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Overview of Annual Compliance of a Pvt. Ltd. Company

Government recently strike off more than 2 Lakh businesses and disqualified more than 3 Lakh managers for non-compliance with different provisions of the Companies Act, 2013. At the time when government came to know the different strategies used by corporate organizations to evade taxes, such a form of historic action came about.

Company law offers regulatory compliance that any company has to obey, such as reporting financial reports, reporting management changes, maintaining statutory registries, auditing accounts, etc.

Update as of March 20, 2020

  1. MCA declared the exemption from the company's physical board meetings until 30 June 2020 for matters such as the approval of financial statements, the report of the board, restructuring, etc.
  2. Companies and LLPs are urged to enforce the 'Work from Home' program at headquarters and field offices across India by 31 March 2020. In order to minimize any physical encounters among the critical staff on duty, staggered timings can be followed.
  3. A simple CAR 2020 web form is recommended to be submitted on the MCA website by the approved signatories of each company/LLP starting from 23 March 2020. Find out more about the process of filing by reading

Benefits of Annual Compliance

  • Credibility of Raising Business

For any organization, compliance with legislation is the primary requirement. The annual return filing date of the organization is shown on the Master Data on the MCA portal. The regularity of compliance is an important criterion for evaluating the integrity of a company through government tenders, loan approval or other similar purposes.

  • Investors Gain

While pulling funds from the investors for a venture, the investors request all financial documents and date before the proposal is finalized. Investors may either directly contact the organization or review the financial statements from the MCA portal as well. Investors appear to prefer firms with periodic enforcement records, too.

  • Maintain Active Status and prevent sanctions

Continuous failure to file the return turns the status of the company into default and charges severe fines for it. The business can also be declared or excluded from the RoC as defunct. The directors concerned are therefore dismissed and disqualified from their next appointment. An additional fee of ⁇ 100 for each day of delay will be charged from July 2018 until the date of filing.

Annual Compliance of a Pvt. Ltd. Company

Documents required for company annual filings

  • Incorporation document

Private Business PAN Passport, Certificate of Incorporation and MoA-AoA

  • The Financial Statements Audited

An independent auditor must audit the financial statements

  • Audit Report & Report from the Board

It is important to have an independent auditor's report and Board report

  • The Director's DSC

Valid and active DSCs must be given to one of the directors

Compliance Requirement

Description and Timeline

Appointment of Auditor

The auditor will be appointed for five (five) years and ADT-1 will be submitted for a five-year appointment. Within one month from the date of incorporation of the Company, the first Auditor will be named.

Statutory Audit of Accounts

Each business must file its reports and be compulsorily audited by a Chartered Accountant at the end of the financial year. For the purposes of filing it with the Registrar, the Auditor shall include the Audit Report and the Audited Financial Statements.

Filing of Annual Return (Form MGT-7)

Each Private Limited Company must file its annual report within 60 days of the Annual General Meeting being held. The annual return period will be from 1 April to 31 March.

Filing of Financial Statements (Form AOC-4)

Within 30 days of holding the Annual General Meeting, each Private Limited Company is required to file its balance sheet along with the statement of profit and loss account and the Director's report in this form.

Holding Annual General Meeting

It is mandatory for every Private Limited Company Company to hold an AGM in every Calendar Year. Companies are required to hold their AGM within a period of six months, from the date of closing of the Financial Year.

Preparation of Directors’ Report

The Report of the Directors shall be prepared with regard to all the information needed under Section 134.


Mandatory Annual Compliances

  • Meeting of First Board

The first meeting of the board, together with the directors, is expected to take place within 30 days of the company's incorporation. The BM statement must be submitted to each director at least seven days prior to the meeting.

  • Subsequent Board Conferences

A minimum of 4 Board meetings to be reviewed regularly within two meetings with a delay of not more than 120 days.

  • Filing of Consideration of Interest by Directors

Every manager at:

  1. The first meeting in which, as manager, he participates; or
  2. First meeting of the Board of Directors at each FY; or
  3. Whenever there is a set of disclosures, its interest or interest in any corporation, corporate entity, organizer/company or other organization of individuals shall be reported in Form MBP 1 (along with a list of relatives and attention of relatives in the Company according to the RPT definition) (including shareholding interest). Shape MBP-1 is kept in the company's records.
  • The First Inspector

The first auditor of the Company shall be appointed by the BOD within 30 days of incorporation and the office shall continue until the completion of the 1st AGM. The filing of an ADT-1 is not required in the case of the First Auditor.

  • Successive Auditor

The BOD shall assign the role of Auditor Auditor to the Company at the first AGM until the end of the 6th AGM and shall inform the ROC of the position by filing ADT-1. The right to apply Form ADT 1 shall be that of the Company and not that of the Auditor within 15 days of the date of the appointment of the Auditor.

  • General Annual Meeting

Any business is required to hold an annual general meeting during working hours on or before 30 September every year (9 am to 6 pm). On a day that is not a general public holiday and either in the company's certified office within the city, city/village where the certified office is located. A notice of 21 bright days is needed for the same.

  • Filing The Yearly Return (Form MGT-7)

Each private limited company is expected to file its annual report within 60 days of the Annual General Meeting being operational. The annual return is for the duration' 1 April to 31 March.'

  • Financial Report Filing In (Form AOC-4)

Each and every private limited company is required to file in this form in 30 days of holding the 'Annual General Meeting' its 'balance sheet' along with a statement of 'Profit and Loss Account' and 'Management Report'.

  • Accounts Legislative Audit

At the end of the financial year, each and every business can prepare its accounts and receive the specific audit of a professional/chartered accountant. To register it with the Registrar, the Auditor should have an Audit Report and Audited Financial Statements.

Clearly, running a business, particularly in the form of a private limited company, is not something that needs to be done lightly, requiring a considerable amount of time and effort on an ongoing basis, as well as significant knowledge of many financial and regulatory technicalities.

Compliance is a business tool that can offer competitive advantage, consumer trust and eventually return on investment to businesses, if used in the right way. Compliance is not about 'doing the right thing' or 'ticking a box,' but it is the way of operating, part of the business, faith in investors, clear and open culture. Know, non-compliance costs are often higher than compliance costs.

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Frequently Asked Questions

A organization may choose to appoint a statutory auditor, either for five consecutive years or until the next AGM is concluded. Therefore, it is not possible to accept the appointment of a statutory auditor as part of annual compliance.

It is mandatory, as per the Companies Act 2013, to send the signed Director Report to MCA for each financial year by filing the company's annual return. The Director's Report is considered to be an addition to the MGT-7 type.

For each and every organization since its incorporation, audited financial statements are mandatory. Audited financial/administrative reports must only be filed by the company. Furthermore, the lack of a financial statement audit is not an excuse for delaying the annual report.

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