What are the Due Dates for Filing Form AOC-4 and MGT-7?
| Form | Purpose | Due Date | Applicable To |
| AOC-4 | Filing financial statements | Within 30 days from the date of the AGM | All companies (except LLPs) |
| MGT-7 | Filing annual return | Within 60 days from the date of the AGM | All companies (except OPCs) |
Note: Companies whose financial year ends on 31st March must hold the AGM by 30th September, which sets the usual due dates as follows:
- AOC-4: 30th October
- MGT-7: 29th November
The MCA may grant extensions that could change these due dates, so it’s important to stay updated annually.
What are the Consequences of Non-Compliance for AOC-4 and MGT-7?
Non-compliance with AOC-4 and MGT-7 filings doesn’t just mean paying a penalty; it can affect the legal standing, financial stability, and operational flexibility of a company. Staying compliant ensures smooth functioning and keeps the company in good standing with all regulatory authorities.
1. Heavy Penalties and Late Fee
Non-filing attracts a daily late fee of ₹100 per form, per day, with no upper limit, which keeps increasing the longer the delay continues. Additionally, separate penalties are levied on the company and its directors if the forms are not filed at all.
2. Disqualification of Directors
If a company fails to file financial statements (AOC-4) or annual returns (MGT-7) for three consecutive financial years under Section 164(2) of the Companies Act, 2013, it may disqualify its directors from being reappointed in that company or appointed in any other company for the next five years.
3. Company Status Marked as “Defaulting”
The Ministry of Corporate Affairs (MCA) may mark the company’s status as “defaulting” on the MCA portal, which affects its reputation, credibility, and ability to raise funding or apply for government tenders or loans.
4. Legal Action by the Registrar of Companies (ROC)
In cases of continued non-compliance, the ROC may issue legal notices and initiate proceedings under the Companies Act. This could result in fines, prosecution, and even strike-off of the company from the register of active companies.
5. Loss of Government Benefits or Schemes
The government may bar companies that do not meet compliance from availing incentives, tax benefits, or schemes meant for startups, MSMEs, or other categories.
6. Impact on Corporate Transactions
Non-compliant companies may face restrictions while:
- Raising funds from investors.
- Opening or renewing bank accounts.
- Entering into mergers, acquisitions, or joint ventures.
- Applying for various statutory registrations or licenses.
Can the Penalty be Waived?
Under the current provisions of the Companies Act, 2013, authorities do not waive penalties and late filing fees for non-filing of Form AOC-4 and MGT-7 under normal circumstances. Outside such schemes, the system mandates the penalty and continues to accumulate it until the default is corrected. Therefore, it is advisable to file all forms on time to avoid financial and legal consequences.
What is the Importance of Timely Filing?
Timely filing of Form AOC-4 and Form MGT-7 is not just a regulatory formality it is a critical part of maintaining a company’s legal and financial health. Here’s why it is so important:
1. Legal Compliance
Filing these forms within the prescribed due dates ensures that the company complies with the Companies Act, 2013. It helps to avoid penalties, prosecutions, and disqualifications of directors, and also keeps the company legally secure.
2. Avoidance of Penalties
The daily late fees for non-filing can quickly add up and become a heavy burden. Timely filing helps the company avoid ₹100 per day per form in late filing fees, as well as statutory penalties on both the company and its directors.
3. Maintains Company’s Active Status
The Ministry of Corporate Affairs (MCA) tracks the annual filings of companies. Failure to file can result in the company being marked as “defaulting” or even struck off from the MCA records in severe cases. Timely filing helps the company maintain its active and compliant status.
4. Enhances Credibility and Reputation
Consistent compliance boosts a company’s credibility with banks, investors, and clients. It reflects good governance and builds trust with stakeholders, which is especially crucial during funding, partnership, or tender applications.
5. Helps in Future Corporate Transactions
Timely filed financials and returns are often required for:
- Raising capital
- Loan approvals
- Due diligence during mergers or acquisitions
- Participating in government or private sector tenders
Delays can cause unnecessary roadblocks in such processes.
6. Transparent Financial Reporting
AOC-4 and MGT-7 clearly report the company’s financial position and shareholder structure. This promotes transparency and keeps regulatory authorities and stakeholders informed.
7. Smooth Director Appointments and Changes
Only companies in good compliance standing can appoint or reappoint directors without legal hassle. Timely filings protect directors from disqualification under Section 164 of the Companies Act.
Conclusion
Filing Form AOC-4 and MGT-7 on time is not just a compliance task; it’s essential for maintaining your company’s legal standing and financial credibility. Non-filing can lead to penalties, disqualification of directors, and loss of business opportunities. By understanding the due dates, penalties, and consequences, you can take proactive steps to stay compliant and avoid unnecessary legal trouble. Make annual filing a priority to ensure smooth and stress-free operations.
Suggested Read :
How to File Form MGT-7 and AOC-4 Online?
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