My company in Aurangabad has not filed its annual return for the last two years; what penalties apply and how can I regularise the filing?

Detailed Legal Analysis

If your company in Aurangabad has not filed its annual return for the last two years, you may face penalties under the Companies Act, 2013. To regularise the filing, certain steps need to be followed.

According to the Companies Act, 2013, specifically Section 92, every company is required to file its annual return within 60 days from the date of the annual general meeting (AGM). Failure to comply can lead to significant penalties.

• Penalties for Non-filing:
  • Under Section 92(5), if a company fails to file its annual return, it may face a penalty of ₹50,000.
  • Additionally, the company is liable to pay ₹1,000 for each day of continuing default, as per Section 92(6).
  • For officers in default, under Section 92(5), they may also face a penalty of ₹25,000 and ₹500 for each day of continuing default.

To regularise the filing of annual returns, follow these steps:

• Prepare Annual Return:
  • Gather all necessary financial statements, including balance sheets and profit and loss accounts.
  • Ensure all information is accurate and complies with the requirements under Section 92.
• File with the Registrar of Companies (RoC):
  • File Form MGT-7 for the annual return on the Ministry of Corporate Affairs (MCA) website.
  • Make sure to submit the form within the applicable time frame to avoid further penalties.
• Pay Penalties:
  • Calculate the total penalties due for the period of non-filing and pay the required fees on the MCA portal.
  • Ensure payment is completed before filing the annual return.
• Consider Seeking Professional Help:
  • If there are complexities in your case, consider consulting a company secretary or legal professional to assist with the filing process.

By following these steps, you can regularise the filing of your annual return and mitigate penalties under the Companies Act, 2013.