My company in Allahabad has not filed its annual return for the last two years; what penalties apply and how can I regularise the filing?
KA Asked by Karthik Subramaniam from India
Quick Answer
If your company in Allahabad has not filed its annual return for the last two years, it may face penalties under the Companies Act, 2013, and you can regularise the filing through a specific process. According to Section 92 of the Companies Act, 2013, every company is required to file its annual return with the Registrar of Companies (RoC) within 60 days from the date of the Annual General Meeting
Detailed Legal Analysis
If your company in Allahabad has not filed its annual return for the last two years, it may face penalties under the Companies Act, 2013, and you can regularise the filing through a specific process.
According to Section 92 of the Companies Act, 2013, every company is required to file its annual return with the Registrar of Companies (RoC) within 60 days from the date of the Annual General Meeting (AGM). Failure to do so attracts penalties.
- Penalties for Non-filing:
- Under Section 92(5), a company that does not file its annual return is liable to a fine of ₹1 lakh, and in case of continuing default, an additional fine of ₹5,000 for each day during which the default continues.
- Additionally, the officers of the company who are in default may also face similar penalties under Section 92(6).
- Regularising the Filing:
- Prepare the outstanding annual returns for the relevant financial years. Ensure that all necessary information is accurately compiled.
- File the annual returns using e-forms (Form MGT-7 for annual return and Form AOC-4 for financial statements) through the Ministry of Corporate Affairs (MCA) portal.
- For filing beyond the prescribed period, you must pay additional fees as specified in the Companies (Registration Offices and Fees) Rules, 2014. The additional fee for delayed filing can range from ₹100 to ₹10,000 depending on the duration of the delay.
- After filing, ensure that you keep records of the submissions and payment of fees for future reference.
- Rectification of Defaults:
- If the company has incurred a significant penalty, it might be advisable to consult a legal expert for any potential remedies or options for appeal against the penalties imposed.
In summary, it is crucial to address the non-filing issues promptly to avoid escalating penalties and ensure compliance with the Companies Act, 2013. Regularising the filing not only prevents further penalties but also ensures that your company remains in good standing with regulatory authorities.
Disclaimer: AI-generated for educational purposes only. Does not constitute legal advice. Consult a qualified practitioner.