Event based compliances in a company
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Overview of Event-Based Compliances
Event-Based Compliances are regulatory requirements that companies must
fulfill upon the occurrence of specific events. These events necessitate
informing the Registrar of Companies (ROC) about the changes made within the
organization. Such compliances arise from unexpected developments,
modifications, or business expansions.
Once a private company is registered under the Companies Act, 2013, it must
comply with event-based requirements when specific changes occur, such as
alterations in directorship, share capital, Memorandum of Association (MOA),
Articles of Association (AOA), or the registered office address. These
compliances apply to both private companies and Limited Liability Partnerships
(LLPs). It is crucial to adhere to them, as any change within the company must
be duly reported to the ROC within the stipulated time frame.
Event-based compliances are typically one-time requirements, but they are
essential to ensure legal protection and compliance with corporate regulations.
The company's directors must ensure timely reporting to avoid penalties and
maintain statutory compliance.
Types of Event-Based Compliances
1. Annual ROC Compliance
These are mandatory yearly compliance requirements that companies must
fulfill at the end of each financial year.
2. ROC Event-Based Compliances
These compliance obligations arise whenever specific events occur within the
company, such as:
I.
Change in directors
II.
Amendments to MOA/AOA
III.
Changes in registered office or other corporate
decisions
Companies must maintain proper documentation and board resolutions when
filing these changes with the ROC. Failure to disclose accurate information can
result in legal and financial penalties for both the company and its directors.
Event-based compliances vary based on the nature and timing of transactions
or events. Under the Companies Act, non-compliance can lead to severe
penalties, making it imperative to track such events and complete all
compliance obligations on time.
Examples of Event-Based Compliances
1. Change
in Board of Directors
2. Appointment
or Resignation of a Director/Partner
3. Appointment
of a Managing Director
4. Acquisition
of DIN, DSC, etc.
5. Updating
official company records and registers
6. Amendments
to MOA/AOA
7. Change
in statutory auditors
8. Transfer
or issuance of shares
9. Issuance
of share certificates
10. Change
or increase in authorized share capital
11. Change
in company name
12. Change
in registered office address
13. Recording
board, general, or committee meeting minutes
14. Registration,
modification, or satisfaction of charges
15. Change
in bank signatories
16. Appointment
or removal of an auditor
17. Statutory
audit of financial statements
18. Filing
of annual returns
19. Submission
of financial statements
20. Conducting
board meetings and annual general meetings
21. Preparation
of directors' reports
22. Filing
of Income Tax Returns (ITR) and audits
23. Subdivision
or consolidation of shares
24. Business
restructuring or reorganization
25. Expansion
or division of business operations
26. Private
placement of shares
27. Credit
monitoring
28. Any
other statutory requirements
Note: Failure to comply with these ROC filing obligations
in India can lead to severe penalties, and directors may face legal
consequences under the Companies Act.
Since the documentation and filing requirements for event-based compliances
vary, professional assistance from legal experts, Chartered Accountants (CAs),
or Company Secretaries (CSs) is highly recommended.
Forms Related to Event-Based Compliances
Various forms must be filed by private limited companies to inform the ROC
about changes made within the organization. Below are some key forms along with
their relevant compliance details:
|
Occurrence/Event |
Compliance
Details |
Form |
|
Declaration of Commencement of Business |
Within 180 days from incorporation |
INC-20A |
|
Change in Registered Office |
Within 15 days of the change |
INC-22 |
|
Change in Company Name |
Within 60 days from the application in INC-1 |
INC-24 |
|
Conversion of Company |
As per regulations |
INC-27 |
|
Director KYC Compliance |
On or before April 30 of the next financial year |
DIR-3 |
|
Change in Directors/KMP |
Within 30 days of the change |
DIR-12 |
|
Removal of a Director |
Within 30 days of passing a special resolution |
ADT-2 |
|
Increase in Authorized Share Capital |
Within 30 days of passing the resolution |
SH-7 |
|
Filing of Resolutions/Agreements |
Within 30 days of passing the resolution |
MGT-14 |
|
Increase in Paid-up Share Capital |
Within 15 days of share allotment |
PAS-3 |
|
Creation/Modification/Satisfaction of Charge |
Within 30 days of charge creation/modification |
CHG-1 |
|
Condonation of Delay |
Filing application with required details |
CG-1 |
|
Disclosure of Deposits |
By June 30 and audited data by March 31 |
DPT-3 |
|
Significant Beneficial Owner Reporting |
Within 30 days of receiving BEN-1 |
BEN-2 |
Fastzeal Support for Event-Based Compliance
Our Process:
1. Choose
a Plan for Expert Assistance – Select a service package tailored to
your business needs.
2. Submit
Queries Related to Event-Based Compliance – Our experts will guide you
through the compliance process.
3. Provide
Necessary Documents – Share the required documents for seamless
compliance filing.
4. Complete
All Compliance Formalities – Our team will handle the paperwork and
submission.
5. Get
Your Compliance Work Done! – Stay stress-free as we ensure your
company's compliance needs are met on time.
Frequently Asked Questions:
The Event-Based Compliances are those mandatory compliances which are other than the usual and necessary annual and periodical compliances made by the organization with ROC and other administrative authorities.
Every change in any registered particulars associated with the company is to be reported appropriately to the relevant ROC and other regulatory/statutory authorities.
1. Annual Compliances
2. Event-Based Compliance
For instances, Appointment or Resignation of a Director.
1. Appointment of Managing Director.
2. Change in the statutory auditors.
3. Transfer of Shares.
4. Increase of Authorized Capital.
5. Change of Name of Company.
6. Change of Object of Company.
7. Change in Registered Office address.
8. Registration / Modification or Satisfaction of Charge etc.
9. Appointment of Auditor.
10. Statutory Audit of Accounts.
11. Filing of Annual Return (Form MGT-7).
12. Filing of Financial Statements (Form AOC-4)Board Meetings.
13. Annual General Meeting.
14. Preparation of Directors' Report.
15. ITR and Audit requirement.
The Indian Companies Act of 2013, the Securities and Exchange Board of India (SEBI), RBI, FEMA.
Yes
1. Chief Executive Officer / Managing Director.
2. Chief Financial Officer.
3. Auditor Chairmanof the Audit Committee.
Voting results of the resolutions passed in the general meeting are to be submitted to the stock exchange within 48 hours of the conclusion of the general meeting.
The company is required to file E-Form INC-22 to inform the ROC of change in the registered office of the company.
A company is required to file various resolutions and agreements with the ROC by submitting E-Form MGT-14.
