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Home / Sec 25 Company - Compliances Sec 25 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 section 25 Companies:
Operational events like appointment of director or increase in capital etc are part of any business and whenever any such event takes place, alike other Companies, Section 25 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 Section 25 Company is carrying on any business or not, the various annual fillings are outlined below.
Annual Return As per section 159/160 of the Companies Act, 1956 every Company (Including section 25 Company) having a share capital or limited by members shall prepare and file a return depending upon the nature of incorporation whether as limited by Shares or members containing the following particulars, as they stood on that day, regarding-
Form: : Schedule V of the Companies Act, 1956 along with eform 20B or Form 21A again depending upon the nature of Incorporation. Time Limit: within sixty days from the day on which each of the annual general meetings of the Section 25 Company is held Regulatory Authority: Registrar of Companies. Fees: Depends upon current Authorized Capital/ Number of Members Annual Financial Statements As per section 220 of the Companies Act, 1956, every Company (including Section 25 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 Section 25 Company is held Regulatory Authority: Registrar of Companies. Fees: Depends upon current Authorized Capital/No. of Members Every company (including Section 25 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 Section 25 Company:
Minutes of Meetings Every Company shall cause the minutes of every proceedings of every meeting of governing body of the Section 25 Companies and of every meeting of the shareholders of the Section 25 Companies to be kept by making entries thereof in a book kept for that particular purpose with pages consecutively marked. The minutes in case of governing body 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 Section 25 Company depending upon the circumstances Books of Accounts Every Company including Section 25 Company has to maintain the necessary accounting records at his registered office in respect of the following:
Such Books of accounts are required to be maintained for four years by Section 25 Companies 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 Section 25 Company is required to conduct the followings meetings each year:
The meeting of the directors should be held atleast once in every six months but atleast 4 meeting of governing body to be held in each calendar year. In each calendar year, there should be held an Annual General Meeting of the shareholders of the Section 25 Company to transact the following business.
The Annual General Meeting should be held within the time specified in section 166 read with section 210 of the Companies Act, 1956. However Section 25 Companies can be called by giving a notice of not less than 14 days and are also exempted from the requirement of holding the Annual General Meeting on day other than Public Holding and of holding the meeting during the business hour. Section 25 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 Section 25 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 Fees: No fees is charged
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