13 September 2022
A company's ROC Annual return is pending for past eight years,as there was a legal case was going on in high court due to which they were not able to submit annual returns on time...now legal case is cleared and they want to file returns of past eight years. Are these results will submit same as normal returns? And are additional fees applicable in this special case?
11 July 2024
In the case where a company has not filed its ROC Annual Returns for eight years due to pending legal issues, and now wishes to file these returns after the legal case has been resolved, here are the key points to consider:
1. **Filing of Annual Returns**: - The company should prepare and file the Annual Returns (Form MGT-7 and AOC-4) for each of the past eight financial years that have been missed. - The returns should be filled out accurately and completely, reflecting the financial and governance details for each respective year.
2. **Additional Fees**: - Yes, there will be additional fees applicable due to the late filing of Annual Returns. As per the Companies Act, 2013, and the rules prescribed under it, late fees accrue for each day of delay beyond the due date. - The amount of late fees will depend on the number of years overdue and the authorized share capital of the company.
3. **Procedure for Filing**: - The company needs to login to the MCA (Ministry of Corporate Affairs) portal. - Prepare and upload the Annual Returns (Form MGT-7 and AOC-4) for each financial year separately. - Pay the requisite additional fees along with the filing of each return. The late fees are automatically calculated by the system based on the period of delay and the authorized share capital of the company.
4. **Special Considerations**: - Given the unique circumstances of the legal case causing the delay, the company may consider explaining the situation briefly when filing the returns. This can be included in a cover letter or remarks section while uploading the forms. - Ensure that all details provided in the returns are accurate and comply with the Companies Act and other applicable laws.
5. **Compliance**: - Once the returns are filed and the additional fees are paid, the company should monitor the status on the MCA portal to ensure that the filings are accepted and processed without any issues.
6. **Professional Assistance**: - It may be beneficial to seek assistance from a professional such as a company secretary or a chartered accountant to ensure compliance with all regulatory requirements and to navigate any complexities that may arise.
In summary, while the company can file the past eight years' Annual Returns, it should be prepared to pay additional fees for the late filing. The process of filing will be similar to normal returns, but with the inclusion of accumulated late fees. Professional guidance can help streamline the process and ensure all requirements are met efficiently.
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