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ROC Filing in India: Importance, Procedure, and Compliance Requirements

July 15, 2024 by Team Instabizfilings

Blog Details


ROC filing, also known as filing annual returns and audited financial statements, is a crucial requirement for companies in India to maintain compliance with the Companies Act 2013. In this blog, we will delve into the importance of ROC filing, the laws governing it, the procedure involved, and the documents required for successful filing.


Importance of ROC Filing under Companies Act, 2013:

ROC filing holds significant importance for companies as it ensures transparency, accountability, and compliance with legal regulations. By filing annual returns and audited financial statements, companies provide essential information about their financial health, operations, and adherence to statutory norms. It enables stakeholders, including investors, creditors, and regulatory authorities, to assess the company's performance, make informed decisions, and safeguard their interests.


Non-compliance with ROC filing requirements can lead to severe consequences, including penalties, legal actions, and even the disqualification of directors. It is therefore crucial for companies and their directors to understand and fulfill their obligations regarding ROC filing.


ROC filing is governed by specific sections of the Companies Act 2013 and corresponding rules. Let's take a closer look at the relevant provisions:


Filing of Audited Financial Statements:

The filing of audited financial statements is governed by Sections 129 and 137 of the Companies Act 2013, along with Rule 12 of the Company (Accounts) Rules, 2014. According to these provisions, every company is required to prepare and file its financial statements, including the balance sheet, profit and loss account, and cash flow statement, along with notes to accounts and auditors' reports. These financial statements should comply with the applicable accounting standards and present a true and fair view of the company's financial position.


Filing of Annual Returns:

The filing of annual returns is governed by Rule 11 of the Companies (Management and Administration) Rules, 2014, and Section 92 of the Companies Act 2013. Companies are obligated to file their annual returns, which provide a comprehensive snapshot of the company's activities, shareholding pattern, indebtedness, and other key information. The annual return should be filed in Form MGT-7 within sixty days from the date of the Annual General Meeting (AGM).


Filing of various other e-forms required to be filed with the ROC under Companies Act, 2013, arranged in order:


1. Form ADT-1:

Purpose of the Form: Appointment of Auditor

Due date of filing: Fifteen days from the date of the AGM.

Applicability on Company: Private Companies, Listed Companies, Public Limited Companies, One Person Companies.


2. Form AOC-4 and Form AOC-4 CFS (in case of Consolidated financial statements):

Purpose of the Form: Filing of Annual Accounts

Due date of filing: 30 days from the date of the AGM (In the case of OPC, within 180 days from the close of the financial year).

Applicability on Company: Private Companies, One Person Companies, Public Limited Companies.


3. Form AOC-4 (XBRL):

Purpose of the Form: Filing of Annual Accounts in XBRL mode

Due date of filing: 30 days from the date of the AGM.

Applicability on Company: Listed companies in India and their Indian subsidiaries (or) a public company.


4. Form MGT-7/MGT-7A:

Purpose of the Form: Filing of Annual Return

Due date of filing: Sixty days from the date of AGM.

Applicability on Company: Private Companies, Listed Companies, Public Limited Companies, One Person Companies.


5. Form CRA-4:

Purpose of the Form: Filing of Cost Audit Report

Due date of filing: Thirty days from the receipt of the Cost Audit Report.

Applicability on Company: Companies prescribed according to the Companies (Cost Records and Audit Rules), 2014, are amended continuously.


6. Form MGT-14:

Purpose of the Form: Filing of resolutions with MCA regarding approval of Board Report and Annual Accounts

Due date of filing: 30 days from the date of the concerned Board Meeting.

Applicability on Company: Public Companies, Listed Companies. This is exempted for private companies.


These E-Forms serve different purposes and have specific due dates for filing. It's important for the relevant companies to adhere to the prescribed timelines and submit the forms accurately to ensure compliance with the regulations set forth by the ROC.


Procedure for ROC filing

ROC Filings is specifically for the Annual Return and Audited financial statement, involves the following steps:


1. Conduct a Board Meeting:


The board meeting is held to fulfill the following purposes:

- Authorize the auditor to prepare financial statements in accordance with Schedule III of the Companies Act, 2013.

- Authorize the Director or Company Secretary to prepare the Board Report and Annual Return as per the Companies Act, 2013.


2. Hold Second Board Meeting:

Another board meeting is convened to approve the directors' draft financial statements, Annual returns, and Board reports. This step ensures that the financial statements and related documents are reviewed and approved by the board of directors before further processing.


3. Conduct the Annual General Meeting:

Organize the Annual General Meeting (AGM) and ensure the necessary resolutions are passed. During the AGM, shareholders have the opportunity to review and approve the financial statements, making them final and binding. The financial statements' finalization occurs upon obtaining the shareholders' approval at the General Meeting.


By following this procedure, companies can ensure that the necessary meetings and approvals are obtained, and the financial statements and Annual Return are prepared and finalized in accordance with the Companies Act, 2013. This systematic approach helps maintain compliance and transparency in the ROC filing process.


Detailed Process of ROC Filing on Ministry of Corporate Affairs


1. Download the Required Forms:

Start by visiting the MCA website and downloading the necessary forms for ROC filing, such as AOC-4 and MGT-7. These forms can be found under the Company E-filing section in the MCA services menu.


2. Fill in the E-Forms and Attach Documents:

Once you have downloaded the forms, fill them out with the relevant information specific to your company. Ensure that you provide accurate and up-to-date details. Additionally, attach the required documents as specified in the instructions.


3. Check the Form and Attach Digital Signature:

Before submitting the forms, it's crucial to review them for accuracy and completeness. Use the "Check form" option to validate the information provided. Then, attach the Digital Signature of the Director (DSC) and, if applicable, the Practicing Professional. This step is essential for authentication and verification purposes.


4. Register on the MCA Portal:

To proceed with the filing, you need to register on the MCA portal as either a Business User or a registered user. Complete the registration process by providing the necessary details and create your unique ID and password.


5. Log in and Upload the E-Forms:

After successful registration, log in to the MCA portal using your ID and password. Once logged in, navigate to the appropriate section and upload the filled E-forms and the signed forms from your system's location. Make sure to follow the instructions provided on the portal for correct submission.


6. Generate Service Request Number (SRN):

Once the forms are uploaded, the MCA system will automatically generate a unique Service Request Number (SRN) for your filing. This number serves as a reference for tracking the status of your filing. Keep a note of the SRN for future reference.


7. Payment Options:

After the SRN is generated, you will be directed to the payment window. You have two options for making the payment:


a. Pay Later Option: If you choose this option, a challan will be generated, and you can make the payment at a later time within the specified due date.


b. Online Payment: Alternatively, you can select online payment using internet banking or a debit/credit card. Complete the payment process following the provided instructions. Save the payment challan for future reference.


8. Track the Status:

With the SRN, you can easily track the progress of your filing. Enter the SRN in the designated field to check the current status of your form. The system will display whether the form is approved or pending approval.


By following these steps, you can efficiently complete the ROC filing process on the MCA portal, ensuring compliance with the required procedures and regulations.


Instabizfilings is your reliable partner that can assist you in all aspects of ROC filing, ensuring a seamless and hassle-free experience. Our expert team understands the importance of accurate and timely filing of annual returns and audited financial statements. With our affordable rates and efficient services, we can help you navigate through the entire ROC filing process, from conducting board meetings to preparing financial statements and obtaining necessary approvals. Trust Instabizfilings to handle your ROC filing requirements, allowing you to focus on your core business activities while ensuring compliance with relevant laws and regulations. Experience a convenient and reliable solution with Instabizfilings for all your ROC filing needs.

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