The Companies Act, 2013 read with relevant rules governs various provisions which a company is required to comply with, and regular and timely RoC filing is a must for smooth maintenance of annual compliance which will keep your organisation away from any legal complications or any unusual consequences.
Under this act, numerous forms are prescribed which must be filed by the company with the Registrar of Companies. Some of these forms are to be filed annually by the company, some of them are filed only once after the incorporation of the company while some forms are filed at the happening of an event, such as the auditor’s resignation, change in the name or address of the company, etc. If these events do not take place, then there is no requirement for filing these forms.
In this article we’ll talk about various RoC filing forms applicable to companies every year. Omitting to file any of mandatory compliance will lead to levy of heavy penalty/fees on company as well as officers in defaults.
Annual filing Forms :
As a part of Annual RoC Filing, Companies incorporated under the Companies Act 1956/Companies Act 2013, are required to file the following forms with the Registrar of Companies :
As per the Company Act,2013, every Company is required to file a copy of the financial statements with the Registrar of Companies (ROC), including consolidated financial statement, if any, along with all the documents which are required to be attached to such financial statements in form AOC-4 e-form with normal fees. In the case of consolidated financial statements, the company shall file the AOC 4 CFS.
Usually, it is filed by 29th October 2021 or within 30 days from the conclusion of the Annual General Meeting for the FY 2020-21 AGM (In the case of OPC within 180 days from the end of the financial year), therefore it is mandatory to file the form before the due date arrives. Failure to do the same will attract hefty penalties.
One of the main compliances that companies have to fulfill while Annual ROC Filing is the filing of form MGT 7. Section 92(4) of the Companies Act, 2013 states that every registered company in India whether it is private or public required to file a copy of Annual returns through Form MGT-7 including nominal fees with the Registrar of Companies
MGT 7 is an e form that is allocated to all the companies by the Ministry of Corporate Affairs for filing details of their annual return. The Registrar of Companies uses to maintain this e-form via electronic mode and on the basis of the statement of correctness given by the company. It is a popular form among the companies which are required to file the form as per the norms and regulations of the ministry of corporate affairs.
The due date for filing MGT-7 is 60 days from the date of the Annual General Meeting. The due date for conducting the annual general meeting is on or before the 30th September following the end of a financial year. Hence, the due date for filing form MGT-7 is normally the 29th of November
Form ADT 1
Section 139(1) of Companies Act 2013 mandates filing of Form ADT- 1 every year after the completion of annual general meeting (AGM). Form ADT -1 is used by a company to inform the registrar of companies about the appointment of an auditor after the completion of its annual general meeting (AGM).
The due date for RoC filing Form ADT 1 in case of new company registration is within 15 days from the first board meeting of the company which is required to be held within 30 days of incorporation in which the auditor is appointed by the board of directors of the company.
The due date for existing companies is within 15 days of the annual general meeting (AGM) in which the Auditor was appointed or reappointed as the case may be. For example, if the company’s AGM is conducted on 30 September 2021, then the company must get Form ADT-1 filed by 14th October 2021.
Annual RoC filing is a must for every Company incorporated under the Companies Act 2013. The Company is required to hold its Annual General Meeting (AGM) in such a manner as it is prescribed under law and have to get their RoC filing done thereafter. The Company shall prepare its Annual Report consisting of audited financial statement, Board of Directors’ Report together with its annexures and attach the same in Form AOC-4 whereas a list of security holders is attached in Form MGT-7. Other than that, every company shall place a copy of the Annual Return on the website of the company, if any, and the web-link of such annual return shall be vouchsafed in the Board’s report.
Timely RoC filing avoids the burden of penalty, and stress or any type of legal complication which may arise.It has various advantages too. The filing of annual forms requires the compilation of accounts for the entire year which helps to analyse the financial position of the company, i.e. company is incurring losses or making a profit. RoC filing offers benefits beyond the mandated requirement.
It also aids in various other objectives of the company. In cases regarding raising of funds, contribution or applying for other registrations and for any other new venture, updated annual filings are very important to check the validity and reliability of the Company. In short, you can’t skip this.