According to latest reports, the companies requirement has changed in comparison with the companies act, 1956. After the companies act, 2013 came into existence, the annual compliances were as per this companies act. Some major changes have been observed in the annual compliances after the Companies Act. 2013. Here are a few of them.
- Annual return- earlier annual returns were prepared in e-form but now the concept has changed to MGT-7. In comparison to the earlier format, MGT-7 is a lengthy format and requires more details under Schedule V.
- Director's report- a number of new clauses have been introduced which need to be added to the director's report such as number of board meetings attended by directors, disclosure of sexual harassment act, dates of board meetings held during the financial years, etc.
Annual compliances are made differently for different types of businesses such as One Person Company, small company, private limited company and unlisted public limited companies.
Annual compliance for One Person Company
- Receipt of MBP-1 and DIR-8- at the first meeting of board of directors every financial year, every director discloses about his plans and interests towards other entities and so he is supposed to submit the company fresh MBP-1s. The directors of the company are also supposed to submit the company's disclosure for non-disqualification. In case of an OPC there is no need to hold an annual general meeting because there is only one member.
- E-forms filing requirements 92 e-form and 137 e-form- annual returns are for the period of 1st April to 31st OPC will file the annual return in a time period of 60 days after the entry of ordinary resolution in minute book. In case of OPC, there is no need for annual general meeting. The company is also required to file its balanced sheet along with the company's statement of profit and loss and director's report.
Annual compliance for small company
- Receipt of MBP-1 and DIR-8- the directors are supposed to submit their interests in other entities on the first meeting of board of directors every financial year. The directors are supposed to submit the company's disclosure for non-qualification.
- Director's Reports- a director's report shall be prepared in accordance with all the information that needs to be mentioned about a small company under Section 134.
Annual compliance for private limited company
- Director�s report- the director's report shall be prepared in accordance with all the information that needs to be mentioned about a small company under Section 134.
- Sending notice of AGM- the notice for AGM should be sent to all members on time including all members, directors and statutory auditors.
Annual compliance for unlisted public limited companies
- Appointment of auditor- the auditor will be appointed for 5 year and form ADT-1 file.
- Maintenance of registers- certain registers such as register of director, register of loan, etc are managed by the company for records.
Annual compliances have changed originally but the present scenario compliances are important as well.