My company in Lucknow 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 Lucknow has not filed its annual return for the last two years, you may face penalties under the Companies Act, 2013, and it is essential to take steps to regularise the filing.

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 holding the annual general meeting (AGM). Failure to comply with this provision has specific consequences:

• Penalties for Non-Compliance:
  • Under Section 92(5), if a company fails to file the annual return, it may incur a penalty of ₹50,000, which can increase by ₹1,000 for each day of continuing default.
  • The officers in default may also be liable to a penalty of ₹25,000, with a similar daily fine for continued default.

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

• Gather Necessary Documents:
  • Financial statements for the past years.
  • Details of the AGM, including minutes and resolutions passed.
• Prepare Annual Return:
  • Ensure that the annual return is prepared in compliance with the requirements set forth in the Companies Act.
  • Use Form MGT-7 for filing the annual return and ensure all details are accurate.
• File with Registrar of Companies (RoC):
  • File the annual return along with the financial statements using the prescribed forms (e.g., Form AOC-4 for financial statements).
  • Make the filings through the Ministry of Corporate Affairs (MCA) portal.
• Pay Applicable Fees and Penalties:
  • Calculate and pay the additional fees and penalties for late filing as prescribed under the Companies (Registration Offices and Fees) Rules, 2014.
• Seek Professional Assistance:
  • Consider hiring a Company Secretary or legal advisor to ensure compliance and accuracy in the filings.

It is crucial to act promptly to avoid further penalties and to ensure the company remains compliant with the statutory obligations under the Companies Act, 2013.