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Ensuring Regulatory Compliance through SimplyCorp’s CAAS Model: The Significance of Annual Filing Obligations Under Companies Act, 2013

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  9. Ensuring Regulatory Compliance through SimplyCorp’s CAAS Model: The Significance of Annual Filing Obligations Under Companies...

SIMPLYCORP'S CAAS MODEL

Contributed by: Vanaja Kaleru
Email id: vanaja@simplybiz.in

In today’s dynamic business landscape, regulatory compliance forms the bedrock of operational integrity and stakeholder trust. Adhering to strict compliance requirements under the Companies Act, 2013, especially for annual filings, is crucial. Recent adjudication orders from the Ministry of Corporate Affairs (MCA) underscore the importance of these obligations, serving as a strong reminder for businesses to act proactively.

Key Annual Compliance Requirements:

  1. Approval of Financial Statements & Board Report: Companies must prepare and approve their Annual Financial Statements, including consolidated statements if applicable, along with the Board Report within six months of the financial year’s end (Section 134).
  2. Holding of Annual General Meeting (AGM): First AGM: Within nine months of the financial year’s end. Subsequent AGMs: Within six months of the financial year’s closure (Section 96).
  3. Annual Return & Financial Statement Filings: Annual Return (Form MGT-7/7A): Filed within 60 days of the AGM, detailing information about share capital, share transfers, shareholders, directors, meetings and members. Financial Statements (Form AOC-4): Filed within 30 days of the AGM, covering key financial documents like the Balance Sheet and Profit & Loss Statement.
  4. Certification in Form MGT-8 of a company’s Annual Return by a Practicing company secretary, applicable for a listed company or a company having paid-up share capital of Rs 10 crore or more or Turnover of Rs 50 crore or above to be done within 60 days of the AGM.
 Enforcement and Consequences of Non-Compliance:
 

Non-compliance leads to penalties, disqualification of directors, and reputational risks. The MCA has empowered the Registrar of Companies to impose fines and initiate investigations under Section 454. Recent adjudication orders highlight the necessity of adhering to compliance timelines to avoid legal and operational setbacks.

Proactive Compliance with SimplyCorp’s CAAS Model:

At SimplyCorp, we proudly manage compliance for over 80 clients spanning various industries under our Compliance as a Service (CAAS) model. For FY 2023-24, we maintained a stellar record, achieving 100% on-time Annual Filing compliance for all clients who provided the required information and documents within the stipulated timelines.

  1. Bookkeeping and Financial Statement Preparation for FY 2023-24.
  2. Drafting and Filing the Annual Report as per regulatory standards.
  3. Director KYC Compliance to ensure active status and avoid disqualification.
  4. Filing of Annual Financial Statements (Form AOC-4) in adherence to the Companies Act, 2013.
  5. Filing of Annual Returns (Form MGT-7/7A) within specified deadlines.
  6. Filing of Form ADT-1 for Auditor appointments.
  7. Filing of Form DIR-12 for changes in Directors, if applicable.
  8. Filing of Form MGT-14 for resolutions passed in virtual or physical meetings, where applicable.
  9. Filing of Form CSR 2 – Report on corporate social responsibility, if applicable
  10. Filing of Form CRA 4 – Cost Audit Report, if applicable

Why Choose CAAS?

  • Diligence-Ready Assurance: Always prepared for audits and inspections.
  • Expert-Led Execution: Managed by experienced Subject Matter Experts.
  • End-to-End Accountability: Complete compliance management ownership.
  • Real-Time Monitoring: Access to the SimplyBiz portal for updates and transparency.

Scope of Engagement:

  • Annual contracts with defined deliverables.
  • Regular compliance reporting.
  • Structured operational workflows and transparent commercial terms.

By prioritizing compliance, businesses not only fulfil statutory obligations but also demonstrate their commitment to governance, transparency, and trustworthiness. SimplyCorp’s CAAS model ensures seamless compliance, allowing companies to focus on growth without regulatory concerns.

If you are looking for compliance support, we can help you with the same. SimplyCorp is a solution that offers comprehensive and end-end management of Corporate Governance & Secretarial Compliances covering all stages of entity life cycle. If want to know more on the compliance requirements and outsource the same to us, please write to our Product Head – Vaishali Vohra at the mail vaishali@simplybiz.in or vanaja@simplybiz.in or

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