Annual Compliances for Section 8 Company

♣ Section 8 Company is the Company, which–

a. has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object;

b. intends to apply its profits, if any, or other income in promoting its objects, 

c. intends to prohibit the payment of any dividend to its members and

d. has obtained license and formed under Section 8 Companies Act, 2013.

Compliances

♣ Following are the annual compliances for a Section 8 Company (apart from the event based compliances): 

Sr. No. Compliances Due Date Remarks
1 Form MBP-1 (Disclosure of interest) 1st April every year To be given by every Director to the Company in the first Board Meeting held in every Financial Year.
2 Form DIR-8 (Notice of non-disqualification of Directors) 31st March every year
3 Board Meeting Atleast 1 Meeting within every 6 Calendar months.
4 Form DIR-3KYC (KYC of Directors) On or before September 30th of every Financial Year. To be filed by every Director with ROC
5 Form DPT-3 (Return of Deposit or particulars of transaction not considered as deposit or both) On or before June 30th of every Financial Year. Needs to be filed, even if there is nil amount.
6 MSME Form-1 (Delay in payment of MSME Vendor) April- September- 31st October

October-March- 30th April

Applicable, if delay beyond 45 days at the end of 6 months mentioned, in making payment to Micro and Small Enterprises
7 Form MGT-14 (Filing of Board Resolution for approval of Financial Statement and Board’s Report) Within 30 days of Board Meeting This compliance is applicable only in case of Public Section 8 Company.
8 Annual General Meeting (‘AGM’) Within 6 months from the end of each Financial Year with a maximum gap of 15 months between 2 meetings. First AGM can be held within 9 months of closure of first Financial Year.
9 Form ADT-1 (Appointment of Statutory Auditors) Within 15 days of AGM Statutory Auditors shall be appointed for a period of 5 years at a time, except first Auditor. First Auditor shall be appointed upto the date of first AGM.
10 Form AOC-4 (Audited Financials and Board Report) Within 30 days of AGM First Financial Year of the Company can be of 15 months.
11 Form MGT-7 (Annual Return) Within 60 days of AGM List of Shareholders to be attached with Form MGT-7

Disclaimer: The entire contents of this article have been prepared on the basis of relevant provisions, judgements and information existing at the time of preparation, i.e. March 28, 2020. The observations of the author are personal view and the author does not take any responsibility of the same and this cannot be quoted without the written consent of the author.

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