Event based Compliance

The contribution of Companies, whether big or small, to the development and growth of a nation, is significant. The Central Government controls the functioning, development, financing, winding up of any private or public company, whether big or small, is controlled by the government. In order of this control by the government, parliament established The Companies Act in 1956. The Central Government reserves the right to scrutinize accounts of the companies, investigate the affairs of any company, and to direct the audits.

There are some statutory compliances that are mandatory for a company to comply with the concerned Registrar of Companies (ROC) throughout the year. Further, this compliance can be put into categories of (i) annual and periodic compliances, (ii) event-based compliances. The new Indian Companies Act was formed in the year 2013 that promulgated other new compliances to be made with the Registrar of Companies with the purpose of better facilitation and business management that could mount to transparent. It all is implemented for perfect corporate governance. All compliances are mandatory and failure or delay in compliances with the Registrar of Companies would result in penalties, fines, or imprisonment. Therefore, it is mandatory for the active companies located in India to adhere with these periodic and annual compliances with the Registrar of Companies properly and on time to defer any legal hassles that the company might incur.

Simultaneous adherence to the yearly or one-time compliance is not all. Non-compliance or delays may result in the company being liable for fines. 

Event-Based Compliance is that mandatory compliance that is different than the mandatory periodical and annual compliances with the ROC and other regulatory authorities. These event-based compliances are related to any entertaining or unexpected activities, events, or new company size. 

When registering a new business, business registration seems to be the most important part of it. However, if a limited private company is registered in terms of the Companies Act, 2013, there is a lot of adaptabilities that they need to make several times.

In stock, an event-based company adheres to the reporting and or the one-time, regular, or periodic agreements, both required by applicable or desirable laws, in order to remain legally binding and secure. All changes to any registered information associated with the company must be properly reported to the relevant ROC and other regulatory/legal authorities. Also, directors have the right to ensure that the company's operations do not deviate from the rules and provisions provided for in its MOA and AOA, a company operates in a completely reliable and trustworthy manner without committing any illegal or deliberate negligence of its obligations, in particular including disclosure of relevant information (to all persons and companies concerned) about its financial status and business operations.

• Here, check out the compliance with the various event companies, so that you can remain legally fit.
• Changes to the registered office address occur for a number of reasons, but it is imperative to bring the change of address to the registrar of the firm.
• If there are any changes in the board of directors or any change in the appellation, it must be informed to the registrar by way of Form DIR-12 within 30 days of such change.
• If board members decide to change the registered company name, they must keep the new name with the help of the RUN service, pass a special resolution and file Form MGT-14. Once this change has been made on behalf of the company it must be passed through INC 24 seeking approval from the central government.
• When DINs, DSCs, DPINs, etc. are occupied.
• Managing and updating official Registers and Records.
• Adding or Withdrawing a Designated Partner or Director.
• Decisions / Minute Minutes relating to Board / General / Committee Meetings.
• Changing Company Name or Address or Registered Office Address.
• Any modification in MOA and AOA / LLP agreement.
• Changing the Authorized Capital of the Company.
• Change of Signatories of Bank.
• Appointment and removal of directors/auditors.
• Resignation or appointment of a director.
• Statutory Audit of accounts.
• When a financial statement is filed (Form AOC-4).
• At the time of preparation of the report of the director.
• Annual General Meeting.
• Issuance / Issuance / Transfer of Company Shares.
• Share transactions and issuance of sharing certificates.
• Business / Service Expansion or Division.
• Subdivision or share consolidation.
• When a Managing director or auditor is appointed in the company.
• Business Transformation or Reorganization.
• Making the Right Agreement with Related Organizations.
• Private placements.
• When shares are transferred.
• Relevant Issues.
• Change in Name or Object of the Company.
• Directors are disqualified.
• Any increase in Authorized Capital.
• Auditing of ROC compliances.
• Any change in statutory auditors.
• Obtaining or Renewing Licenses required by a company.
• When there is a requirement for audit or ITR.
• Planning or making amendments to various company contracts with third parties/organizations.
• Registration, Retention, and Protection of Copyright.
• Diligence Due to Compatibility Compliance with Joint Venture, Merger & Acquisitions, FDI, etc.
• Credit Monitoring (CMA).
• Potential Compliance Related to IPO, Stock Trading, and Various SEBI Rules and Regulations.
• Filing of Form MGT-7 (Annual Return).
• FDI-related laws in India, such as those under the RBI, FEMA, etc.
• Any good compliance or reporting under the Tax Department or GSTN.
• Event-based compliance under the various relevant authorities, regulatory bodies, and laws (such as labor and employment laws, corporate and commercial laws, maritime and legal law, intellectual property laws, environmental laws, etc.)
• Any advisory or wise compliance in accordance with Secretarial Standards I and II.
• Company Closure.
• Also reporting and compliance are related to other non-performing events and events associated with internal and external business management and overall business governance.

Corpseed Will Help You With the Process

A company has to be vigilant about its compliance with the Registrar of the Companies as delay or in failure would make the company liable for penal actions against them. Corpseed will help you throughout the process with proper guidance from day one till final result.