Annual Compliances of Private Limited Company

Last Updated On: Nov. 18, 2021, 11:34 p.m.
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ANNUAL COMPLIANCES OF PRIVATE LIMITED COMPANY

INTRODUCTION:

A Private Limited Company is a company which is owned by non-governmental organisations. A private limited company does not offer or trade its shares to the general public on the stock exchanges, but rather the stock of the company is owned or traded.

 

Depending up on the company requirements, promoters can also select between the three forms of Private Limited Company.

1. Company Limited by Shares:

In these companies, the members' liability is limited to the nominal share amount as mentioned in the Memorandum of Association. The shareholder cannot be held liable or asked to pay more than his/her share capital invested in the company.

2. Unlimited Companies:

Unlimited corporations are those types of businesses that have no restrictions on their members' liability. Each member's liability extends over the entire amount of the company's debts and liabilities. Hence, an unlimited company's creditors have the right, if wound up, to impose the company's debt and liabilities on shareholders.

3. Company Limited by Guarantee :

In a private limited company limited by guarantee, the members' liability is limited to the amount of liability each member undertakes in the Memorandum of Association. Consequently, members of a Private Limited Company Limited by Guarantee can not be held accountable for a sum greater than the amount of guarantee performed by the member in the Association Memorandum.

The shareholder's guarantee in a company Limited by Guarantee can be sought only in the case of the company winding-up. The guarantee of the members of a Company Limited by Guarantee can not be withdrawn when the company is a going concern.

 

This article briefs the compliances on Quarterly basis that starts from April to March

 

Period: April-June

Sl.No Particulars Forms Due Date Penalty
1 Disclosure of interest by Director in any Company or Companies or Bodies Corporate (including share holding interest), firms or other association  of individuals MBP-1 At the First Board Meeting  of the Company at every financial year or wherever there is change in the disclosure  of interest  of Director, then at the first Board Meeting after such change Director shall be liable to a penalty of Rs.1,00,000/-.
2 All Companies who get supplies of goods or services from micro and small enterprises and whose payment to micro and small enterprises suppliers exceed 45 days from acceptance or the deemed acceptance of the goods or services MSME-1

1)For April to September – 31st October

2)For October to March – 30th April

Maximum penalty of Rs.3,00,000/- which will be leviable on Company and Officer-in- default
3 Every Director  shall inform to the Company about his disqua-lifications under Section 164(2) of Companies Act, 2013

DIR-8

Before appo-intment  or re-appo-intment  of  Director -
4 Every Company other than Government Company shall have to file return of deposits for any outstanding receipt of money or loan by the  Company as on 31st March even the same has not been considered  as deposits DPT-3 On or before 30th June every year Company shall punishable with fine which shall not be less than Rs.1,00,00,000 /- or twice the amount of deposit accepted by the Company, whichever is lower.

 

Period: July-September

Sl.No Particulars Form Due Date Penalty
1. Annual Return on Foreign Liabilities and Assets FLA Return On or before 15th July every year. In case if accounts are un audited, first submit return on provisional basis and then submit the revised return based on audited accounts by 30th Sep-tember Penalty shall be leviable as per the provisions of Foreign Exchange Management Act (FEMA), 1999
2 Every individual who is holding Director Identi-fication Number (DIN) shall submit e-form DIR-3 KYC DIR-3 KYC On or before 30th Sept-ember every year Penalty of Rs.5,000/- per DIN KYC
3 Every Company other than OPC shall hold its:

First AGM within 9 months from the end of the Financial Year

Subsequent AGM within 6 months from the end of the financial year

- Not more than 15 months elapse between two AGMs Penalty may extend to Rs.1,00,000 /- and for continuing default, a further fine which may extend to Rs.5,000/- per day till default continues

 

Period: October-December

Sl.no Particluars Forms Due Date Penalty
1. Appointment of Auditor in a Company ADT-1 File e-form within 15 days from the date of General Meeting Company shall be punishable with fine which shall not be less than Rs. 25,000/- but may extend upto Rs. 5,00,000/-
2. Filing of Financial Statements AOC-4 File within 30 days of the date of Annual General Meeting (AGM)

In case of OPC, form AOC-4 shall be file within 180 days from the closure of the financial year

Penalty of Rs.100/- each day during such failure continues but maximum of Rs.2,00,000 /-
3 Annual Return

MGT-7

File within 60 days from the date on which Annual General Meeting (AGM) is held. Penalty of Rs.100/- each day during such failure continues but maximum of Rs.2,00,000 /-
4. Abridged Annual Return MGT-7A File within 60 days from the date on which Annual General Meeting (AGM) is held.

In case of OPC, form MGT-7 shall be file within 60 days on which AGM should have taken place

Penalty of Rs.100/- each day during such failure continues but maximum of Rs.2,00,000 /-
5. Certification of Annual Return MGT-8 MGT-8 is an atta-chment of form MGT-7 and file MGT-7 within 60 days from the date on which Annual General Meeting (AGM) is held -

 

Period- January-March

Sl.No Particulars Forms Due Date Penalty
1.

Board Meeting-

Minimum 4 Board Meeting shall hold by the Board of Directors of the Company and not more than 120 days shall intervene between two meetings;

For OPC, Small Company and Dormant Company, minimum 2 Board Meetings are required and the gap between two meetings shall not be less than 90 days

NA - -
2.

Maintenance of Statutory Registers-

Company will have to maintain Statutory Registers

NA Mandatory Registers that every Company shall have to prepare:

Register of Director & Key Managerial Personnel (KMP) and their shareholding

Register of Member (MGT-1)

Register of Transfer

Register of Related Party Transactions

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