The ROC is a body that regulates the essential ROC compliance of Public Limited Company and ensures their compliance which further enhances the efficient manner of transparent business ideas and more accountable financial strategies. The ROC certainly includes the filing of several documents of a Public Ltd Company including the financial credits, annual returns and every other essential document that showcases the functioning of a company.
Role of Registrar of Companies Regarding Compliances
The ROC plays a vital role in the aspect of legal requirements, the aspects of transparency, and the principles of credibility and thus helps to avoid any penalties. It includes the once a year financial statements, the annual Returns, and the annual well known conferences (AGM), to formulate the report of the directors. within the instances of nowadays filing for compliance has grow to be smooth by using submitting eForms which includes e-shape ADT-1, e-shape DIR-three KYC and e-form MGT-14.
Updates and Amendments in ROC Compliance of Public Limited Company
ROC compliance calendar 2024-25 has brought about the introduction of numerous updates and amendments in the ROC compliance checklist for the public limited corporations in India. The late updates play a vital role in regulating the companies with legal compliance and minimising penalties. The following shall state the amendments:
Disclosure Requirements through MBP-1 and DIR-8
These are the essentials that the directors of the company should make towards the interest of the entity during the time of the first board meeting of the said financial year that is to be filed before 1st April 2024.
Outstanding Payments to MSME through Form MSME-1
Any Public Limited Company should be needed to report any of the outstanding payments that are to be made towards the MSME suppliers exceeding 45 days. This includes the deadlines as follows:
- 30th April 2024 which includes the period from 1st October 2024 to 31st March 2024.
- 31st October 2024 which includes the period from 1st April 2024 to 30th September 2024.
Return And Financial Statements through AOC-4/AOC-4(XBRL)
To file the annual financial statements that include the balance sheet with the profits and the accounts for loss and make the cash flow statement. These all must be filed before 30th October 2024.
To evaluate Audits and Auditors through ADT-1
There should be a notice of the appointment or the reappointment of auditors towards the AGM which is to be filed 15 days before the AGM, i.e. before 14th October 2024 with the annual return.
Obtain a Compliance Certificate through MGT-8
The compliance certificate is required to be obtained by the Public Companies by the practising company secretary which is also to be made during annual return.
Reconciliation of Share Capital and Audit Report through PAS-6
Any of the unlisted Public Companies should file this report to further reconcile their share capital only on a half-yearly basis. The deadlines are as follows:
- 30th May 2024 half year ending on 31st March 2024
- 29th November 2024 half year ending on 30th September 2024
Director’s KYC
The process of KYC should be completed by the director by 30th September 2024. It is one of the most important compliances under the ROC with respect to the Public Limited Companies.
To Return the Deposits through DPT-3
The Public Return Companies should file the return and also mention any other deposits of the loans that are received by the company by 30th June 2024.
Additional Compliance Requirements for Public Company
Some of the additional compliance requirements of the public companies are:
Board Meetings and Resolutions
For discussing and giving approval to the financial statements, regular board meetings are to be held to understand the functioning of the company. And if any resolution is passed then it is to be documented by the ROC filing which is to be done.
Annual General Meeting (AGM)
This meeting is to be conducted within the said period of the company, normally held every 6 months from the end of the financial year. The approval made by the shareholder concerning the financial statement is to be made during this meeting.
Dematerialization of Shares
Any Public Ltd Company should ensure that this process should be done before 30th September 2024. It is also an important compliances of the public companies hence must be done within a time frame.
Why Compliances are Important for Public Companies?
These rules play a vital role in determining the legal standing of a company and further assist in avoiding penalties which help to enhance the trust of the investors. The non-compliance would then attract penalties hence affecting the reputation of the company and will further affect the operation of the business.
What Happens in Case of NON Compliance?
The Non-compliance of ROC will attract legal consequences about the prosecution of the directors of the company, it can also attract penalties which might increase accordingly, further leading to the disqualification of directors in the other companies and can also lead to strike off the registration of the company.
Conclusion
ROC compliance for Public Limited Company must be completed. They should stay updated and comply with the rules and regulations with the deadlines for a smoother business operation and have legal backing support. It is also important to consult with a professional legal advisor on these matters as they would help for further navigation and stay within the regulations.
FAQs
- What is the last date for filing ROC?
It certainly includes two periods for filing ROC annual returns under the ROC compliance calendar 2024-25 followed by the ending of the year i.e. the ending year on March 31st, 2023 is to be made on 30th May 2023.
- Can the ROC annual return be revised?
The revision can be made for the Annual e-forms which do not include Form 23AC/ACA and Form 23AC-XBRL/ 23ACA- XBRL which can be made also if the Forms are already filed and the fees are subjected to the charging made upon filing.
- What is ROC compliance?
It refers to the process that involves filing the mandatory documents and the reports towards the Registrar of the Companies (ROC) in India.
- What is the timeline for the annual returns?
The annual return can be filed by a company according to the latest date that is to be filed within 56 days from the date it is made upon.
- What is the cost of annual company compliance?
The mandatory annual compilation for the charges includes professional fees as well as government fees for the start-up companies.
