My company in Panaji has not filed its annual return for the last two years; what penalties apply and how can I regularise the filing?
NI Asked by Nitin Khanna from India
Quick Answer
Annual return filing under Section 92 of the Companies Act, 2013, is mandatory, and Form MGT-7 must be filed within sixty days of the annual general meeting.
Detailed Legal Analysis
Annual return filing under Section 92 of the Companies Act, 2013, is mandatory, and Form MGT-7 must be filed within sixty days of the annual general meeting. Non-filing attracts a penalty of fifty rupees per day of default under Section 92(5), subject to a maximum as prescribed.
You can regularise the filing by submitting the pending forms with the applicable fees and additional fees through the MCA portal. The company and its directors may also face prosecution under Section 447 for fraud if the non-filing is deliberate.
The Bombay High Court may be approached if the penalties are disproportionate or if the non-filing was due to circumstances beyond control. The Goa Rent Control Act 1993 on company registration and filing requirements should also be checked.
Directors face disqualification under Section 164(2) if non-filing continues for three consecutive years.
Legal Provisions Referenced
Verify the current statutory text at India Code (the official repository of Indian legislation) or the Legislative Department. This answer is general legal information, not advice on your specific matter.
Disclaimer: AI-generated for educational purposes only. Does not constitute legal advice. Consult a qualified practitioner.