My company in Margao 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 Margao has not filed its annual return for the last two years, it may face penalties under the Companies Act, 2013. To regularise the filing, you will need to take certain steps and adhere to the provisions set forth in the law.

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 attract penalties:

• The penalty for non-filing of the annual return is specified in Section 92(5), which states that a company shall be liable to a fine of up to ₹1 lakh.
• Moreover, there is an additional fine of ₹5,000 for each day of continuing default, as per Section 92(6).

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

• Gather Financial Records: Collect all necessary documents and financial statements for the years in which the annual return was not filed.
• Prepare Annual Return: Prepare the annual return in accordance with Section 92, which should include details such as the registered office address, shareholding pattern, and details of the directors and company secretary.
• File with RoC: Submit the annual return along with the prescribed forms (e.g., Form MGT-7) to the Registrar of Companies through the Ministry of Corporate Affairs (MCA) portal.
• Pay Penalties: Be prepared to pay any applicable fines for late filing as outlined in the provisions of the Companies Act.
• Consider Filing Additional Forms: If the delay is significant, you may also need to file Form GNL-1 for the application of condonation of delay, as per the provisions in Section 460 of the Companies Act.

It is advisable to consult with a company secretary or legal professional to ensure compliance with all legal requirements and to address any specific circumstances that may affect your filing. Regularising your annual returns is crucial to maintaining good standing with the Registrar of Companies and avoiding further penalties.