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MCA compliance for a Private Limited Company

  • May 25, 2021June 13, 2022

As per the Companies Act, 2013, a private limited company must regularly report and file specific forms disclosing the relevant details. Even though these compliance requirements are repetitive progress, it needs to be diligently followed throughout the entity’s life. Else the entity would be eligible for some severe fines and penalties.

With time, the process of incorporation has become simpler. However, the post-incorporation compliances have increased tremendously. The companies Act of 2013 is pretty strict on compliance, and any default in such compliance would attract fines and penalties and imprisonment of defaulting personnel.

Below a brief introduction to the various Forms a private limited company would have to comply with regularly:

DIN 3 KYC: Every person holding DIN must comply with the KYC form within six months from the end of the financial year.

ADT 1 – Upon appointment of the auditor, the company needs to file this form within 15 days from the appointment of the auditor at the AGM.

AOC 4 – Within 30days of the conclusion of the AGM, the company needs to file its approved Annual Accounts (AOC 4 CFS needs to be filed in case of consolidated financial statements)

MGT 14 – The company has to file the said form within a period of 30days from the resolution of approving the Annual Accounts and Board Report

MBP 1 – This is a form used when any director holds an interest in any business transaction which are put to the discussion in a Board Meeting. Usually to declared in the first Board Meeting of the year or whenever there is a change in his interest.

CRA 4 needs to be filed with 30days of the receipt of the Cost Audit Report wherever applicable.

Holding of pre-requisite number of Board Meetings in a financial year with the applicable quorum at each board meeting upon default on either part, the company and the directors would be charged with fines as per the Act. Also, the preparation of the Director’s Report must comply with the provisions of section 134 of the Companies Act,2013.

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