My company in Bilaspur 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 Bilaspur has not filed its annual return for the last two years, it may face penalties under the Companies Act, 2013. To regularize the filing, you'll need to take specific steps to comply with the law and mitigate penalties.

According to Section 92 of the Companies Act, 2013, every company is required to file its annual return within 60 days from the date of the annual general meeting (AGM). Failure to comply with this requirement can lead to penalties imposed on the company and its officers.

Below are the penalties for non-compliance:

• The company may be liable to pay a fine which may extend to ₹1 lakh, and in case of continuing default, a further fine which may extend to ₹5,000 for each day during which such default continues (Section 92(5)).
• Every officer of the company who is in default shall also be liable to a fine which may extend to ₹25,000 and, in the case of continuing default, a further fine of ₹1,000 for each day during which the default continues (Section 92(6)).

To regularize the filing of your annual returns, follow these steps:

• Gather Documents: Collect necessary documents such as the company's financial statements, details of shareholders, and the minutes of the AGM.
• Prepare Annual Return: Prepare the annual return in Form MGT-7, including all required disclosures as per the Companies Act.
• File with ROC: File the annual return with the Registrar of Companies (ROC) using the Ministry of Corporate Affairs (MCA) portal. Ensure you file the return for both years, addressing the previous defaults.
• Pay Penalties: Be prepared to pay the applicable penalties while filing the returns. You may also apply for a waiver or compounding of offenses if applicable.
• Seek Professional Help: It is advisable to consult a company secretary or legal advisor to navigate the filing process and ensure compliance with all legal requirements.

Additionally, if the delay exceeds the stipulated time frames, consider applying for condonation of delay under Section 460 of the Companies Act, 2013, which allows for some flexibility in penalty imposition if justified.

Regularizing the filing of annual returns is crucial to maintaining your company’s good standing and avoiding further legal complications.