ROC Compliances Of A Private Limited Company - You Must Know About

[Kumar]

Private Limited Company is a famous form of doing business in India. Private Limited Company is registered with Ministry of Corporate Affairs (MCA). The minimum number of persons required to incorporate a Private Limited company is two.
The Unique features of a Private Limited Company like limited liability of the shareholders, ability to raise equity funds within the friends, relatives, separate legal entity, perpetual succession make it the most recommended type of business entity for many of small and medium sized businesses that are family owned or professionally managed.
However MCA has mandated certain Compliance which is to be ensured by a Private Limited Company, these are called ROC Compliance in general words. Some ROC Compliances are mandatory, others are event based as and when situation arise. Mandatory ROC Compliances are to be ensured by each Private Limited Company even if no business or lesser business otherwise heavy penalties are to be levied.
Here are some of Mandatory Compliances:-
1- Auditor Appointment: - Every Private Limited Company needs to appoint its First Auditor within 30 days of Incorporation. Later on Auditor can be appointed in each AGM. Intimation of appointment of auditor need to be given to ROC in form ADT-1 each time.

2- Filing of Director’s Identification Number (DIN) KYC: Every person who has been allotted a DIN is required to file form DIR-3 KYC with the ROC for submitting his/her KYC details for every Financial Year. A failure to file form DIR-3 KYC will result into deactivation of DIN and a penalty of Rs 5,000/- upon late filing.

3- Certificate of Commencement of Business: This is a one-time mandatory compliance for all the companies incorporated after November 2018 to file form INC-20A to ROC for the Certificate of Commencement of Business within 180 days of incorporation of the company.

4- Filing of Financial Statement: - Each Private Limited Company need to file its Financial Statement on Yearly Basis within 30 days of AGM of Company in the form of AOC-4 to ROC, otherwise penalty of Rs,.100 will be levied.

5- Filing of Annual Return:- Each Private Limited Company need to file its Board meeting details, AGM Details, Shareholder details etc on Yearly Basis within 60 days of AGM in the form of MGT-7 to ROC, otherwise penalty of Rs,.100 will be levied.

6- Filing of Return of Deposit:- Each Private Limited Company need to file details of any loan, advances, deposits from its shareholders, directors, their relatives or from other within 30th June of end of each financial year in the form of DPT-3.

7- Filing of Return of MSME Return: - Each Private Limited Company needs to file details of any outstanding from any supplier which is MSME on half yearly basis.

8- Maintenance of Statutory Register:- ROC and Company Law has prescribed various statutory books like Shareholder Register, Minutes of Meeting, Director Interest Register, Fixed Asset Register etc. These can be inspected by any authorized person any time at registered office.

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