Compliances under Companies Act

In India, a Company which has been registered under Companies Act, 2013 must ensure compliance with the Companies Act, 2013. In India, the Companies Act, 2013 regulates:

Qualification, appointment, remuneration & retirement of Company’s Directors.
How to conduct Board & Shareholders Meeting.
The presentation & preparation of annual accounts and the regular maintenance of books of accounts.
Following are some vital post incorporation compliances:

Once you get the Certificate of Incorporation, a separate legal entity for the Company is established;
Once you get the Certificate, within 30 days one of the Company’s Directors must issue the notice for the 1st Board Meeting of the Company and at least 7 days prior to the latter being scheduled for.
In the 1st Board Meeting, the Company must appoint its 1st Auditor within 30 days of Incorporation by its BoDs or Board of Directors and every Company’s Director shall disclose their concern or interest of other Companies in the Form MBP-1. Moreover, in case of any change in Director’s interest he or she should disclose the change in the next upcoming Board Meeting, also he or she shall disclose in the annual disclosure to be made in the 1st Board Meeting of the F.Y.
The Company shall on & from the 15th day of its incorporation & at all-time thereafter have a registered office which is capable of getting & acknowledging all official communications & notices as may be addressed to it. Verification of the registered office is to be filled in Form INC-22 within 30 days of Company Incorporation.
It is compulsory for the Company to have its name board outside its registered office along with Company’s Name, CIN, address, phone number, fax number, email id & website address, if any.
It is necessary for the Company to have a PAN & TAN right after its incorporation. Even, these are the basic credentials required to open a new Bank Account in India.
Filing & maintaining of P&L Account, annual return & balance sheet every Financial Year together with an auditor’s report before the due date with the ROCs is necessary for the Company.
As per Companies Act, the Company is also required to conduct minimum 4 board meetings during the calendar year at stipulated intervals & also ensure that all the Minutes of the Board Meeting are safely retained until Company exists. The Minutes of the Meeting (MoM) required to be prepared within 15 days of the meeting & can be finalized within the 30 days of the meeting.
Issuance of Share Certificates to the shareholders is a vital requirement & all details of such issuance of share certificate are required to be maintained & mentioned in the Register of Allotment.
In India, every Company is required to maintain certain Statutory Registers under Section 85, Section 88, etc., of the Companies Act, 2013 & required to keep & maintain at its registered office in the prescribed form. In case of any failure in maintaining the statutory register, the Company & Directors may be fined & prosecuted.
There are some more important compliance measures where a Company is required to intimate the ROCs. It includes appointments & removal of Director and certain other changes in the prescribed manner.
The Companies Act, 2013 has also introduced the CSR or Corporate Social Responsibility provisions. Provisions under the CSR, companies are obligated to make the contribution in some philanthropic activities. Companies must fulfill the CSR criteria & undertake CSR activities in the Financial Year.
All the above-mentioned compliance requirements only apply to the Companies Act, 2013. Moreover, further registrations are required depending on the turnover & type of the business like GST Registration, Professional Tax Registration, etc. It is vital to note that the Company’s responsibility to comply with all rules & regulations provided in the Companies Act is not a one-time thing, but is a continuous affair.