| Sr. No. |
Compliance Type |
Detail of Compliance |
Provision for non-compliance |
| 1 |
First Board meeting conducted within 30 days from the date of Incorporation |
Give notice to every director to attend the first board meeting of the company. |
Penalty of INR 25,000 |
| 2 |
Appointment of statutory Auditor |
Pass a board resolution in the first board meeting to appoint a statutory auditor and ensure to file ADT 3 by the statutory auditor with MCA within 30 days from the date of Incorporation. |
No penal provision. |
| 3 |
Open a Bank Account |
Not mandatory but recommended.
Pass a board resolution for opening a bank account and authorise to open and to operate the bank account in the first board meeting. The purpose of this bank account mainly to receive the money from the subscriber and start the business.
|
No penal provision. |
| 4 |
Allotment of Shares and Issue of share certificate |
Every private limited company shall issue the share certificates of all shares allotted to subscribers to the memorandum of association within a period of two months (2 months) from the date of incorporation. |
If the allotment is not done within 60 days then refund the whole application money within next 15 days. If not refunded, then refund application money along with interest @12% p.a. after the expiry of 60 day. |
| 5 |
Stamping of share certificate |
Payment of stamp duty within 30 days from the date of issue of share certificate. | In case of non-payment of stamp duty or evasion of payment of stamp duty on the issue of share certificate in case of allotment of share, the company shall be liable for heavy penalty under the Compliances for Newly Incorporated Private Company Act, which may extend to 10 times of the duty. |
| 6 |
Filing of e-form INC-20A |
Every Private limited Company shall file E-form INC-20A within 180 days from the date of Incorporation or before the commencement of any business or transactions. Company shall not commence any business or exercise any borrowing power without the filing of E-form INC-20A |
The Company shall be liable to a penalty of 50000 rupees and every officer who is in default shall be liable to a penalty of 1000 rupees for each day during which such default continues but not exceeding an amount of 1 lakh rupees. Registrar has reasonable cause to believe that the company is not carrying on any business or operations, he may, initiate action for the removal of the name of the company from the register of companies. |
| 7 |
Minimum four Board meetings |
Every Company shall hold a minimum four meetings of its Board of Directors every year in such a manner that not more than one hundred and twenty days shall intervene between two consecutive meetings of the Board |
Every officer of the company whose duty is to give notice under this section and who fails to do so shall be liable to a penalty of 25000 rupees. |
| 8 |
Holding of Annual general meeting (AGM) |
A company shall hold its first Annual General Meeting (AGM) within a period of nine months from the date of closing of the first financial year of the company |
Compounding of Offence |
| 9 |
Annual Return Filing |
Company has to file form:
• AOC-4 for Balance Sheet and Statement of Profit and Loss within 30 days from the date of Annual General Meeting (AGM) and
• MGT-7 for Annual Return within 60 days from the date of Annual General Meeting
|
Late filing fee of Rs. 100 per day per form |
| 10 |
Maintenance of Statutory Registers |
Compliance Maintenance of Statutory Registers Company has to maintain certain registers as prescribed under the act like Register of Members in form MGT-1, Register of debenture holders/ other Securities holders in form MGT-2, Register of Charges in form CHG-7, minute book, etc. |
The company shall be liable to a penalty of INR 25,000 and every officer of the company who is in default shall be liable to a penalty of INR 5,000.
If a person is found guilty of tampering with the minutes of the proceedings of the meeting, he shall be punishable with imprisonment for a term which may extend to 2 years and with fine which shall not be less than INR 25,000 but which may extend to INR 1 Lakh rupees
|
