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The term ‘ROC Return Filing’ stands for Registrar of Companies filing, which is a legal step. The Companies Act of 2013 makes it a mandatory process for every registered company that is needed to submit their annual financial statements, director’s report, and other necessary documents to the Registrar of Companies (ROC). On failing to comply, legal actions and penalties can be imposed on the company.

Companies should provide clear information about the financial status and operations of the company to the concerned government agencies.

Here are supporting points that make it important.

• Corporate Governance: A regular filing report of crucial changes related to the company, such as directorship change, shareholding patterns, and supporting effective governance.
• Financial Health Assessment: A company’s financial statements filed with the ROC furnish information about the company’s financial stability, which helps stakeholders to make wise decisions.
• Legal Compliance: The Companies Act of 2013 makes ROC filing mandatory and helps companies maintain their legal status and avoid further penalties.
• Risk Mitigation: To increase the market trust of the company, timely ROC filings are important. And it helps lower risks related to non-compliance, such as penalties or potential removal of the registration.
• Statutory Record Keeping: ROC filings keep a legal record of a company’s data, which is essential for legal reference and historical analysis.
• Transparency and Trust: ROC Filing develops transparency as it discloses important information about the functioning of the company and its financial development, building trust among the stakeholders.

The main responsibility for confirming a timely ROC filing belongs to the director of the company. They are liable to ensure that the company’s annual returns and audited financial statements are filed under the stipulated time durations according to the Companies Act, 2013.

The ROC filing process is one of the important compliance requirements for companies registered in India. It confirms that the Ministry of Corporate Affairs, or MCA, is being informed about important company details yearly.

The ROC filing process is divided into three main sections: Preparatory Board Meeting, Subsequent Board Meeting, and the Annual General Meeting (AGM). Their details are mentioned below:

1. Preparatory Board Meeting

This starting meeting is held to define the foundation for compliance and financial disclosures.

• Authorize Financial Statement Preparation: The board approves an auditor and is appointed under the Companies Act, 2013. The auditor prepares the financial statements as per Schedule III. This schedule directs the general instructions for creating the balance sheet and the profit and loss statement of a company.
• Authorize Preparation of the Board Report and Annual Return: The Director or the Company Secretary is assigned to create the Board Report and the Annual Return. The board report should contain a transparent review of the company’s affairs and the annual return. This review provides a synopsis of company information as of the closing of the financial year.

2. Subsequent Board Meeting

This meeting is held to validate the documents prepared and confirm their accuracy before they are displayed to the shareholders.

• Approval of Draft Financial Statements and Returns: The financial statements prepared in the preparatory board meeting are displayed for approval. This important step involves a complete review by the board to ensure that all financial disclosures are correct and comply with the required legal facilities and accounting standards.
• Approval of Board’s Report: The previously prepared Board’s report is also reviewed and approved in this meeting. An overall analysis of the company’s performance and strategy of the shareholders is reviewed in this step.
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3. Annual General Meeting (AGM)

The AGM is a compulsory yearly meeting of interested shareholders of a company.

• Presentation of Financial Statements and Reports: The approved financial statements and the Board’s report are displayed to the shareholders for their confirmation.
• Passing Necessary Resolutions: Different resolutions and concerning matters are passed in this meeting, such as the declaration of dividends, adoption of financial statements, reappointment of directors, and appointment or reappointment of auditors.
• Final Approval of Shareholders: Receiving approval from the shareholders during the AGM is the only way to finalize the financial statements and reports. This approval is important as it signifies the affirmation of shareholders and acceptance of the financial development and company policies as displayed by the board.

• Annual Returns: Details of the company’s operations and compliance status should be filed in Form MGT-7 or MGT-7A.
• Financial Statements: The annual financial statements of a company should be filed in forms such as AOC-4. Form AOC-4 CFS is used for integrated financial statements.
• Auditor Reports: Form ADT-1 is used for submitting details of the appointment of auditors and their reports.
• Changes in Company Structure: Form DIR-12 is used for submitting details of changes related to the company’s directors or some important management personnel.