How Annual Filings with ROC filing procedure Helps in Creating Good Corporate Image

The success of any business pretty much depends on its public image. When a company starts facing several court cases, the general public will lose their trust in the...
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How Annual Filings with ROC Helps in Creating Good Corporate Image

The success of any business pretty much depends on its public image. When a company starts facing several court cases, the general public will lose their trust in the company and sales in products and services will eventually drop. Compliance will ensure that a company can uphold a positive image and build consumer trust. This also helps build consumer loyalty, since customers are more likely going to return to a service or product from a company they identify as trustworthy. This also helps a business with sponsors, advertisers, and government requirements. A business that fulfills annual filing compliance through successful corporate compliance management generally gets signed quickly and easily whenever needed. In this article, am going to list out the important filings a company must comply with ROC.

Companies Registered in India are required to give various disclosures, intimations and filing of various documents with various government authorities annually. These annual compliance are required to be done by companies whether it is doing business or not or even if not doing any internal transaction.

Annual filing with the Registrar of Companies

Any Company incorporated in India whether it is a subsidiary of the foreign company, joint venture entity and others, under the Companies Act are required to file the few Forms in electronic form with the concerned Registrar of Companies (RoC).

The E-forms need to file with ROC every year

AOC – 4:

Purpose:

  1. Financials of the company including Balance sheet, Profit and loss account, Cash flow statement, its respective schedules
  2. Auditor’s Report – It is the view of Statutory Auditor on the financial position of the company and its affairs.
  3. Accounting Policies – These are accounting treatment given by the company while preparing accounts and financial statements
  4. Notes to accounts – These are other financial disclosures required to be given by Company which are not separately reflected in balance sheet and profit and loss account and it’s scheduled
  5. Directors Report – It is the Directors Explanation about company’s affairs on various matters affecting shareholders interest along with replies to qualifications raised by the Statutory Auditor in its Report

MGT – 7:

Purpose:

To disclose Registrar of Companies the following information

  1. List of Directors including executive and nonexecutive
  2. List of Shareholders
  3. Change in Directors during the financial year
  4. Change in Shareholders during the financial year
  5. Dates of Meetings of Board, Committees and Shareholders held during the year
  6. Total share capital Authorized, Issued, Subscribed, called up and Paid up
  7. Total amount of Debentures, Deposits, Loans, secured or unsecured as on financial year end date

ADT – 1

Purpose:

For Intimation of Appointment of Statutory Auditor to RoC

Consequences of non-filing of E-Forms:

  1. Consequences of non-filing of MGT 7:

On Company: not less than Rs.50, 000/- but which may extend to Rs5, 00,000/- On every Director and officer – Imprisonment for a term which may extend to 6 months or Fine which shall not be less than Rs.25,000/- but which may extend to Rs.5,00,000/- or with both. On Practicing Company Secretary – Penalty which shall not be less than Rs.50, 000/- but which may extend to Rs.5, 00,000/– Additional Fees: It may extend to Twelve times of normal filing fees

  1. Consequences of non-filing of AOC – 4:

On Company: not less than Rs.50, 000/- but which may extend to Rs 5,00,000/- On Director and every officer – Imprisonment for a term which may extend to One Year or Fine which shall not be less than Rs.25,000/- but which may extend to Rs.5,00,000/- or with both. Additional Fees: It may extend to Twelve times of normal filing fees

For such help from the very best regarding your Annual filing with ROC needs and necessities, contact Venture Care.

Time Limits for filing E forms:

Sr. No.

Form

Time Limit

Purpose

1 ADT – 1 Within 15 days of Appointment of Statutory Auditor (Normally AGM) Intimation of Appointment of Statutory Auditor
2 AOC – 4 Within 30 Days of Annual General Meeting For filing Financials, Auditors Report and Directors Report with RoC
3 MGT – 7 Within 60 days of Annual General Meeting For intimating list of directors, shareholders, changes if any

 

What are the benefits of Annual filing?

Timely annual filling helps in creating good image in public

Benefits with reference to Legal Consequence:

  • Avoid legal consequences of additional fees, penalty, imprisonment
  • It serves as a notice to public, of any information required to be given by the company under any act
  • It may serve as a valid proof or evidence in the court of law

Benefits with reference to other than legal Consequences:

While drafting Board’s Report, Companies include some additional information in it which may include

  • Companies add Management Discussion in their board report which serves as a medium of vital information to the public. Company through this, communicates various future plans and running projects, future prospects, strengths of the company, steps taken or to be taken by company to overcome its weaknesses and various other information which creates good image in mind of public, government and regulatory authorities
  • Transparency: If a company follow all legal provisions of the Act in an ethical manner, it means it maintains transparency among public and creates an image of ethical company in minds of public, regulatory and government
  • As these documents are filed with Government authorities and certified by professionals, it can create more confidence to the public about the Company and helps to establish a good image in the eyes of stakeholders.

For such help from the very best regarding your Annual filing with ROC needs and necessities, contact Venture Care.

 

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How Annual Filings with ROC Filing Procedure Helps in Creating Good Corporate Image
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How Annual Filings with ROC Filing Procedure Helps in Creating Good Corporate Image
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With roc filing procedure annual compliance are required to be done by companies whether it is doing business or not or even if not doing any internal transaction.We help in corporate filings.
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