Company Compliance in Maharashtra

Navigating compliance can be a complex challenge for businesses in Maharashtra, particularly when adhering to the comprehensive requirements of the Companies Act 2013. These include director appointments, shareholder meetings, and other regulatory obligations that are crucial but often seem overwhelming. That's where IndiaFilings steps in, by providing expert guidance and comprehensive solutions tailored to your company's needs, simplifying the compliance process from registration to ongoing obligations. Our team of specialists is equipped with in-depth knowledge of Indian business laws and regulations, ensuring your company meets all necessary compliance requirements. Whether you are a startup or an established enterprise, IndiaFilings is your partner in simplifying compliance. Let's make company compliance hassle-free together! Get Started now!

Compliance for Companies in Maharashtra

Compliance refers to adhering to orders, rules, or requests. For a company incorporated in Maharashtra, compliance with the Companies Act 2013, which includes obligations to the Registrar of Companies (RoC), is essential for businesses in India. This legislation governs various aspects, including the appointment, qualification, remuneration, and retirement of directors and the conduct of board and shareholder meetings. Compliance with Registrar of Companies (RoC) regulations is mandatory for every company, regardless of turnover or capital amount.

• Compliance Related to the Registrar - ROC Compliance
• Compliance Beyond the Registrar's Purview - Non-Registrar compliance

ROC Compliance in Maharashtra

Ensuring adherence to ROC compliance is pivotal for companies operating in Maharashtra. ROC Compliance can be broadly classified into:

• Annual Compliance: Regular, yearly filings and disclosures companies must make, including submitting annual returns and financial statements.
• Event-Based Compliance: Specific compliances that need to be addressed as and when certain events occur within the company, such as changes in management, share capital, or registered office.
• Other Compliances: A range of other regulatory obligations that might not fall strictly under annual or event-based categories, but are essential for maintaining the company's legal status, such as director KYC updates and maintenance of statutory registers.

Annual Compliances for Companies in Maharashtra

Annual compliances are a critical aspect of corporate governance for companies registered in Maharashtra. Key annual compliances include:

INC-20A: Declaration for Commencement of Business

For companies registered in India post-November 2019 with share capital, securing a Commencement of Business Certificate is a prerequisite before initiating any business activities or exercising borrowing powers. This certificate must be acquired within 180 days of incorporation by filing Form INC-20A. Failure to obtain this certificate results in penalties, with the company facing a fine of Rs. 50,000 and directors being charged Rs. 1,000 per day for each non-compliance, underscoring the importance of promptly adhering to this regulatory requirement.

Appointment of Auditor and Filing E-form ADT-1

The first auditor must be appointed within 30 days of incorporation and ratified by the shareholders during the first Annual General Meeting (AGM). Following the AGM, Form ADT-1 confirming the auditor's appointment must be filed with the Registrar of Companies (ROC) within 15 days, detailed in our learn section on Form ADT-1.

Board Meetings

The first board meeting should be held within 30 days of incorporation. Subsequently, companies must hold at least four board meetings every year, ensuring that the interval between two meetings is at most 120 days. Further, the discussion in the meeting needs to be drafted and recorded in the minutes and maintained at the company's registered office. A notice should be given seven days in advance about the meeting's date and purpose.

Annual General Meeting (AGM)

The first AGM should be conducted within nine months from the closure of the first financial year. For subsequent years, the AGM must be held every year within six months from the end of the financial year, ensuring that the gap between two AGMs is at most 15 months. AGMs are held for approval of financial statements, declaration of dividends, and appointment or re-appointment of auditors, amongst other responsibilities.

Annual ROC Filings

Companies in Maharashtra must file annual accounts and returns to the companies' registrar, disclosing the details of their shareholders, directors, etc. As a part of the annual compliance, the following forms are to be filed with the ROC:

• AOC-4: Filing of Financial Statements must be submitted within 30 days following the Annual General Meeting (AGM).
• MGT-7: Form MGT-7 (Annual returns) must be filed within 60 days of the annual general meeting.
• DIR-12: Appointment/Resignation of Directors, to be filed within 30 days of such changes.
• DIR-3 KYC: Director KYC Submission via Form DIR-3 by September 30th each year.
• DPT-3: Return of Deposits report annually by June 30th.

Directors’ Report

An abridged version covering all required information for small companies under Section 134 must be prepared and authorized by the Chairperson or at least two directors.

Maintenance of Statutory Registers and Books of Accounts

Companies must maintain and regularly update various statutory registers and records, including minutes of board meetings and AGMs, books of accounts, financial statements, and files with the ROC. Companies must send approved financial statements, along with the Directors' and Auditors' reports, to all members at least 21 clear days before the AGM.

Event-Based Compliances for Companies in Maharashtra

Besides the annual filings, there are various other compliances that need to be compiled with on occurrence of any event in the company. Here are specific instances of such events:

• Change in the authorized capital or the paid-up capital of the company.
• Allotment of new shares or transfer of new shares.
• Giving loans to other companies or directors.
• Appointment of managing or whole-time Director and their payment.
• Bank account changes, including opening or closing, or a change in signatories.

It is necessary to file different forms with the registrar for all such events within a specific period. In case of missing out on this, additional fees or penalties might be levied. Hence, it is necessary to meet such compliances on time.

Non-Registrar Compliance in Maharashtra

These regulatory obligations do not directly involve the ROC but are essential for lawful business operations. They may be governed by various other regulatory bodies and laws, depending on the nature of the business, its size, and the industry it operates in. These include:

• Payment of Periodic Tax Due such as GST, TDS, TCS, Advance Tax, and Professional Tax.
• Filing of Periodic Returns including monthly/quarterly/annual GST Returns, Quarterly TDS Returns, Income Tax Returns, and more.
• Compliance with various regulatory assessments under different acts of law, such as the Environment Protection Act.

Non-compliance with these obligations can result in significant financial penalties and disruptions to your business operations.

Streamline Company Compliance with IndiaFilings

With IndiaFilings, entrepreneurs can seamlessly complete their company compliance requirements. Here's how we can help:

LEDGERS Compliance Platform

We offer access to the LEDGERS compliance platform, which is designed to streamline compliance tasks. Entrepreneurs can use this platform to manage their compliance obligations efficiently, track deadlines, generate reports, etc.

Dedicated Advisor

Your company will be assigned a dedicated Compliance Manager who will be a single point of contact to help you maintain the compliance for your company. You can get in touch with your Compliance Manager at any time and get assistance on matters related to your Company’s compliance.

Accounting

All companies are required to maintain accounts and prepare financial statements at the end of each financial year. Our Compliance Manager will help your company maintain accounts and will prepare the financial statement for your business at the end of financial year.

Secretarial Services

Companies are required to conduct a minimum of four board meetings, an annual general meeting, Directors Report and Annual Report each financial year. Our Compliance Manager will help you prepare minutes of board meetings and create all secretarial reports.

MCA Annual Return Filing

Our Compliance Manager will prepare all the documents and file your company’s MCA annual return before September 30th.

Income Tax Return Filing

Income tax return of a company must be filed irrespective of income, profit or loss. Hence, even dormant companies with no transactions are required to file income tax return each year. Our Compliance Manager will prepare all the documents and file your company’s income tax return.

Ready to streamline compliance effortlessly? Let us be your trusted partner. Start your Company Compliance application today and experience hassle-free compliance management with IndiaFilings.