COMPLIANCE REQUIREMENT UNDER COMPANIES ACT, 2013 AND RULES MADE THERE UNDER November 2022 (Quick Referencer)

COMPLIANCE REQUIREMENT UNDER COMPANIES ACT, 2013 AND RULES MADE THERE UNDER;

  Applicable Laws/Acts \  Due Dates  Compliance Particulars  Forms / Filing mode
 Within 180As per Section 10 A (Commencement of 
 Days From TheBusiness) of the Companies Act, 2013, 
 Date Ofinserted        vide                    the                    Companies 
 Incorporation(Amendment) Ordinance, 2018 w.e.f.MCA E- Form
CompaniesOf The2nd    November,          2018,          a          CompanyINC 20A
Act, 2013CompanyIncorporated after the ordinance and(one time
 (one timehaving share capital shall not commencecompliance)
 complianceits business or exercise any borrowing 
 only)powers unless a declaration is filed by 
  the Director within 180 days from the 
  date of Incorporation of  the Company 
  with the ROC. 
Companies Act, 2013Annual Compliance Extension granted (15.10.2022)*DIN KYC through DIR 3 KYC Form is an Annual Exercise. Last date for filing DIR-3 KYC for Financial year 2021-22 is 30th September, 2022 Annual Exercise: CLICK HERE Penalty after due date is Rs. 5000/-(one time)  E-Form DIR – 3 KYC (Web Based and E-form)
    Companies Act, 2013  Within 15 days of appointment of an auditor.The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act.    E – Form NFRA -1
 Within 30 daysFiling of resolutions with the ROC 
Companiesof the boardregarding   Board   Report   and   AnnualMGT-14
Act, 2013meetingAccounts. The details of the resolutions passed should be filed.(Filing of resolution with MCA)
  Companies Act, 2013(Half Yearly basis) 31.10.2022Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprise  E-Form MSME-1
    Companies Act, 2013Within 60 (sixty) days from the conclusion of each half year.Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014E-Form PAS – 6   Please file on or before 29.11.2022
  To be filed all unlisted companies, deemed public companies Till further clarification to be filled in GNL-2 

Due dates of ROC Annual Return Filings

Sl. No.ParticularsDue Date ParticularsE- FormDue Date
  1  Appointment of AuditorWithin 15 days from the conclusion of AGM  ADT-1  14.10.2022
    2  Filing of financial statement and other documents with the ROCWithin 30 days from the conclusion of the AGM, other than OPC (In case of OPC within 180 days from the close of the financial year)  AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL    29.10.2022
  3Filing of annual return by a company.Within 60 days from the conclusion of AGM MGT – 7 A: for OPC and small companies.MGT-7 /  MGT  7A 29.11.2022
4Filing of Cost Audit Report with the Central GovernmentWithin 30 days from the receipt of Cost Audit Report  CRA-4
5Compliance certificate by PCS – Section 92(2)Applicable                     to Companies having paid-up share capital Rs. 10 crores or more or Turnover Rs. 50 crore or more  MGT – 8 Attachment to MGT – 7

MONTHLY KEY UPDATES – October, 2022:

  1. Several firms face filing hurdles post new rule introduced by MCA

A new rule introduced by the Ministry of Corporate Affairs (MCA) is forcing companies to reconcile their financial statements, creating challenges for many in filing the fiscal year 2022 accounts before the October 31 deadline.

Under this rule, companies must file their financial statements for fiscal 2022 onwards with rounded-off values. Since the previous year’s numbers weren’t rounded off, auditors have to now prepare two sets of reports for like-for-like comparison, said compliance experts.

The increased complexity, along with a few other factors, has prompted the professional governing body of company secretaries to write to the ministry, seeking a two-month extension to the deadline to file the statements.

The Institute of Company Secretaries (ICSI) on October 11 wrote to the MCA requesting that the October 31 deadline be extended to December 31.

Compliance experts said this might be a one-time issue, since in their FY22 filings, companies would disclose the rounded-off values which would be directly comparable with the FY23 numbers. Hence, companies needn’t file two sets of financials from next time onwards. To read more: Click Here

2. MCA planning to shift all company forms to new portal by December

The Ministry of Corporate Affairs (MCA) is planning to move all filings to the new version 3 of its portal by the end of this year. Currently only nine forms are to be filled on version 3.

While many company secretaries have been raising issues of technical glitches on the new website, MCA officials have said that the new system has seen more form submissions than before. For instance, total LLP filings since April 2022 were 319,000 compared to 281,000 for the corresponding period last year.

While ICAI and ICSI have also created help desks for users to address issues that the professionals might be facing while using the portal, many company secretaries have raised problems such as inability to register digital signatures, receive one time passwords, generate challans among others. To read more: Click Here

3. MCA Probing Directors Of Chinese Companies In India: Report

Indian authorities are closely examining directors and other key executives of Chinese companies registered in the country to check whether these are genuine businesses and not shell entities.

The ministry of corporate affairs is in the process of identifying and deregistering shell companies that have been involved in predatory lending by Chinese loan apps without regulatory oversight. The government is investigating entities and people involved in facilitating these loan apps.

According to the Economic Times report, the investigation involves verifying the credentials of Chinese nationals holding important corporate positions in India to determine whether they are directors of multiple companies, which will help the ministry to find out the shell companies that are currently operating in the country and deregister them.

According to the report, companies with the same individuals serving on several boards would be deregistered from conducting any business in India. To read more: Click Here

4. Glitches in MCA portal: CAs, CS seek extension in annual filing deadline

In a multi-city protest on Monday, a large number of company secretaries (CS) and chartered accountants (CAs) came together to seek extension of the deadline for annual filing due to glitches in the ministry of corporate affairs (MCA) portal.

According to the Companies Act, firms are supposed to submit Form AOC 4 for filing of the balance sheet within 30 days of holding the annual general meeting (AGM). This deadline was over on October 29. The professionals sat outside registrar offices in Jaipur and Chandigarh, shouting “We want justice.” A group of professionals also visited Shastri Bhawan, where the office of the MCA is located.

Many other professionals said that it was not their fault that clients were providing financials in the last hour. The current glitches are occurring in MCA version 2 and not the latest version 3. Professionals have also raised issues with the new version with the government. Backend services of the portal are being managed by L&T Infotech.

·       To read more: Click Here

Important Updates – October, 2022

  Sl.  Particulars of the Circulars  Link
1Dear Stakeholders, to avoid last minute rush on the MCA21 portal on account of Financial Statement/Statement of Account and Solvency and Annual Return filings for the Financial year 2021-22, Companies/LLPs are requested to complete their filings well before their due date without postponing it to the last days.  Click Here
2SALE PROCLAMATION FOR SALE OF ASSETS AND PROPERTIES OF M/S. MAHESHWARI MILLS LTD.(IN LIQUIDATION)Click Here
3NFRA Publishes list of Audit firms/ auditors Who not filed mandatory NFRA-2 formClick Here
4Public Notice u/s.75 of the LLP Act,2008 read with Rule 37(2) of LLP Rules,2009-ROC,Cuttack,OdishaClick Here

This Article / Compliance Tracker is updated till 31st October, 2022 with all Laws / Regulations and their respective amendments.

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Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. Many sources have been considered including newspapers (ET, BS & HT etc.)

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