Private Company Compliance Checklist

For private companies, it's important to ensure that your company is compliant with all the legal and regulatory requirements. Failure to comply with these requirements can result in fines, legal disputes, and damage to your company's reputation.

Important compliances with the existing private companies include director KYC, MSME filings, AOC 4, MGT7, ADT-1, AGM, board meetings, deposit filings, charge filings, DPT 3, director disclosure, and BEN-2.

Checklist of compliance requirements for existing private companies.

Please note that this is not an exhaustive list and may vary based on the specific circumstances of each company. Additionally, some requirements may not apply to every company.

Director KYC

• Every Director of a private company needs to complete KYC through DIR-3 KYC Form by submitting their personal details, address, PAN, and Aadhaar number.
• Due date: Annual filing, to be filed on or before 30th September 2023.

MSME Filings

• Every private who are dealing with MSME and they any outstanding with MSME, should file MSME Form 1 to disclose their outstanding payments to Micro or Small Enterprises.
• Due date: Within 30 days from the end of six months of the financial year i.e., on or before 30th October and 30th April.

AOC 4

• Annual financial statements need to be filed in AOC 4 form which includes the Balance Sheet, Profit and Loss Account, Director Report, Auditor Report, and other related documents.
• Due date: Within 30 days of holding the Annual General Meeting.

MGT 7

• Annual return needs to be filed in MGT 7 form which includes details of shareholding pattern, details of transfers of securities, changes in directors or key managerial personnel, etc.
• Due date: Within 60 days from the date of the Annual General Meeting.

ADT 1

• Every private company needs to appoint an auditor for the financial year and file ADT-1 form to intimate the Registrar of Companies about the appointment.
• Due date: Within 15 days of the Annual General Meeting.

AGM

• Every private company needs to hold an Annual General Meeting every year to discuss and approve the financial statements, appoint or reappoint directors and auditors, and other related matters.
• Due date: Within 180 days from the end of the financial year (29th Sept 2023).

Board Meetings

• Every private company needs to hold at least 4 board meetings in a year to discuss and decide on various business matters.
• Due date: At least one board meeting should be held in every quarter of the financial year.

Deposit Filings: DPT3

• Private companies, Return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits. Mandatory Auditor certificate with the Registrar of Companies in DPT-3 form.
• Due date: 30th June 2023.

Charge Filings

• If a private company creates, modifies or satisfies any charge on its assets, it needs to file the particulars of such charge with the Registrar of Companies in CHG-1 form.
• Due date: Within 30 days of the creation or modification of the charge.

These are some of the major compliance requirements for private companies. You may refer to the Companies Act, 2013 and the rules made thereunder for detailed information and additional compliance requirements.

Please note that the due dates may vary based on the specific circumstances of each company, and it is important to consult us for accurate information and guidance on compliance requirements.