Private Limited Company Registration in Mumbai

You must know that the Companies Act, 2013 provides for certain compliances to be undertaken by a private limited company, the non compliance of which may lead to striking off of the name of the company from the register of companies.

The following are the mandatory legal compliances to be undertaken private limited company registration in Mumbai:

1. Every company shall paint or affix its name, address, and corporate identity number outside every office where its business is being carried on. Besides that, the company shall also get its name engraved in legible character on its seal and shall also keep it printed in all its business letters, bill heads, etc. (Section 12).

2. Every company is obligated to hold at least one annual general meeting every year in addition to other meetings. However, not more than fifteen months’ time period shall elapse between the dates of two annual general meetings. The annual general meetings are held for purposes such as appointment of auditors, declaration of dividends, remuneration, etc. (Section 96).

3. A company shall in its Annual General meeting appoint an individual or a firm its auditor who shall hold office for a period of five years from the date of appointment. A person shall be eligible for being appointed as an auditor only if he is a Chartered Accountant. The notice of appointment of the auditor shall be filed with the registrar within a period of fifteen days of the meeting in which he is appointed. The auditor must be appointed by filling the form ADT-1.

4. A company shall hold the first meeting of its Board of Directors within thirty days from the date of its incorporation. Thereafter, the company is obligated to hold a minimum of four meetings of the board of director every year. The meeting shall be held in such a way that not more than 120 days shall intervene between two meetings. The directors may participate through person or through other means such as video conferencing, etc. The directors shall be given seven days prior notice before the date of the meeting (Section 173).

5. It is obligatory that at least one-third of the total directors of the company or at least two directors, whichever is higher, must attend the meeting of the board (Section 174).

6. It shall be the duty of every director to disclose in the first board meeting in which he participates as a director or in the next meeting which takes place after his interest in the company changes to disclose his interest in other company or companies or body corporates or firms or association of individual. The disclosure shall be made in form MBP-1 (Section 184).

7. Every company shall file with the registrar an annual return within 60 days from the date of conducting annual general meeting. The return shall be filed in form MGT-7 and shall contain the following information:

• Details of all the meetings conducted by the company.

• Registered office and the principal place of business of the company.

• The details of the debenture holders or members of the company along with the changes made.

• Details of the key managerial personnel, directors, and promoters along with the changes made therein.

• Remuneration paid/ awarded to the directors and key managerial persons.

• Details of legal matters in which the company is involved along with the fine imposed (Section 92).

8. The company shall file with the registrar, financial statements of the company in form AOC-4 within 30 days of the date of Annual General Meeting (Section 134).

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