Did not file you Financials with ROC Now be ready to face consequences!


Did not file you Financials with ROC Now be ready to face consequences!

Section 403, of Companies Act 2013 is given below for reference:

403. (1) Any document, required to be submitted, filed, registered or recorded, or any fact or information required or authorised to be registered under this Act, shall be submitted, filed, registered or recorded within the time specified in the relevant provision on payment of such fee as may be prescribed:

Provided that where any document, fact or information required to be submitted, filed, registered or recorded, as the case may be, under section 92 or 137 is not submitted, filed, registered or recorded, as the case may be, within the period provided in those sections, without prejudice to any other legal action or liability under this Act, it may be submitted, filed, registered or recorded, as the case may be, after expiry of the period so provided in those sections, on payment of such additional fee as may be prescribed, which shall not be less than one hundred rupees per day and different amounts may be prescribed for different classes of companies:

Provided further that where the document, fact or information, as the case may be, in cases other than referred to in the first proviso, is not submitted, filed, registered or recorded, as the case may be, within the period provided in the relevant section, it may, without prejudice to any other legal action or liability under this Act, be submitted, filed, registered or recorded as the case may be, on payment of such additional fee as may be prescribed and different fees may be prescribed for different classes of companies:

Provided also that where there is default on two or more occasions in submitting, filing, registering or recording of the document, fact or information, it may, without prejudice to any other legal action or liability under this Act, be submitted, filed, registered or recorded, as the case may be, on payment of a higher additional fee, as may be prescribed and which shall not be lesser than twice the additional fee provided under the first or the second proviso as applicable.

(2) Where a company fails or commits any default to submit, file, register or record any document, fact or information under sub-section (1) before the expiry of the period specified in the relevant section, the company and the officers of the company who are in default, shall, without prejudice to the liability for the payment of fee and additional fee, be liable for the penalty or punishment provided under this Act for such failure or default.

Did not file you Financials with ROC Now be ready to face consequences!
Did not file you Financials with ROC Now be ready to face consequences!

Filing of financial statements in AOC-4 (Section 137)

Every company has to file a copy of the financial statements, including consolidated financial statement, if any, alongwith all the documents which are required to be attached to such financial statements, with the Registrar within 30 days of the date of AGM in form AO4-4 with normal fees.

Filing of Annual Return in MGT-7 (Section 92)

Every company shall file with the Registrar a copy of the annual return in form MGT-7, within 60 days from the date of AGM with normal fees.

Consequences of non filing of Financials with ROC

Additional Fees : Additional Fees for not filing Form AOC-4 is Rs. 100 (Rupees Hundred) per day of default.

Penalty : If you fail to file financial statement within 30 days of the AGM, the company and every director are liable for following amount of penalty:

The company shall be liable to a penalty of Rs. 1,000/- for every day during which the failure continues but which shall not be more than Rs.10,00,000/- and

The managing director and the Chief Financial Officer of the company, if any, and, in the absence of the managing director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be liable to a penalty of Rs. 1,00,000/- and in case of continuing failure, with further penalty of Rs. 1,000/- for each day after the first during which such failure continues, subject to a maximum of Rs. 5,00,000/-

Disqualification of Director : Also Director of a Defaulting Company can become disqualified, if this form is not filed for 3 consecutive years.

Consequences of not filing annual return with ROC

Additional Fees : Additional Fees for not filing Form MGT-7 is Rs. 100 (Rupees Hundred) per day of default.

Penalty : If you fail to file Annual Return within 60 days of the AGM, the company and every director are liable for following amount of penalty:

Company and its every officer who is in default shall be liable to a penalty of Rs. 50,000/- and in case of continuing failure, with further penalty of Rs. 100/- for each day during which such failure continues, subject to a maximum of Rs. 5,00,000/-.

Disqualification of Director : Also Director of a Defaulting Company can become disqualified, if this form is not filed for 3 consecutive years.

Note : Please note that penalty is required to be paid only if you receive notice from the Registrar and it is levied after due adjudication by adjudicating officer. But additional fees @ Rs. 100/- per day is mandatory to be paid.

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