Secretarial Compliances

Ensuring Regulatory Adherence for Your Business

Secretarial compliance is crucial for businesses to operate smoothly and in adherence to regulatory norms. Proper compliance not only avoids penalties but also enhances the company’s credibility and trustworthiness. Here’s an overview of various secretarial
compliances, along with checklists, benefits, and required documents.

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Annual Compliance of a Private Limited Company

Overview

Every Private Limited Company in India is required to meet annual compliance requirements as per the Companies Act, 2013. This includes maintaining statutory records, filing financial statements, and holding annual general meetings (AGMs).

  • Hold Annual General Meeting (AGM) within six months from the end of the financial year.
  • Prepare and file financial statements (Balance Sheet, Profit & Loss Account) with the Registrar of Companies (RoC).
  • File Annual Return (Form MGT-7) within 60 days of AGM.
  • File financial statements (Form AOC-4) within 30 days of AGM.
  • Maintain statutory registers and records.
  • Regulatory Compliance: Avoids fines and penalties for non-compliance.
  • Financial Transparency: Ensures accurate financial reporting.
  • Business Credibility: Maintains the LLP’s good standing and reputation.
  • Financial statements of the LLP.
  • Details of partners and their contributions.
  • Statement of accounts.

Annual Filing for LLP

Overview

Limited Liability Partnerships (LLPs) are required to file annual returns and statements of accounts with the RoC. This ensures that the LLP remains compliant and active.

  • File Annual Return (Form 11) within 60 days from the closure of the financial year.
  • File Statement of Accounts and Solvency (Form 8) within 30 days from six months of the financial year-end.
  • Conduct an annual meeting of partners.
  • Legal Compliance: Avoids penalties and legal consequences.
  • Corporate Governance: Promotes transparency and good governance.
  • Investor Confidence: Builds trust among investors and stakeholders.
  • Operational Continuity: Ensures the smooth functioning of the business.
  • Audited financial statements.
  • Director’s report and Auditor’s report.
  • Minutes of AGM.
  • Details of shareholders and directors.

Nidhi Company Compliance

Overview

Nidhi Companies must comply with specific annual requirements to continue operations legally. These include filing financial statements, holding AGMs, and ensuring the fulfillment of member and deposit criteria.

  • File Annual Return (Form MGT-7) and financial statements (Form AOC-4).
  • Hold AGM within six months of the financial year-end.
  • File compliance with Nidhi Rules regarding deposits, membership, and director responsibilities.
  • Maintain statutory registers and records.
  • Legal Status: Ensures the Nidhi company operates within legal boundaries.
  • Member Confidence: Builds trust among members regarding the safety of their deposits.
  • Smooth Operations: Facilitates ongoing operations without regulatory hurdles.
  • Financial statements and auditor’s report.
  • Member and deposit details.
  • Minutes of AGM.
  • Statutory registers.

Section 8 Company Compliance

Overview

Section 8 Companies, which operate for charitable purposes, are required to adhere to specific compliance norms under the Companies Act, 2013. These include filing annual
returns, financial statements, and maintaining proper records.

  • File Annual Return (Form MGT-7) and financial statements (Form AOC-4).
  • Hold AGM and prepare minutes.
  • File Income Tax Returns and comply with the Foreign Contribution Regulation Act (FCRA), if applicable.
  • Maintain statutory registers and books of accounts.
  • Compliance with Legal Obligations: Avoids penalties and maintains the legal standing of the company.
  • Transparency: Ensures that the company’s financial and operational activities are transparent.
  • Donor Confidence: Builds trust among donors and supporters by maintaining compliance.
  • Audited financial statements.
  • Director’s report and Auditor’ report.
  • Minutes of AGM.
  • Statutory registers and records.

NBFC Compliance

Overview

Non-Banking Financial Companies (NBFCs) are subject to rigorous compliance requirements due to their involvement in financial services. This includes regular filings with the Reserve Bank of India (RBI) and adherence to various regulatory norms.

