Various Sections of the Companies Act prescribes the timelines for filing of return and records with the Registrar of Companies Act. There are different timelines such as 15 Days, 30 Days, 60 Days for different forms.
The Filing Fee for each forms and returns are also prescribed under the Companies Act.
In case the company fails to file return with the Registrar before the expiry of the period specified in the relevant section, the company and the officers of the company who are in default, shall be liable for the penalty or punishment provided under the respective Sections Act for such default without prejudice to the fact that the company filed the returns with the payment of fee and additional fee.
Companies Amendment Ordinance 2019
Companies Amendment Ordinance 2019 has removed the maximum allowed time of 270 days for delayed filings. Subsequent to the amendment of Companies Act by Companies Amendment Ordinance 2019, even a single day of delay in filing any Return / Form / Document with Registrar of Companies under the Companies Act will attract the provisions of adjudication of penalty under Section 454 of the Act.
Also, the Registrar of Companies has already started issue notices for adjudication of penalty under Section 454 of the Act for delayed filings.
Adjudication of Penalty under Companies Act.
Adjudication of Penalty under Companies Act means the official imposing of penalty as prescribed under the respective Sections of Companies Act on the Company and its officers by the designated officer of Ministry of Corporate Affairs.
Under Section 454 of the Companies Act, the Central Government has appointed the Registrar of Companies / Regional Directors as the adjudicating officers for adjudging penalty under the provisions of this Act.
Before adjudicating the penalty, the adjudicating officer will sent a show cause notice to the company and to every officer of the company to submit their reply why the inquiry should not be held against him.
The notice will carry details of the nature of non-compliance or default under the Act made by the company and its offices. After considering the reply from Company or officers, the adjudicating officer, may issue a notice for personal hearing either personally or through his authorised representative. After the hearing, the adjudicating officer may pass any order imposing the penalty as he thinks fit.
Appeal on the Order
Any person aggrieved by the order of the by the adjudicating officer may file an appeal to the Regional Director having jurisdiction in the matter.
After giving an opportunity of being heard to the parties, the Regional Director may pass such order confirming or modifying or setting aside the order by the adjudicating officer.
Filing the Returns with Additional Fee
Section 403 states that, any document or return to be submitted with the Registrar shall be submitted or filed within the time specified in the relevant provision of the Companies Act with payment of such fee as may be prescribed.
Filing of Forms / Returns with the Registrar of Companies by paying Additional Fee is not an excuse from imposition of penalty for delayed flings as prescribed under the respective Sections.
Adjudication of Penalty under Companies Act
In case your Return / Form has been marked for resubmission with remarks 'File adjudication application under Sec.454 of the CA, 2013' then Adjudication of Penalty under Companies Act is inevitable.