My company in Nashik 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 Nashik has not filed its annual return for the last two years, it may face penalties under the Companies Act, 2013. Regularising the filing involves understanding the penalties and the steps to comply with the legal requirements.

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 lead to significant penalties.

• Penalties for Non-filing:
  • According to Section 92(5), a company that fails to file its annual return is liable to a penalty of ₹100,000.
  • Additionally, there is a fine of ₹5,000 for each day of continuing default, as per Section 92(6).
  • Directors of the company can also be held liable under Section 99, leading to a fine which may extend up to ₹1,00,000 and a further fine of ₹5,000 for each day of default.

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

• Gather Financial Statements:
  • Prepare the financial statements for the last two financial years.
  • Ensure that the statements comply with the Indian Accounting Standards.
• File the Annual Return:
  • Complete the necessary forms (Form MGT-7 for annual return and Form AOC-4 for financial statements).
  • Ensure that all details are accurate and up to date.
• Pay Penalties:
  • Calculate and pay the applicable penalties along with the filing fees while submitting forms to the RoC.
• Seek Professional Assistance:
  • Consider hiring a Company Secretary or legal professional to assist in the filing process.
  • This can help ensure compliance and potentially mitigate penalties.

After filing, monitor the status of your submission on the Ministry of Corporate Affairs (MCA) website to ensure that there are no additional issues. Regular compliance with filing requirements is crucial to avoid future penalties and legal complications.