All registered companies are subject to the Companies Act, 2013, which establishes specific legal regulations to govern their operations. The Companies Act imposes certain restrictions and guidelines on businesses. Annually, each State and Union Territory registers a number of companies through the Registrar of Companies (ROC), which falls under the jurisdiction of the Ministry of Corporate Affairs (MCA). The primary role of the ROC is to ensure that all statutory requirements are met on time and to impose penalties for any missed filing deadlines.
India has a total of 22 ROCs, each associated with respective states. The compliance requirements vary depending on the type of company, meaning that each company must file all the necessary compliances relevant to its specific category. Failure to meet these compliance obligations within the specified time frame can result in substantial penalties and fines.
To avoid such consequences, we recommend timely filing of your company’s compliances. Alternatively, you can entrust us with handling this workload, allowing you to concentrate on your business operations and development without any worries.
All private limited companies are required to adhere to the following compliances each year, failure to do so may result in significant penalties.
Board Meetings: Every private limited company must conduct a minimum of four board meetings in a year, with at least one meeting held in each quarter. At these meetings, the presence of 1/3rd or 2 directors is mandatory. Detailed records, decisions, and conclusions from these meetings must be documented as “Minutes of Meetings” and maintained at the company’s registered office.
Annual General Meeting (AGM): It is obligatory for every private limited company to hold an annual shareholders’ meeting. The main purpose of this meeting is to decide on matters such as the approval of financial statements, declaration of dividends, and appointment or reappointment of auditors. The AGM must be conducted at the location of the company’s registered office.
Auditor Appointment: Within 30 days of registering the company, every private limited company must appoint an auditor using form AD-1. The appointed auditor is responsible for conducting the statutory audit of the company. Failure to appoint an auditor within the stipulated time may lead to penalties imposed by the Registrar or even the possibility of the company being struck off.
ROC Filings: It is essential for every private limited company to keep the government updated with information regarding the company’s operational status. This involves using form MGT-7 for the annual return and form AOC-4 for financial statements.
Statutory Registers and Records: To maintain a record of various activities within the company such as sales, marketing, purchase, tenders, administration, and board meetings, it is mandatory for every private limited company to maintain registers. Some of these registers include the Register of Directors, Register of Members, Register of Contracts, and Register of Charges. The company must ensure that all these registers are properly maintained and made available to the Registrar of Companies (ROC) as and when required, at the company’s registered office.
In addition to the compulsory ROC compliances, certain event-based compliances must be filed promptly whenever the respective event occurs. These events are as follows:
To streamline the process, the ROC has provided various forms corresponding to each event. It is imperative for every private limited company to notify the ROC of the respective event by submitting these forms. Failure to comply with these event-based requirements may result in significant penalties being imposed.
We understand the challenges of managing annual ROC compliances while simultaneously focusing on increasing sales and expanding your business. That’s why we are here to provide you with expert assistance in filing your ROC compliances promptly, allowing you to concentrate on your core business operations. Our comprehensive Annual Maintenance Contract (AMC) packages for ROC compliance are competitively priced and tailored to meet your specific requirements. You can rely on us to handle your compliance needs efficiently, leaving you with the freedom to drive your business forward with confidence.
