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COMPLIANCES

NAME CHANGES OF COMPANY

Board with Approval of shareholder may change name of the company any time subject to approval of the Ministry of Corporate Affairs (MCA) and the proposed new name available and approved by MCA.

The following e-forms need to be filed:

The existing company needs to reserve the name through ‘RUN’.

After the name is approved, MGT-14 (necessary resolution for alteration of Memorandum of Association and Articles of Association (MOA and AOA) needs to be filed.

e-Form INC-24 (Application for approval of Central Government for change of name) needs to be filed.to give effect to change in name.

Here involves Name Reservation ROC Fee (Run Filing), filing of MGT-14 Fee and Processional Certification (CA, CS or CMA) Fee and Professional Fee for all Legal works.

REMOVAL OF DIRECTOR'S DISQUALIFICATION

MCA had disqualified around 3.09 lakh directors that failed to comply with the regulations stated under section 164(2) (when a company has not filed financial statements or annual returns, for any three consecutive years, it will result in the disqualification of its directors for a period of five years) and 167(1)(a) (directors to vacate their office in a company upon incurring disqualification as per Section 164 of the Companies Act, 2013) of the Act. As a further preventive measure, the authority has blocked DIN of all the disqualified directors.

SECRETARIAL AUDIT

A Secretarial Audit is a mechanism to check the compliance of an organization to the laws, rules, regulations, notifications etc prevalent at the time of the audit. In this case, it is to check if a company has been complying with the provisions of the Companies Act 2013 and all of its rule therein.

COMPLIANCE IN DEBENTURE/BOND ISSUE

A company may issue these debt instruments on an agreement to repay it at a predetermined future date. The debenture holders earns interest at the end of every year till maturity. No risk involved for loss of money of the debenture holders.

APPOINTMENT OF COMPANY SECRETARY

To appoint a Company Secretary in India, the company holds a Board Meeting, informing all directors according to Section 173 of the Companies Act, 2013. During the board meeting, propose the appointment of the Company Secretary, providing details about the chosen person.

DUE DILIGENCE

Due diligence is an investigation, audit, or review performed to confirm facts or details of a matter under consideration. In the financial world, due diligence requires an examination of financial records before entering into a proposed transaction with another party.

APPOINTMENT OF ADDITIONAL DIRECTOR

The Board of Directors of a Company, if authorized by the Articles of Association, may appoint an additional director. The power conferred on the directors to appoint an additional director is a temporary power vested in them, and this will be subject to revision or confirmation in the General Meeting.

STRICK OFF COMPANY REVIVAL

The revival of struck off companies may be done for a period of twenty years following the date of the strike-off as a replacement for winding up the business. Any person who feels wronged by a Registrar's order, the Company, a Member, a Creditor, or a Worker may file an appeal or application.

COMPANY CLOSURE VOLUNTARY

Voluntary winding up occurs when the company's members or creditors decide to close the company without court intervention. What triggers a voluntary winding up? It can be triggered by a special resolution of members or due to conditions like expiry or specific events mentioned in the company's Articles of Association.

FEMA/RBI COMPLIANCES FDI

Cross-border transactions call for stringent measures to be taken. Corporates have to go through a process that is cumbersome when it comes to cross-border transactions. An increase in the inbound and outbound process calls for an increase in the level of compliances. Foreign Exchange Management Act, 1999 (FEMA) was introduced to ensure smooth external transactions, maintaining a healthy foreign exchange market, and encourage the importance of the balance of payments.

ANNUAL FILING OF PVT LTD CO

The annual compliances for Private Limited Company include filing several e-forms to the ROC, such as annual returns (MGT-7), annual financial statements (AOC-4), intimation of auditor's appointment (ADT- 1), and annual ITR.

ANNUAL FILING OF LLP

Limited Liability Partnerships are not required to audit their books of account except where their annual turnover is more than Rs.40 lakhs or if the contribution is more than Rs.25 lakh. Hence, an LLP is not required to get their books of account audited if it fulfils the above-mentioned condition, making the process of annual filing simpler.

Limited Liability Partnerships are required to file their Statement of Account & Solvency within a period of thirty (30) days from the end of six (6) months of the financial year and Annual Return within sixty (60) days from the end of the financial year.

ANNUAL FILING OF LIMITED CO.

The Form MGT-7 should be filed by the company within 60 days from the date of the end of the AGM every year. The company or individual person can download Form MGT-7 from the annual E-filing category of the MCA portal. This form is mandatory compliance for Private Limited Companies.

XBRL ANNUAL FILING

The certain classes of companies that need to file balance sheet, profit and loss accounts and e form AOC- 4 XBRL using the XBRL taxonomy with the ROC are as follows

Every public company listed in the Indian stock exchange and their Indian subsidiaries
Every company with a turnover of or more than Rs.100 crore
Every company with a paid-up capital of or more than Rs.5 crore
Every company that is required to prepare its financial statements as per the Companies (Indian Accounting Standards) Rules, 2015

However, the following companies are exempt from filing financial statements with the ROC in XBRL taxonomy:

Non-banking financial companies
Housing finance companies
Companies involved in the insurance business and banking sector

The companies that have once filed their financial statements with the ROC in XBRL under Section 137 of the Act must continue to file their financial statements, AOC-4 and other documents in XBRL only, even when they cease to fall under the classes of companies mentioned above.

