ROC Filling

What is the ROC?

The Register Of Companies ( ROC ) is an office functioning under the Ministry of Corporate Affairs (MCA), which controls the entire administration of all companies and Limited Liability Partnerships (LLP) in India. The MCA controls and regulates all the entities and LLPs under the Companies Act, 1956 and Companies Act, 2013. The ROC is the authority, which takes care of registration or incorporation of a company in India.

Registering A Company In India

In India, every company requires incorporation approval from the ROC. Once the application for incorporation of the company is made, the ROC will scrutinize the application and provide the incorporation certificate. This incorporation certificate acts as evidence for the existence of any company. Similarly, after the incorporation, if any company winds up, then the ROC is the final authority to strike the name of the company from the registry.

Section 117 of companies act, 2013, states that every resolution passed by the company should be intimated to the ROC within 30 days from the date of passing the resolution. From appointing the directors or managing directors up to the winding up of the company, every information must be conveyed to the ROC.

What Is ROC Filing?

  • ROC filing means the filing of audited financial statements, and annual returns, by the company to the ROC.
  • Under section 129 and 137 of the Companies Act, 2013, every company should file audited financial statements with the ROC.
  • Similarly, under section 92 of the Companies Act, 2013, the annual returns must be submitted to the ROC.
  • The above documents should be filed within 30 days and 60 days from the date of the conclusion of the annual general meeting.

Benefits of ROC filings

Explicit The Financial Position:

  • The filing of annual returns consists of the compilation of total accounts of the company for the entire year.
  • Filing helps to analyze or determine the financial position of the company. i.e if the company is running in loss or profit.

Proof Of The Existence Of The Company:

  • Regular filings with the ROC provides proof of the existence of the company.
  • The government will update the record for the existence of the company based on the filings executed by the company.
  • The company which has failed to provide annual filings for a long time is considered as fake, or the name of the company can be struck off by the ROC.

Protection Against A Penalty:

  • Companies who fail to file annual filings may be charged with penalties. Hence, timely filings will protect the company from the same.
  • Appropriate annual compliance will protect the company from any legal complications.