Corporate Filings and Compliance

Missing the AGM deadline attracts a penalty of ₹1 lakh for the company plus ₹5,000 per day of default. Additionally, every officer in default (directors) can be penalized with ₹25,000 plus ₹500 per day. You'll need to file an application with the ROC explaining the delay and pay the prescribed fees and penalties.

No, you cannot file AOC-4 and MGT-7 without conducting an AGM. These forms require the AGM date as a mandatory field. The AGM is legally required to adopt financial statements and appoint auditors. However, MCA has issued circulars allowing virtual AGMs in certain circumstances.

Yes, DIR-3 KYC is mandatory for all DIN holders every year by 30th September, regardless of business operations. Failure results in DIN deactivation and a ₹5,000 penalty to reactivate. Deactivated directors cannot be appointed to any board.

AOC-4 is the standard form for filing financial statements. AOC-4 XBRL is required for companies with paid-up capital of ₹5 crore or more, or turnover of ₹100 crore or more. XBRL is a structured data format that makes financial data machine-readable. Small companies typically file AOC-4.

Yes, DPT-3 is mandatory for all companies even with no deposits — file as a "NIL" return. Filing deadline is 30th June every year. Late filing attracts a penalty of ₹10,000 plus ₹100 per day.

Yes, board meetings can be conducted via video conferencing, subject to Companies Act compliance. However, certain matters like approval of annual financial statements and the Board's report cannot be handled through video conferencing. Proper recording and minutes must be maintained.

MBP-1 is a disclosure form where directors declare their interest in other entities. It must be filed at the first board meeting of every financial year. Directors must disclose directorship, membership, or ownership interest in other companies to ensure transparency in related party transactions.

Books of accounts must be maintained for a minimum of 8 years. Board minutes and AGM minutes should be kept permanently (or at least 8 years). Statutory registers throughout the company's existence. Tax records (GST, Income Tax) for 6–7 years. Maintain digital backups of all important documents.

The company faces a fine of minimum ₹25,000 up to ₹5 lakh. Every officer in default faces imprisonment up to one year or fine of ₹10,000–₹1 lakh, or both. The first auditor must be appointed within 30 days of incorporation, and subsequently within 15 days of each AGM.

Yes, but subsequent changes require NCLT approval. The first financial year can be extended up to 18 months from incorporation without NCLT approval. The process involves filing an application with valid reasons for the change.

Board Meetings: One-third of total directors or 2 directors, whichever is higher. AGM: 2 members personally present for private companies (5 for public). If quorum is absent within 30 minutes, the meeting stands adjourned to the same day next week.

Yes, statutory audit is mandatory for all private limited companies regardless of turnover. Internal audit is not mandatory for companies with turnover below ₹200 crore or borrowings below ₹100 crore. The audit report must be attached with AOC-4 filing.

MSME Form I is a half-yearly return for companies with outstanding payments to MSME suppliers for more than 45 days. Filed on 30th April and 31st October each year. It brings transparency to trade credit practices and ensures MSMEs receive timely payments.

No, a private limited company must have a minimum of 2 directors. Only an OPC can have a single director. If directors fall below the minimum, the company must appoint additional directors within 6 months.

A small company (Section 2(85)) has paid-up capital not exceeding ₹4 crore and turnover not exceeding ₹40 crore. Benefits: simplified annual return (MGT-7A), lesser filing fees, exemption from cash flow statement preparation, and reduced compliance requirements.

The ROC can reject the form requiring refiling with additional fees. For deliberate misrepresentation, penalties range from ₹1 lakh to ₹5 lakh, and directors may face imprisonment up to 6 months. Always verify all information before filing.

File an application with the NCLT within 20 years of strike-off. Include reasons for non-compliance, payment of all pending dues and penalties, and overdue returns. The process typically takes 6–12 months and requires professional assistance.

A Company Secretary (CS) is mandatory for companies with paid-up capital of ₹10 crore or more. The CS ensures statutory compliance, maintains registers, files annual returns, coordinates board meetings, and advises on legal matters. Many startups engage CS professionals on a contractual basis.

Ordinary Resolution: Simple majority (>50%) — used for routine matters like appointing auditors, adopting accounts. Special Resolution: 75% majority — required for major decisions like altering MOA/AOA, changing registered office to another state, buy-back of shares. Special resolutions require 21 days' notice.