of each half year.
Due date to file for October – March period – 30th May.
Due date to file for April – September period – 29th November.
6. FINANCIAL STATEMENTS: Every company requires to file its Financial Statements along with Consolidated Financial Statements, if any in Form AOC 4 and Form AOC 4 CFS, as applicable within 30 Days of the conclusion of Annual General Meeting.
7. ANNUAL RETRUN: Every company requires to file its Annual Return in Form MGT 7 or Form MGT 7A, as applicable reporting about the details of shareholding, share transfer details, details of directors, meetings of members, board, committee, etc, within 60 days of the conclusion of Annual General Meeting.
8. REPORT ON CORPORATE SOCIAL RESPONSIBILITY: Every Company covered under the provisions of Section 135 of the Act requires to file Form CSR 2 giving about the details of CSR spending, reporting, disclosure of CSR Committee.
Due date for FY 2020-21 extended upto 31st May, 2022. (To be filed separately as a web form). For FY 2021-22 and onwards, Form CSR 2 shall be filed as an addendum to the Form AOC 4.
9. CERTFICATION OF ANNUAL RETURN: As per Section 92(2) read with Rule 11(2) of the Companies (Management and Administration) Rules, 2014, every listed Company or a company having Paid up Share Capital of Rs. 10 Crore or more or Turnover of Rs. 50 Crore or more required to get its Annual Return certified by a Company Secretary in Form MGT 8.
10. APPOINTMENT OF AUDITORS: In case of appointment or reappointment of Auditors in the Annual General Meeting, Form ADT-1 has to be filed within 15 days of AGM.
11. APPROVAL OF ANNUAL ACCOUNTS: Form MGT -14 needs to be filed by every public company with the ROC after approval of Accounts by the Board of Directors in their Board Meeting within 30 days of the conclusion of the meeting.
12. Maintenance of Statutory Registers, Records, and Minutes books of Board Meetings, Annual General Meetings and Extra ordinary General Meetings.
Besides the annual compliances, there are various other Event based compliances that need to be complied within the timeline to avoid non-compliance. For example, Alteration of Memorandum, Articles, Issue of Shares, Changes in Directors, Shifting of Registered Office, etc.
This is of utmost importance to note the due dates of various forms to be filed on the occurrence of events in the company. As Non Compliance will lead to heavy fines and penalties.
DISCLAIMER: The content of this article is for informative purposes only and should not be considered as any legal advice on the topic covered. The information is based on the facts and relevant provisions of the applicable laws.
Author Bio
Very informative !! Good work