Why is the Annual Return Filing Important for the Private Limited Company


Why is the Annual Return Filing Important for the Private Limited Company

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Annual Return filing is important for the Private Limited company because it enables the stakeholders to have a complete disclosure of non-financial facts and information related to the business and activities. It also acts as an important tool for the Registrar to verify the correctness of particulars filed with it.

As per Section 92 of the Act every company shall file an annual return in Form MGT.7 containing all the particulars as they stood at the closure of the financial year. Every company shall also prepare an extract of the  privatelimited annual filing in Form MGT.9 and annex the same with its Board's report.

It is a public document and therefore it can be inspected by any member or debenture holder on payment of prescribed fee (Section 94) if they wish to do so. This makes it a very important document to have as it is prima facie evidence of holding a particular number of shares on the date mentioned in it by the concerned person.

The Registrar of Companies (ROC) requires all companies to file an Annual Return and the MGT-7 form. This document provides a summary of the key information about the company's operations for the year. If the company has received any loans or funds, it must file the DPT-3. This penalty can be anything between Rs. 100 to Rs. 100 crores.

However, the liability of the Company Secretary in Practice has increased as he is now required to certify through a statement that the contents and compliance of the Companies Act is being met by the company besides verifying the correctness of the content of the annual return.

 

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