Companies in India must conduct an Annual General Meeting at the end of each financial year and file an annual return with the Ministry of Corporate Affair to maintain compliance. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meeting should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company's annual return would be on September 30th.
Annual return consists of information and documents that include the balance sheet of the company, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the management of the company. The annual return would also disclose the shareholding structure of the company, changes in Directorship and details of transfers of securities.
PROCEDURE FOR ANNUAL FILING OF RETURNS
Hold a Board Meeting
Authorize the auditor for preparation of financial statements as per Schedule III of the Companies Act, 2013.
Authorize the Director or Company Secretary for preparation of Board Report and Annual Return as per the Companies Act, 2013.
Hold another Board Meeting for approving the draft financial statements, Board Report and Annual Return by the directors of the company.
Conduct the Annual General meeting of the company and pass the necessary resolutions. Please note that the financial statements are considered final only when the same are approved by the shareholders in the general Meeting.