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02 Feb2022
  • By Authored by Richa Gulati
  • Category Company and LLP Compliances
  • Views 717
ROC, Registrar of Companies, is an office established under the Ministry of Corporate Affairs, which has the primary duty to make sure whether the companies and LLPs in India comply with the statutory compliances as per the Companies Act and its related rules. 

Incorporating a company or LLP is a one-time process, but many other things need to be done after its incorporation also, and one should take special care of that as non-compliance of law always comes at a price. 
 
In India, there is always one or more authorities established to regulate and keep an eye on the running of an entity. In the case of companies and LLPs, one out of those is the ROC. There are various forms that a company is required to file to the ROC, through which it reports about its activities and financial statements. This text covers all the mandatory half-yearly and annual ROC forms for Companies and LLPs operating in India. 
 
These days, forming a company to carry on any business in India is very common. The idea of incorporating a company to start a business is becoming much more popular than ever before.Majorly, companies can be classified into three categories: private, public, and one-person. 

First, let’s start with the checklist of mandatory forms to be filed by a private company. 

PRIVATE COMPANIES

This list for private companies contains mainly three forms-
 
FORM DESCRIPTION DUE DATE
  • AOC-4
Form for filing financial statements and other documents -
This form contains different segments where one has to fill in the information about the balance sheet, profit and loss account, Corporate Social Responsibility, related party transactions, auditor's report and other related matters.
within 30 days of the date of AGM
 
  • MGT-7/7A
Form for filing the annual return of a company-
It consists of details regarding the directors, KMPs promoters and members, debenture holders of the company, board and general meetings, shareholding patterns, remuneration of directors and KMPs, etc.
 
Note: As per the recent notification released by the MCA, every small and one-person company is required to file form MGT-7A instead of form MGT-7.
within 60 days of the date of AGM
 
  • DIR-3 KYC- WEB
KYC of Directors-
Persons holding DIN are required to do their web KYC every year (in case there is any change in the mobile number and email id, then DIR-3 KYC form is filed instead of doing web KYC)
before 30th September of each financial year
 
 
Note: All the forms mentioned above (AOC-4, MGT-7A and Dir-3 WEB KYC) are also filed in the case of a one-person company. The mandatory annual ROC compliances are the same in both types of companies.  

PUBLIC COMPANIES

Like a private company, a public company also needs to file Form AOC-4, MGT-7 and the directors have to do their DIR-3 WEB KYC. But we all know that a public company involves more public interest than a private company, and for this reason, the burden of compliances is slightly more on the public companies. Hence, it is also required to file some other forms as listed below- 
 
FORM DESCRIPTION DUE DATE
  • FORM
  •  
Reconciliation of Share Capital Audit Report
Every unlisted public company is required to file a half- yearly Reconciliation of Share capital audit report to the registrar in this form. This report helps in identifying if there is any difference existing in the actual issued capital and the dematerialised capital held. 
 
Within 60 days of the end of each half year
  • FORM MGT-14
Filing of resolution with the registrar (for the Board Resolution regarding the approval of Board’s Report and Financial Statements)
There are some matters on which whenever a board resolution is passed by a public company, MGT-14 form is mandatory to be filed reporting that board resolution. One out of these matters is the approval of the board’s report and financial statements.
Within 30 days of passing the Board Resolution
 
There are some forms that one needs to file only on the happening of a particular event and are not required to be filed at regular intervals. Other than these above-mentioned annual forms, a few forms are submitted by companies engaged in a specific act, like a company that has raised a loan or received money and the money is still due, has to file this form named DPT-3 each year. Or a company that has outstanding payments to MSMEs must file a half-yearly return through this form MSME-1. 

LIMITED LIABILITY PARTNERSHIPS

In the case of an LLP, the number of ROC annual compliances is significantly less than a company. An LLP only has to comply with these three below given compliances-
 
FORM DESCRIPTION DUE DATE
  • LLP
Annual Return of LLP
Information related to the business activity of the LLP, designated and other partners, the contribution made by the partners, compounding and penalty for offences, if any, etc., are provided in this form. 
 
within 60 days of the end of every financial year (30th May)
  • LLP
Statement of Account & Solvency
This form is nothing but a declaration made by the designated partners that the LLP will be able to discharge its debts. Details of assets, liabilities, contribution made by the partners, turnover, etc is filled in this form. 
 
within 30 days from the ending of six months (30th October) of the financial year closing
  • DIR-3 KYC- WEB
KYC of Designated Partners-
Like directors, Designated Partners also have to get their KYC done. Every DPIN holder has to file this DIR-3 KYC form or complete web DIR KYC (if he has already filed the DIR-3 KYC form once and there is no change in his mobile number and email id).
before 30th September of the financial year
 
 It is not just about the penalty, repeated non-compliance of laws attracts other complications also. To talk about some severe consequences, ROC also has the power to strike off a company’s name. Continuous non-filing for three consecutive years makes the directors fall into the category of disqualified directors. And keeping in mind the MCA’s recent changes for levying higher additional fees for delayed filing, maintaining track of the ROC filings becomes essential to avoid any penalty or consequences. 

In conclusion, complying with statutory compliances as per the Companies Act and its related rules is crucial for companies and LLPs in India. Filing the required forms with the Registrar of Companies (ROC) is necessary to avoid penalties and ensure smooth operations. Non-compliance can lead to legal consequences and even the striking off of a company's name. Stay on top of ROC filings to maintain regulatory compliance and avoid complications.

Take charge of your compliance obligations. Contact us at info@manishanilgupta.com to ensure your company or LLP meets all ROC requirements and avoids penalties.

Disclaimer: This article is meant purely for knowledge and educational purposes. It contains only general information and references to legal content. It is not legal advice, and should not be treated as such
 

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