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Home / Company - Compliances Company - Compliances
Under the Companies Act 1956, a company is require to comply with the following types of compliances:
These are those compliances in which intimation is given to Registrar of Companies in respect of following events happening in the company:
Operational events like appointment of director or increase in capital etc are part of any business and whenever any such event takes place, the company is required to intimate such event to the Registrar of Companies through a prescribed form and on payment of prescribed fees, these are known as Operational Filings. Below are given such operational compliances
Annual Fillings are those fillings which are require to be done each calendar year with the Registrar of Companies, irrespective of whether the Company is carrying on any business or not, the various annual fillings are outlined below:
Annual Return As per section 159 of the Companies Act, 1956 every Company having a share capital shall prepare and file a return containing the following particulars, as they stood on that day, regarding-
Form: Schedule V of the Companies Act, 1956 along with eform 20B Time Limit: within sixty days from the day on which each of the annual general meetings of the Company is held Regulatory Authority: Registrar of Companies. Requisite Fees: Depends upon current Authorized Capital Annual Financial Statements As per section 220 of the Companies Act, 1956, every Company is required to file within 30 days of the date on which of each Annual General Meeting is held every year or on the last date on which it must be held that year as per the provisions of the Companies Act, 1956, the following documents with the requisite fees to the concerned Registrar of Companies
Form: Schedule VI of the Companies Act, 1956 along with eform 23AC & 23ACA Time Limit: within thirty days from the day on which each of the annual general meetings of the Company is held Regulatory Authority: Registrar of Companies Requisite Fees: Depends upon current Authorized Capital Every company is required to maintain certain records during the course of its existence, which are outlined below:
Following Secretarial Records are required to be maintained by the Company:
Minutes of Meetings Every Company shall cause the minutes of every proceedings of every meeting of board of Directors of the Company and of every meeting of the shareholders of the Company to be kept by making entries thereof in a book kept for that particular purpose with pages consecutively marked. The minutes in case of board meeting needs to be signed by the chairman of that meeting or the successive one and in case of minutes of meeting of shareholders, it is to be signed by the chairman of that meeting. Statutory Registers Following statutory registers are required to be maintained in compliance of various provisions of the Companies Act, 1956
Note: There can be more statutory registers which are required to be maintained by the company depending upon the circumstances Every Company has to maintain the necessary accounting records at his registered office in respect of the following: All sums of money received and expended by the Company and the matters in respect of which the expenditure and receipt takes place. All Assets and Purchases of goods by the Company Assets and liabilities of the Company In case of companies engaged in class of companies engaged in production, processing, manufacturing or mining, activities, such particulars relating to utilization of material or labour or to such other items of costs as may be prescribed by Central Government. The company can also keep these books of accounts at any other place in India by filling eform 23AA with Registrar of Companies within 7 days of decision. Every Company is required to conduct the followings meetings each year:
There should atleast 4 meeting of directors of company in each calendar with one meeting in each quarter and there should not be gap of more than 6 months between two board meetings. In each calendar year, there should be held an Annual General Meeting of the shareholders of the Company to transact the following business To Approve the Audited Annual Financial Statements To Approve the Audited Annual Financial Statements To Appoint Auditors To Approve Dividend , if any To Appoint Directors The Annual General Meeting should be held within the time specified in section 166 read with section 210 of the Companies Act, 1956. Companies functioning in India are normally be required to carry out the following audits every financial year, the purpose of these audits is to ensure that legal compliance have been complied and company is functioning in accordance with relevant laws:
Every Company has to get its Annual Financial Statement audited by their Statutory Auditor each year after the end of relevant financial year. The statutory Auditors based on their audit submits their report to the shareholders in which they provide their comments as to whether the financial statements have been drawn in conformity with books of accounts and relevant accounting standards or not and whether there is any ambiguity in the financial records or not. The said Audited Financial statements are approved by the shareholders in their Annual General Meeting. The audit report submitted by the statutory auditors will be filled to concerned authority along with Annual Accounts Statutory Auditor is appointed by the Company every year in their Annual General meeting and he must be Chartered Accountant, who is the member of the Institute of Chartered Accountant of India Form: Along with Annual Financial Statements Time Limit: within thirty days from the day on which each of the annual general meetings of the Company is held Regulatory Authority: Registrar of Companies Requisite Fees: No fees is charged As per section 383A of the Companies Act, 1956, each year within 30 days on which the Annual general Meeting of the Company is held, every Company having a paid-up capital of not less than Rs. 10 Lakhs and not more than Rs. 5 cr or more shall be required to file a compliance certificate given by a practicing Company Secretary with the Registrar of Companies with the requisite fees Compliance Certificate, is certificate given by a Practicing Company Secretary based on the examination of records provided by the Company for that concerned financial year to the shareholders of that Company, stating that whether the Company has complied with various provisions of the Companies Act, 1956 as applicable from time to time or not, it’s a audit of compliances of the company under the Companies Act, 1956 in respect of those provisions which are outlined under the said Act. Form: Prescribed under Companies (Issue of Compliance Certificate) Rules along with eform 66 Time Limit: within thirty days from the day on which each of the annual general meetings of the Company is held Regulatory Authority: Registrar of Companies Requisite Fees: Depends upon current Authorized Capital
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