My company in Navi Mumbai 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 Navi Mumbai has not filed its annual return for the last two years, it may face penalties under the Companies Act, 2013. Regularising the filing involves certain steps and understanding the consequences of the delay.

According to Section 92 of the Companies Act, 2013, every company is required to file its annual return with the Registrar of Companies (RoC) within 60 days from the date of the annual general meeting (AGM). Failure to comply with this requirement results in penalties as follows:

• The company may incur a penalty of ₹100 per day for each day of default, subject to a maximum of ₹5,000.
• Every officer of the company who is in default shall be liable to a penalty of ₹1,00,000, and in case of continuing default, an additional penalty may be imposed that can extend up to ₹5,000 for each day during which the default continues.

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

• Prepare the Annual Return: Ensure that the annual return for the previous two years is accurately prepared. This includes financial statements, details of shareholders, and particulars of directors.
• File with RoC: Log in to the Ministry of Corporate Affairs (MCA) portal (www.mca.gov.in) and file the annual return using the prescribed forms (e.g., Form MGT-7).
• Pay the Penalty: While filing, you should also be prepared to pay the applicable penalties for late filing. This can be done through the MCA portal.
• Seek Extension (if applicable): If you have valid reasons for the delay, you can apply for condonation of delay under Section 460 of the Companies Act, 2013, which allows the National Company Law Tribunal (NCLT) to waive penalties under certain circumstances.
• Consult a Professional: It is advisable to consult a company secretary or legal professional to guide you through the process and ensure compliance with all legal requirements.

Regularising your annual return filings is essential to avoid further penalties and maintain the good standing of your company. Regular compliance will also enhance the credibility of your business.