For medium to large businesses aspiring for rapid expansion, the private limited company structure is the most fitting choice. Governed by the Companies Act, 2013, the registration process and formalities for private limited companies necessitate adherence to certain prerequisites. Key among them is the requirement for a minimum of 2 and a maximum of 200 members.
All private limited companies, excluding One Person Companies (OPCs), are required to hold AGMs annually. The first AGM should be held within 9 months of the financial year-end, followed by subsequent AGMs within 6 months of the financial year-end.
A defining feature of a private limited company is the bestowment of limited liability upon its members. As per the Companies Act, 2013, the private limited company is recognized as a distinct legal entity. To maintain its active status, the company must fulfill prescribed compliances annually, irrespective of its turnover. Non-compliance may lead to the removal of the company’s name from the Registrar of Companies (RoC) register.
ROC return filing involves submitting various documents and forms to the Registrar of Companies (RoC) to ensure compliance with statutory requirements. It includes the filing of annual returns, financial statements, and other necessary documents.
Mandatory annual compliances include holding board meetings, conducting annual general meetings (AGMs), filing financial statements in Form AOC-4, and filing annual returns in Form MGT-7. These processes ensure transparency and regulatory compliance.
Private limited companies are required to file ROC returns annually. This includes submitting financial statements, annual returns, and other mandatory documents within the specified timeframes.
