OPC ROC Compliance

OPC ROC Compliance

One person Company (OPC) is a type of company introduced in the Companies Act, 2013 to enable a lone Entrepreneur to start and manage a limited liability entity. OPC was established to support single person Enterprises that are small businesses with a sales turnover of of less than 200 lakhs. So, the compliance requirements for OPC are also limited when compared to a private limited company. In this article, we look at post incorporation OPC ROC compliance requirements.

MANDATORY COMPLIANCES & PENALTY

(Applicable for all companies under companies act,2013)

Compliance to be done When is this compliance to be done?Penalty for Non-compliance
1. Issue of Share Certificates The company must issue the Share Certificates to its shareholders within 2 months of its Incorporation or new allotment Company: Fine from Rs. 25,000 which may extend to Rs.500,000.
Directors: Fine from Rs. 10,000 which may extend to Rs. 100,000.
2. Statutory Registers 7 to 8 Mandatory Registers to be maintained and updated from
time to time
Penalty: Rs. 50,000 which may extend to Rs. 3,00,000 and
Further fine: Rs. 1,000 day for which the default continues.
3. Annual ROC Filings
w.e.f 01/04/2014
Filing Annual Return (MGT-7)
Filing Financial Statements (AOC-4)
ADT-1 (Auditor Appointment)
Every company is required to file its Annual Return(MGT-7) with the ROC within 60 days of Event
Date/Meeting Date.
The Financials(AOC-4) also to be
filed within 180 days from end of
financial year.
The Auditor Appointment (ADT-1)
to be filled within 15 days from
the Event Date/Meeting Date.
Additional ROC Filing
Fees: Upto 12 times of normal filing fees for each Form separately i.e. MGT-7, AOC-4 & ADT-1 (Depending on the Delay time)
+
Company: Shall be punishable with fine of Rs. 50,000 which shall extend to Rs. 5,00,000 and
Director in default: shall be punishable with imprisonment upto 6 Months or with Minimum Fine of Rs. 50,000 which may extend to Rs 5,00,000 or with both.
4. Board Meeting Compliances (For OPC Companies with more than 1 Director) 1st Board Meeting thirty days of
date of incorporation and
One Board Meeting to be held in
each quarter of the financial year.
Minutes of meeting to be prepared,Notice of Meeting should be given
Attendance Register of every meeting to be maintained.
Company: Fine from Rs. 25,000 and
Director in default: liable to a penalty of Rs. 5,000. Non-compliance in Issue of Notice of Meeting, Director shall be liable to a penalty of Rs. 25,000.

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