Annual Compliance

A complete list of Annual Compliance calendar for Listed Companies for FY 2020-21

The article speaks about the complete list of annual compliance calendar for listed companies for the FY 2020-21. The article is about the annual Compliance for the listed companies in the regular mechanism, in order to meet the legislative and regulatory changes. A fast, robust compliance mechanism is essential because of the multi-layered taxation system, regulatory environment, technology up-gradation, stricter penal provisions, and unforeseen business disputes. Therefore, it has become necessary for the listed companies to follow appropriate timelines to comply with required laws. It becomes the duty of the concerned Board of directors to conduct a proper system to ensure fulfilment of annual compliance calendar provisions.

There is a list of the key annual compliances for Private Limited Companies applicable during the financial year 2020-2021.

In the wake of Covid-19, India has extended various statutory due dates under Income Tax Law, GST Law, and Labor Laws. Same includes due dates for the filing of Form GSTR-3B, GSTR-7, GSTR-8, GSTR-1, GSTR-6, GST CMP 08, GSTR-5, GSTR-5A (OIDAR Service Provider), GSTR 9, GSTR 9C, GSTR-4 and due dates for Furnishing Tax Audit Report for A/Y 2020-21. It also extended the dates for the filing of payment of TDS/TCS, Provident Fund Contribution, and ESI contribution.

Ministry of Corporate Affairs-MCA has given Private Limited Companies, Public Limited Companies, and Limited Liability Partnerships an Annual compliance calendar. This article shall incorporate the dates for half-yearly compliances of Private Limited and Public Limited company, compliances of the newly merged company, and Compliance for LLP – Limited Liability Partnership.

Quarterly compliances under Annual Compliance Calendar

SEBI (Depositories and Participants) Regulations, 2018 and SEBI (Substantial Acquisition of Shares and Takeover Regulations), 2011

S.No.	Compliance	Regulation	Due date
1.	Statement of Investor Complaints	Section 13(3) of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015	21 April, 21 July, 21 October, and 21 January- at the end of each quarter
2.	Corporate Governance Report	Section 27(2) SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015	15th  April, 15th  July, 15th  October, and 15th  January- within 15 days from the end of each quarter

Annual Compliance Calendar of Private and Public Limited Companies

S.No.	Compliance	Form	Due Date
1.	Annual Compliance for submitting details of the business of the LLP and its partners. All registered LLPs should file the Form within 60 days from close of the end of Financial Year	Form-11 Annual Return of an LLP	30th May 2021
2.	Here, Director KYC to be done after submission of Form of DIN Holders as on 31 March 2021. Every director/person of that company  who has been allotted DIN Number and the status of DIN is approved	Form- DIR -3 KYC	30th September 2021
3.	It is to be filed with less than 15 days from the conclusion of the AGM. The appointment of an auditor shall be informed to ROC by company.	Form ADT-1 Appointment of Auditor	14th  October 2021
4.	Statement of Accounts and Solvency. The LLP is required to submit their accounts of profit & loss and balance sheet.	Form 8- Financial Reports of LLP	30th October 2021
5.	The companies should file its AGM report to ROC within 30 days of its conclusion.	Form AOC-4 Filing of Annual Accounts of Company	30th October 2021
6.	Filing of Annual Return by the company after the conclusion of its AGM within 60 days.	MGT-7 Filing of Annual Returns	29th  November 2021
7.	Filing of Resolution with the ROC regarding Board reports and Annual Accounts	MGT-14 Filing of Resolution with MCA	Within 30 days of the Board Meeting

Why the Government has given relief and extended the annual compliance calendar?

Due to the Pandemic all economies were affected. The reason is straightforward as there was a complete lockdown, and only essential services were allowed to operate. The Ministry of Corporate Affairs (MCA) had to give the liberty to the companies listed under the Act, for the filing of compliances. The annual compliance calendar remained the same, but it had to be changed due to the pandemic. Initially, it started with the extension of the time period of Form-E, where a moratorium period was given till 30.09.2020; it is a form which comes under the list of 76E Forms prescribed by MCA.  The Government relieved companies by removing the penalty of additional fees if filed after due dates. It only mentioned waiver of liability, but no due dates were extended for e-forms.

Compliances could not be carried out by companies during the lockdown period. Such notification relieved companies from carrying out regular compliances. This was a good move by the MCA to extend the compliance calendar dates.

The reason is that if the due dates were not extended by the MCA, the Statutory Auditors or Secretarial Auditor should give the qualification in their report. Such report would be not compliant with the provisions of the Companies Act, 2013^[1].

Conclusion

It can be concluded that the extension of the due dates of the annual compliance calendar by MCA favors companies in India. If the Audit Report is submitted for non fulfillment of compliances would lead to penalties on private and public companies. To stop the massive effect, the MCA’s decision to extend due dates of annual compliance calendar makes it convenient for companies.

Read our article:Corporate Compliance Calendar For April 2020