XBRL COST FILING

Companies have the option to create their own XBRL documents in house or to engage a third party to convert their Cost audit report/ compliance report into XBRL form. The first step in creation of an instance document is to do tagging of the XBRL taxonomy elements with the various information in the Cost audit report/ compliance report of the company. This would create the mapping of the taxonomy elements with the Cost audit report/ compliance report so that the Cost audit report/ compliance report can be converted into XBRL form.

REGISTERED OFFICE CHANGE (STATE TRANSFER)

Pursuant to the Section 13(4) of the Companies Act, 2013 the alteration of the memorandum of association of the company relating to the place of the registered office from one state to another shall not have any effect unless it is approved by the Central Government (nowadays powers are delegated to Regional Directors) on an application in E-form INC-23 and manners as prescribed under Rule 30 and Rule 31 of the Companies (Incorporation) Rules, 2014.

REGISTERED OFFICE CHANGE (WITHIN THE STATE)

A company may change its registered office from one city to another city within the ROC/ State by passing a special resolution (SR). he registered office of a company is the address of the company in the register of the company maintained by the registrar of companies (ROC). As per section 12 of the companies act, it is mandatory to maintain the registered address of the company, which should be a physical address capable of receiving official communication from government department. Process and documentation depends on the nature of change. There are four kinds of case for the shifting of registered address of the company.

OBJECT CLAUSE CHANGE

The Memorandum of Association (MOA) of a company has object clauses that determine the purpose and range of activities of a company. After incorporation of a company, it may want to change object clause. This requires alteration in the MOA of the company and section 13 of the Companies Act 2013 covers the

same. Ever clause on the MOA can be altered (with the exception of capital clause which requires an ordinary resolution to be passed) by passing a special resolution as mentioned in section 13.

ISSUE OF FRESH SHARE CAPITAL

The issue of shares refers to the process by which a company allocates new shares to existing or new investors, often to raise capital for business expansion or to pay off debts. It is a critical financial activity that can influence the company's ownership structure and market valuation.

FILING OF CHARGES

A charge is a right created by any person including a company referred to as “the borrower” on its assets and properties, present and future, in favour of a financial institution or a bank, referred to as “the lender”, which has agreed to extend financial assistance. Section 2(16) of the Companies Act, 2014 defines charges so as to mean an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage

APPOINTMENT OF DIRECTOR

Every Company shall have a Board of Directors Consisting of Individuals as director. Accordingly, only an individual can be appointed as director of company. Every director other than first directors of company shall be appointed in general meeting as per Section 152(2).

If company wants to appoint a person as director in meeting other than General meeting Company can do this by appointing such person as additional director. The additional director has to be appointed till date of next AGM or last date on which AGM should have been held, whichever is earlier.

When and Why need of Appointing a New Director?

In case of Fill-up of Casual vacancy
When number fall below the minimum Quorum required.
When requirement for a technically fit Person to Manage, etc.

REMOVAL OF DIRECTOR

A director may be subject to removal for any of the following reasons:

Incurring any disqualifications as specified under the Companies Act.
Prolonged absence from board meetings spanning over 12 months.
Entering into contracts or agreements contrary to the provisions outlined in Section 184 of the Companies Act.
Receiving a disqualification order from a court or tribunal.
Being convicted by a court for an offense and sentenced to a minimum of six months in prison.
Failure to adhere to the terms and regulations stipulated in the Companies Act of 2013.
Voluntarily resigning from their position.

AUDITORS APPOINTMENT

After incorporation of a company in the first annual general meeting, an Auditor must be appointed by the Board of Directors. The Auditor will typically hold term till the conclusion of 6th AGM or 5 years. The appointment of an Auditor can also be made for a period of 1 year, renewable at each annual general meeting.

DIRECTOR E-KYC FILING

Director identification number(DIN) is a unique identification number given to a person wanting to be director or an existing director of a company. In this digitized era, application in e-Form DIR-3 was sufficient to obtain DIN. This was a one-time process for any person who wants to be a director in one or more companies.

However, now with the move of the Ministry of Corporate Affairs (MCA) to update its registry, all directors with a DIN will have to submit their KYC details annually in e-Form DIR-3 KYC.

FILING OF COB E-FORM 20A

All the directors of a company have to file with the registrar, a declaration for commencement of business in Form 20A within 180 days from the date of incorporation. This declaration describes that the subscribers to the memorandum of association have paid the total value of the shares as agreed to the company

ALTERATION OF MOA/AOA CLAUSE

A proper process has to be followed for changing the AOA and MOA of a company which includes conducting board meetings and shareholder meetings and take approval from majority of the stakeholders and then file necessary forms attaching the updated AOA and MOA.

ROC RECORD INSPECTION

As a legal compliance, documents are periodically filed at MCA for approval of regulatory authorities like Registrar of Companies, Regional Director and Tribunal. Once approved, filed documents are made available to general public for inspection. There are various stakeholders of a company who are interested in inspection of documents for making an investment decision, loan advances, contractual agreements and management.

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