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

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 can lead to penalties as outlined below:

• Penalties for Non-filing:
  • Under Section 92(5), a company that defaults in filing its annual return is liable to a fine which may extend to Rs. 1 lakh, and in case of continuing default, an additional fine of Rs. 5,000 for each day during which the default continues.
  • Directors of the company may also be penalized under Section 165 of the Act, which can result in fines of up to Rs. 1 lakh, with a similar continuing penalty of Rs. 5,000 per day.

To regularize the filing of your company's annual return, follow these steps:

• Gather Necessary Documents: Collect the financial statements, minutes of meetings, and other documents required for the annual return.
• Prepare the Annual Return: Ensure that the annual return is prepared in the prescribed format as per the Companies (Management and Administration) Rules, 2014.
• File with the Registrar: Submit the annual return along with the necessary documents to the RoC through the Ministry of Corporate Affairs (MCA) portal.
• Pay the Penalty: Be prepared to pay any applicable penalties for delayed filing as mentioned above. This can be done through the MCA portal during the filing process.
• Seek Professional Help: It may also be advisable to consult a company secretary or legal professional who can assist with the necessary filings and compliance.

In addition to these steps, if your company is facing significant penalties or if further compliance issues arise, consider applying for a waiver or seeking legal advice based on the specific circumstances of your case. Regularizing annual return filings is crucial for maintaining good standing and avoiding further legal repercussions.