My company in Bhagalpur 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 Bhagalpur has not filed its annual return for the last two years, it may face penalties, and you can regularize the filing by following specific steps outlined under the Companies Act, 2013.

Under Section 92 of the Companies Act, 2013, every company is required to file its annual return with the Registrar of Companies (RoC). Failure to do so can result in penalties as follows:

• The company shall be liable to a penalty of ₹100 for each day during which the failure continues, subject to a maximum of ₹5,000 (Section 92(5)).
• Every officer of the company who is in default shall be liable to a penalty of ₹1,00,000, and if the default continues, they will be liable to an additional fine of ₹5,000 for every day during which the default continues (Section 92(6)).

To regularize the filing of the annual return, you should take the following steps:

• Prepare the Annual Return: Gather all necessary financial statements, director reports, and other required documents for the financial years for which the return was not filed.
• File with the Registrar: Use the prescribed e-form (Form MGT-7) to file the annual return with the RoC. Ensure the details are accurate and complete.
• Late Filing Fees: Be prepared to pay the late filing fees along with the penalties as mentioned above. The fees depend on the delay in filing.
• Obtain Approval (if needed): If your company has not complied with any other provisions of the Companies Act, you may need to resolve those issues before filing the return.
• Consider Seeking Professional Help: It may be advisable to consult a company secretary or legal professional to ensure compliance and proper filing.

Additionally, if the delays are significant, the company may consider applying for a 'condonation of delay' under the provisions of Section 460 of the Companies Act, 2013, which allows the Central Government to condone delays in certain filings.

Regularizing your annual return filing is crucial not only to avoid penalties but also to maintain good standing and compliance with regulatory requirements.