What is ROC Compliance?
ROC means Registrar of Companies. ROC is official department falls under Ministry of Corporate Affairs. It basically administers under Companies Act, 2013. All the establishments formed under Companies Act, 2013 are mandatorily needs to file various forms with ROC along with Fees and details.
What are included in ROC Annual Filings?
ROC compliances are mainly of two types, which are as follows:
- Annual Filings Compliances
- Other Filings Compliances
Annual Filings Include Filing of various forms once in a year by all the establishments incorporated under Companies Act, 2013. E.g. Filing of Form MGT 7- which is annual returns for Filing for Private Limited Company.
Other filings include compliances which are to be made from time to time. For instance, Addition of Director, Removal of Director, Change in Objects etc.
Where ROC Compliance is required? Following are some of the examples.
- Alteration of memorandum and articles of association of the company.
- Issue of shares to the Directors / employees of the Company.
- Change in Authorised / Paid up Capital of the Company.
- Allotment of new shares / transfer of shares / invitation to subscribe for shares.
- Investment in share / other securities. Giving Loans to other Companies.
- Change in composition of the Board of Directors.
- Loans to Directors / Members or to firms / companies where they are partner / members respectively. Giving loans to Companies under same management.
- Acceptance of deposits from Directors / members of their relatives.
- Maintenance of minutes of general meetings and its attendance.
- Change in terms of the Loan taken earlier.
- Subdivision of face value of the shares of the Company.
- Appointment of Managing / whole time Director and payment of remuneration.
- Payment of remuneration to Director / his relative / firm of the Director etc. are contracting with any of the above.
- Full payment of the amount of loan taken against the property of the Company.
- Executing the documents under the common seal of the Company.
- Sale or purchase of the fixed assets of the Company.
- Agreement entered by the shareholders of the Company where Company is a Party
- Shifting the registered office of the Company from one place to other.
- Entering into new business / Partnership.
- Convening the meetings of the Company. Submission of the resolution to any other third party / any authority, maintenance of board meeting minutes book.
- Amalgamation of the Company with other company.
- Appointment or change of the Statutory Auditors of the Company.
- Opening / closing of bank accounts or change in signatories of Bank account.
- Doing the business with a non resident or a foreign citizen.
What are the Consequences of Non Compliances to Registrar of Companies (ROC)?
Non Compliance of filing to ROC results in heavy penalties. Which is ranging from Rs.100/day to Rs.5000 and with some lump sum amounts depending upon period of delay for compliances. Sometimes, non compliance leads to strike off the company from the records of ROC.
Time Limit for ROC Compliances?
Time limit for ROC Compliances depends on case to case basis. Get in touch with us to know more.