Compliance required after Formation of your Private Limited Company

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The company shall hold its first board meeting within 30 days of its incorporation

 

1. APPOINTMENT OF STATUTORY AUDITOR

Pursuant to section 139(6) (1) the first auditor of the company, (who is Chartered Accountant), other than a Government company, shall be appointed by the Board of Directors within thirty days (30 days) from the date of registration of the company and in the case of failure of the Board to appoint such auditor, it shall inform the members of the company, who shall within ninety days (90 days) at an extraordinary general meeting appoint such auditor and such auditor shall hold office till the conclusion of the first annual general meeting.

 

2. ALLOTMENT OF THE SECURITIES

Pursuant to section 56(4)(a), every company shall, deliver the certificates of all securities allotted, transferred or transmitted within a period of two months (2 months) from the date of incorporation  in the case of subscribers to the memorandum and the share certificates must be allotted.

In case of Default :

This procedure should be followed as per the provision of the Act because in case of any default, the company shall be punishable with a fine which shall not be less than twenty five thousand rupees (Rs. 25000/) but which may extend to five thousand rupees (Rs. 5000 /) and every officer of the company who is in default shall be punishable with fine which shall not be less than ten thousand rupees (Rs. 10000/) but which may extend to one lakh rupees. (Rs. 100000/)

 

3. MAINTENANCE OF STATUTORY REGISTERS

A company has to maintain certain registers as prescribed under the act like Register of Members in form MGT-1, Register of debenture holders/ other Securities holders in form MGT-2, Register of Charges in form CHG-7 etc.

 

4. ANNUAL GENERAL MEETING

A company should hold its first AGM within a period of nine months from the date of closing of the first financial year of the company and in any other case, within a period of six months, from the date of closing of the financial year and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next.

 

5. ANNUAL FILING

A Company has to file form AOC-4 for Balance Sheet and Statement of Profit and Loss within 30 days from the date of Annual general Meeting and form MGT-7 for Annual Return within 60 days from the date Annual General Meeting.

 

6. OTHER REGISTRATIONS

 

7.  CORPORATE STATIONARY

As per Section 12 (3) Every company shall —

(a) paint or affix its name, and the address of its registered office, and keep the same painted or affixed, on the outside of every office or place in which its business is carried on.

(b) have its name engraved in legible characters on its sealÍž

(c) get its name, address of its registered office and the Corporate Identity Number along with telephone number, fax number, if any, email and website addresses, if any, printed in all its business letters, billheads, letter papers and in all its notices and other official publicationsÍž

 

8. OPENING OF BANK ACCOUNT, the money received from subscriber on securities should be deposited in company’s Bank account.

 

9. LIST OF STATIONERY ITEMS TO GET:

a. Statutory Register (Mandatory)

b. A printed set of Memorandum of Association and Articles of Association (optional)

c. Minutes Loose Leaf (100 pages) & Minutes Binder (optional)

d. Share Certificate Book (Minimum 50 Share Certificate) (optional)

 

For further information please Contact us at support@legalsuvidha.com



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