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Private Limited Compliance

A private limited company is register under the Indian Companies Act 2013. Every registered company is mandatory to file a return under MCA per annum with audited financial statement. The ROC (Registrar Of Companies) filing is mandatory irrespective of the turnover, whether it is zero or crore. Every company is obliged to fulfill the mandatory secretarial compliance filings or ROC compliance.

The RoC compliance for registered Private Limited Companies is necessary. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement.

Managing the business's everyday operations while complying with the difficult corporate laws can be a task for the entrepreneur. So, it is always better to take the professionals' help and understand the legal requirement to ensure timely fulfillment of these compliances to waive off the penalties or fines.

Know the basics

Compliances for a Private Limited Company

  • Meeting of Board of Directors: first meeting of board of directors is required to be within 30 days of incorporation of the company. Notice must be sent to all directors at least 7 days before the meeting. At least 1/3 of the directors are required to be present in this meeting. Minimum 4 board meeting to be held per annum. There should not be more than 120 days gap between two meetings.
  • Annual General Meeting (AGM): It is mandatory for every company to call a general assembly every year. Notice must be given 21 days before the annual general meeting. It is necessary to have a gap of 15 months between 2 annual general meetings.
  • Appointment of Auditor: Every company must appoint an auditor within 30 days of incorporation who shall hold the office till the conclusion of 1st Annual General Meeting.
  • Filing of Financial Statements: within 30 days of Annual General Meeting, the company has to file its financial statements in the e- form AOC-4. This financial statement should be signed by the Chartered Accountant or Company Secretary or Cost Accountant. In addition, this financial statement should be signed in digitally by anyone director.

Attachments for AOC-4

  • Trading and Profit & Loss Account
  • Balance Sheet
  • Cash Flow Statement
  • Statement of change in equity
  • Reports from the board
  • Reports from the Auditor
  • Corporate Social Responsibility Report
  • Statement of subsidiary in form AOC-1
  • Other relevant documents

Attachments for MGT-7

  • List of Shareholders and Debenture holders
  • Approval letter for augmentation of AGM
  • Copy of MGT-8, if applicable
  • Optional attachments, if any

Annual Return

For filing the annual return, the company has to submit form MGT-7. It is required to file within 2 months of the Annual General Meeting. It is mandatory for a Private Limited Company to file the forms as per the norms and regulations of the Ministry of Corporate Affairs. MGT – 7 is an electronic form which is filed by companies to file annual return of business. This form regarding the information of directors and shareholders of the company.