Wednesday, May 25

Tag: defaulting directors

Meet Compliance Requirements or Face Action: MCA Warns Defaulting Directors
Corporate, MCA, News

Meet Compliance Requirements or Face Action: MCA Warns Defaulting Directors

The Ministry of Corporate Affairs (MCA) has notified defaulting directors to file their pending statutory returns and meet compliance requirements under the Companies Act, 2013. It is also confirmed that such directors may have to face the axe if they don’t comply with the mandate.  As per Companies Act 2013, every company is required to do annual filing with the Registrar of Companies (ROCs). There are certain requisites to be observed by the companies, non-compliance of which can lead to stringent penalties, prosecution / disqualification of directors or even company closure.  To achieve the compliance objective, the ROCs are in the process of identification and flagging of directors who have been disqualified for failing to file annual returns and financial statements f...