{"id":236,"date":"2019-02-11T10:25:38","date_gmt":"2019-02-11T10:25:38","guid":{"rendered":"http:\/\/xbrlexperts.in\/blog\/?p=236"},"modified":"2022-07-20T13:46:29","modified_gmt":"2022-07-20T13:46:29","slug":"key-mca-compliance-requirements-for-private-limited-companies","status":"publish","type":"post","link":"https:\/\/prathamconsult.com\/bak-main\/blog\/2019\/02\/11\/key-mca-compliance-requirements-for-private-limited-companies\/","title":{"rendered":"Key MCA compliance requirements for Private Limited Companies"},"content":{"rendered":"\n<p class=\"has-vivid-cyan-blue-color has-text-color\" style=\"font-size:15px\"><strong><em>Introduction<\/em><\/strong><\/p>\n\n\n\n<p>Every company registered in India must abide by the\nprovisions of the Companies Act, 2013. The Companies Act refers to an act of\nParliament which regulates the functioning of organizations. It directs the\nlegal limits within which firms can operate their businesses. A private limited\ncompany is one of the most sought forms of starting a business in India. But,\nyou will have to follow various compliances after the incorporation of your\nbusiness. Every private limited company must adhere to a few MCA compliances.\nSome of these key MCA compliance requirements are as follows.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\" style=\"font-size:15px\"><strong><em>Auditor\u2019s Appointment<\/em><\/strong><\/p>\n\n\n\n<p>The tenure of an auditor is five years. The company\nmust appoint the first auditor within a month of the incorporation of the\ncompany.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\" style=\"font-size:15px\"><strong><em>Statutory Audit<\/em><\/strong><\/p>\n\n\n\n<p>Every private limited company must prepare its\naccounts. The organization must get these accounts audited by a chartered\naccountant at the end of the financial year. The auditor must provide an Audit\nReport and Audited Financial Statements to file it with the registrar.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\" style=\"font-size:15px\"><strong><em>Annual ROC Filings<\/em><\/strong><\/p>\n\n\n\n<p>Private limited companies must file their annual\naccounts and returns. These returns should disclose the details of the\nshareholders and directors of the company to the registrar. The firms must make\nthese compliances once in a year.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\" style=\"font-size:15px\"><strong><em>Companies should fill the following forms with the ROC<\/em><\/strong><\/p>\n\n\n\n<ul><li>Form\nMGT-7 (Annual Return):&nbsp;Private limited companies should file their annual\nreturn within 60 days of holding of Annual General Meeting. The annual return\nwill be valid from 1st April to 31st March.<\/li><li>Form\nAOC-4 (Financial Statements):&nbsp;Private Limited Companies must file their\nbalance sheet along with the statement of profit and loss account. It should\nalso include the director\u2019s report in this form within thirty days of holding\nof the annual general meeting.<\/li><\/ul>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\" style=\"font-size:15px\"><strong><em>Annual General Meeting<\/em><\/strong><\/p>\n\n\n\n<p>Private limited companies must conduct a\nshareholder meeting at least once every year. This meeting should take place\nwithin six months of the end of the financial year, during the business hours\nof a working day. Companies can conduct this meeting either at the registered\noffice of the company or at some other location in the town where the\norganization has its registered office.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\" style=\"font-size:15px\"><strong><em>Board Meetings<\/em><\/strong><\/p>\n\n\n\n<p>Every private limited company must conduct the\nfirst meeting of its board of directors within thirty days of the incorporation\nof the company. These meetings must take place at least four times in a year,\ni.e., one session in a quarter. Small companies must hold at least two such\nmeetings, i.e., one sitting in six months.<\/p>\n\n\n\n<p>At least two directors, or one-third of the total\nnumber of directors, whichever is greater, should preside over these meetings.\nThe company should draft and record the discussions in these meetings as\n\u201cMinutes of the meeting\u201d and maintain them at the company\u2019s registered office.\nThe organization should also give a notice a week before the meeting to\nintimate the director about its date and purpose.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\" style=\"font-size:15px\"><strong><em>Director\u2019s Report<\/em><\/strong><\/p>\n\n\n\n<p>The directors must disclose about their\ndirectorship in other companies every year. The director must give a\ndeclaration in writing notifying the company about it every year.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\" style=\"font-size:15px\"><strong><em>Maintenance of Records and Statutory Registers<\/em><\/strong><\/p>\n\n\n\n<p>Every private limited company must maintain all its\nrecords and statutory registers, such as the register of shares, members,\ndirectors, etc. Besides, the company must also keep the records of all the\nboard meetings and annual general meetings. The firm is also responsible for\nmaintaining the account books related to a period of at least eight financial\nyears.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Every company registered in India must abide by the provisions of the Companies Act, 2013. The Companies Act refers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4358,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64,74],"tags":[82,218,243,259,287],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key MCA compliance requirements for Private Limited Companies - BAK - Main<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prathamconsult.com\/bak-main\/blog\/2019\/02\/11\/key-mca-compliance-requirements-for-private-limited-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key MCA compliance requirements for Private Limited Companies - BAK - Main\" \/>\n<meta property=\"og:description\" content=\"Introduction Every company registered in India must abide by the provisions of the Companies Act, 2013. 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