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 at MAG can help you by providing valuable services to ensure accomplishment of all ROC legal and other related company annual compliances.

What are the mandatory compliances for a Private Limited company?

The statutory compliances for private limited company are less stringent as compared to Public company. Following are the mandatory Compliances for a Private limited company:

First Board Meeting:

As per compliance under companies act 2013 for private companies, it 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.Thus, the compliance list for Private Limited company are not very stringent. 

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 company within 30 days of 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 filing ADT-1. It is the responsibility of the company itself to file Form ADT-1 and not of the auditor within 15 days from the date of appointment.

Holding of Annual General Meeting:

Every company shall hold an Annual General Meeting on or before 30th September every 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.The annual filing for private limited is done annually.In ROC filing for private limited companies, a 21 days' clear notice is required to be sent to the shareholders of the company for the same.The ROC filing fees for company in Delhi depends upon number of factors. These are the annual compliance for private limited company.

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.

The compliances are not over at just registering the company. There are various post incorporation compliances also for which it is always recommended to hire an experienced professional in order to not to miss out any compliances. Apart from above compliance list for Pvt Ltd company, private limited company compliances also include DPT-3 filing. DPT 3 filing must be done by the companies who have received money and loan which is due. DPT-3 filing fees varies upon company to company.

MAG can help you with all mandatory compliances for a company. We have a dedicated team to look after all the company's annual compliances and ROC filing services in Dwarka. So, if you are looking for company secretarial services and annual compliance filing services in Delhi, kindly get in touch with us at info@manishanilgupta.com. We shall try to provide the best ROC filing services in Delhi.