GIST
Of Company Law Compliances for Private Companies
CA
Swatee Shere Rane
If you are planning to set up a private company in India, you
shall be governed by the newly legislated Companies Act 2013. As a founder of a private company, you need to be aware of the
company law compliances under this Act.
Here are some of the compliances you should remember:
For forming a private
limited company, firstly obtain Directors Identification number for all the
promoter’s and obtain digital signatures for at least one promoter. Get your company name approved from
ROC. File the incorporation documents on the MCA portal viz. Memorandum and
Articles of Association, Subscriber Sheet (handwritten by the subscribers in
the presence of at least one witness), Declaration Form 2.10 and Affidavit in
Form 2.11, details of address for correspondence, details of first directors
and their consent. Pay the requisite fees.
Once you have collected your Incorporation certificate, before
commencing business, you need to file with ROC, Form 2.24 duly verified by
certifying professional that every subscriber has paid the “paid up amount”
agreed to be taken by him and Form 2.25 - verification of registered office.
Issue share certificates to shareholders.
Maintain a registered office in the state in which company is
registered and maintain Books of accounts, Minute Books and Statutory registers
at the registered office.
Do not forget to hold a board meeting at least once in three months.
Minute the meetings and get it signed by the Chairman of the
meeting or the succeeding meeting.
Statutory audit has to be conducted under the Companies Act .
Annual General Meeting (AGM)
of the shareholders has to be convened
every year and the time period between two AGM’s should not exceed 15 months. You need to hold
a board meeting before the AGM to
approve the financial statements and notice of the AGM. A clear notice of 21
days has to be given to all the members
and the AGM has to be convened within
6 months of the close of the financial year i.e. 30th
September.
After the AGM, the company has to file the audited financial
statements and the Annual returns of the company with the Registrar of
companies within 30 days.
Although all company law provisions which are applicable to a
private limited company are applicable to a One Person Company (OPC), there are
no
mandatory
requirements to conduct annual statutory meetings.
