Annual Compliances for a Private Limited Company
A Private Limited Company is subject to the most extensive set of annual compliance requirements under the Companies Act, 2013. Failure to meet these obligations can lead to heavy fines, disqualification of directors, and even the removal of the company’s name from the ROC register.
Key Annual Compliances:
- Board Meetings: A minimum of four board meetings must be held each financial year, with a gap of no more than 120 days between two meetings.
- Annual General Meeting (AGM): An AGM must be held once a year, on or before September 30th.
- Appointment of Auditor: An auditor must be appointed, and the appointment filed with the ROC in Form ADT-1.
- Filing of Annual Returns (Form MGT-7): Filed with the ROC within 60 days of the AGM.
- Filing of Financial Statements (Form AOC-4): Filed with the ROC within 30 days of the AGM.
- Director Compliances (DIR-3 KYC, Form MBP-1).
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Do You Have Any Questions?
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What are the mandatory annual filings with the ROC?
A Private Limited Company must file Form AOC-4 (Financial Statements) within 30 days of its AGM and Form MGT-7 (Annual Return) within 60 days of its AGM.
What are the requirements for an AGM and Board Meetings?
A company must hold at least one Annual General Meeting (AGM) each year and a minimum of four Board Meetings in a year (with a gap of not more than 120 days between two meetings).
What is DIR-3 KYC?
Every individual who holds a Director Identification Number (DIN) must file form DIR-3 KYC with the ROC every year to verify their personal details. Failure to do so can deactivate the DIN.
What happens if we don't file our annual returns?
Non-filing leads to heavy penalties, and the company may be struck off the register. The directors can also be disqualified from being appointed in any other company.