My company in Coimbatore 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 Coimbatore 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 by following specific steps.

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 do so can attract penalties as outlined in the Act:

• Penalties for Non-filing:
  • Under Section 92(5), if a company fails to file its annual return, it shall be liable to a penalty of INR 1 lakh, which may extend to INR 5 lakh.
  • Additionally, every officer of the company who is in default shall be liable to a penalty of INR 25,000, which may extend to INR 1 lakh.
• Default in Filing:
  • Continued non-filing may lead to further complications, including disqualification of directors under Section 164(2) and further penalties under Section 137 for non-filing of financial statements.

To regularise the filing of your company’s annual return, you should take the following steps:

• Prepare the Necessary Documents:
  • Gather the financial statements for the past two years.
  • Prepare the annual return in Form MGT-7.
• File with the Registrar of Companies (RoC):
  • Log in to the Ministry of Corporate Affairs (MCA) portal.
  • Fill out the forms (MGT-7 for annual return and AOC-4 for financial statements) online.
• Pay the Applicable Fees:
  • Pay the prescribed filing fees along with any additional late fees applicable for the delay.
• Obtain Confirmation:
  • Once filed, ensure to obtain a confirmation from the MCA portal that the returns are accepted.
• Consider Compounding of Offences:
  • If penalties are imposed, you may apply for compounding of offences under Section 441 of the Companies Act, 2013.

It is advisable to consult with a company secretary or legal professional to ensure compliance with all regulatory requirements. Regularising the filings promptly can help mitigate penalties and prevent further legal complications.