If any company found in the non-compliance then he or she will be punished by imposing a fine which shall not be less than Rs.50000 and which may extend to Rs. 5 lakh.
The Annual compliance for Public Limited Company are:
What are the Exemptions from Signing of Annual Return by Company Secretary
As per section 92(1), there is a requirement for every company to prepare the return in the prescribed form containing the following particulars:
Details of Registered office, principal business activities, its holding particulars, subsidiary, and associate companies;
Details of shares and debentures and other securities;
Indebtedness;
Members details and debenture-holders along with changes therein since the close of the previous financial year;
Promoters details, directors, a key managerial personnel along with changes since the close of the previous financial year;
Meeting details of members, Board and its various committees along with attendance details;
Remuneration details of the directors and key managerial personnel;
The punishment imposed on the company and its director, details of compounding of offenses and appeals made against such penalty.
Matters relating to certification of compliances and disclosure as may be prescribed;
Share details
Other details that have been signed by the director.
As per section 92(4), every company needs to file an annual return with the registrar within the period of 60 days from the date annual general meeting with the specifying the reasons for not holding the annual general meeting.
If in case, the company fails to file its annual return before the expiry of the period specified then the company must be punishable with the fine which shall not be less than Rs.50000. It may extend to 5 lakh rupees and every officer of the company who found to have defaulted shall be punishable with the imprisonment for a period which may extend to 6 months or fined not less than 50 thousand rupees. This article on Annual compliance for Public Limited Company is helpful to prevent the non-compliance.
Account Books
It is mandatory for every company to maintain the books of accounts and keep it at its Registered Office. The financial statement for every financial year which gives a true and fair view of the state of the affairs of the company including even its branch office. The books of accounts can be kept by the company at a place other than the Registered office of the company by passing board resolution. Then it is required to file form AOC-5 with the registrar within 7 days.
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Parmeet Chhabra, a skilled content writer and editor at LegalRaasta since 2020, with a writing journey of over 5 years, specializes in crafting informative web pages and blogs over diverse domains like education, legal laws, government licences, web development, etc.