  • Submit quarterly and annual returns to RBI.
  • File financial statements and returns related to assets and liabilities.
  • Maintain a Capital Adequacy Ratio as prescribed by RBI.
  • Comply with anti-money laundering (AML) and know your customer (KYC) norms.
  • Conduct internal audits and submit audit reports.
  • Regulatory Adherence: Ensures compliance with RBI norms and regulations.
  • Business Continuity: Avoids disruptions due to regulatory action.
  • Reputation Management: Enhances credibility and trust in the financial market.
  • Quarterly and annual financial statements.
  • KYC and AML compliance reports.
  • Internal audit reports.
  • RBI filings and returns.

MCA Compliance

Overview

Compliance with the Ministry of Corporate Affairs (MCA) is essential for all companies registered under the Companies Act, 2013. This includes various filings, maintaining
statutory registers, and adherence to corporate governance norms.

  • File Annual Return (Form MGT-7) and financial statements (Form AOC-4).
  • Maintain statutory registers, including Register of Members, Directors, and Charges.
  • File event-based forms such as DIR-12, PAS-3, and others as required.
  • Comply with the Companies (Appointment and Qualification of Directors) Rules, 2014.
  • Regulatory Compliance: Ensures adherence to MCA guidelines and avoids penalties.
  • Corporate Governance: Promotes good corporate practices and transparency.
  • Shareholder Trust: Builds confidence among shareholders and stakeholders.
  • Financial statements and annual returns.
  • Director and shareholder details.
  • Statutory registers and minutes of meetings.
  • Event-based forms and filings.

Liquidation of Company

Overview

Liquidation is the process of closing a company by selling its assets to pay off liabilities and distributing any remaining assets to shareholders. This can be voluntary or compulsory.

  • Pass a resolution for liquidation by the board and shareholders.
  • Appoint a liquidator to manage the process.
  • Settle all liabilities and debts of the company.
  • Distribute remaining assets to shareholders.
  • File necessary documents with the RoC to finalize the liquidation.
  • Debt Resolution: Ensures all company debts are settled.
  • Formal Closure: Legally dissolves the company, removing it from the RoC records.
  • Asset Distribution: Fair distribution of remaining assets among shareholders.
  • Resolution for liquidation.
  • Statement of affairs of the company.
  • List of creditors and debts.
  • Final accounts and distribution statement.

AGR Return Filing

Overview

Adjusted Gross Revenue (AGR) Return Filing is required for telecom companies in India. It involves reporting the revenue earned and paying the corresponding license fees and
spectrum usage charges to the government.

  • Calculate the AGR as per DoT guidelines.
  • Prepare the return, detailing revenue sources and deductions.
  • File the AGR return with the Department of Telecommunications (DoT).
  • Pay the required fees and charges based on the filed AGR.
  • Regulatory Compliance: Avoids penalties and ensures adherence to telecom regulations.
  • Transparency: Provides clear reporting of revenue and payments to the government.
  • Business Integrity: Maintains the company’s reputation in the telecom sector.
  • Revenue statements and financial records.
  • Calculation of deductions and exemptions.
  • AGR return form.
  • Payment receipts for fees and charges.

Form AOC-4

Overview

Form AOC-4 is used to file financial statements with the RoC. It includes the company’s Balance Sheet, Profit & Loss Account, and other financial reports.

  • Prepare audited financial statements.
  • Ensure the accuracy of financial data.
  • Attach necessary documents such as the Director’s Report and Auditor’s Report.
  • File Form AOC-4 within 30 days of the AGM.
  • Financial Disclosure: Ensures transparency of the company’s financial status.
  • Regulatory Compliance: Mandatory filing to avoid penalties.
  • Corporate Governance: Promotes good governance practices.
  • Audited financial statements.
  • Director’s Report and Auditor’s Report.
  • Balance Sheet and Profit & Loss Account.
  • Notice of AGM and minutes.

Form MGT-7

Overview

Form MGT-7 is the annual return that every company must file, detailing its shareholding structure, changes in directorship, and other essential information.

  • Gather information on shareholding and directorship.
  • Update details of any changes during the year.
  • Ensure compliance with the Companies Act, 2013.
  • File Form MGT-7 within 60 days of the AGM.
  • Regulatory Compliance: Ensures the company meets annual filing requirements.
  • Transparency: Provides an accurate record of the company’s structure and changes.
  • Shareholder Confidence: Builds trust among shareholders and stakeholders.
  • Shareholding details.
  • Director and KMP

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