Whether a person is a director in one or more company or simply holds a DIN, he is suppose to be aware of the newest compliances shared below which put the onus of compliance in association with the director or the company on his shoulders in a direct or indirect manner. Therefore, as the director, he needs to keep in mind the compliances stated below to stay safe from any complications later on.
Compliances Every Director Should Know
Here is the list of compliances a director has to be aware of:
1. DIR- 3KYC
- Directors holding DIN as on March 31st, 2018 were needed to file the DIR- 3KYC form.
- As per MCA, all the DIN holders are required to annually file DIR- 3KYC.
- Presently, the DIR- 3KYC forms available on the portal do not cater to DINs.
- You will be able to download revised forms shortly from the portal.
- This form will be required to fill by all the DIN holders within duration of 30 days of deployment.
- All the DIN holders will need to file KYC form.
- All the DIN holders who fall under “Deactivated due to non-filing of DIR- 3 KYC” will also need to get their DINs activated.
2. ACTIVE e-form INC-22A
- The date to file INC-22A was April 25th, 2019 earlier but later it was extended to June 15th, 2019.
- All the companies which have been incorporated on or before December 31st, 2017 will need to fill INC-22A.
- For companies who fail to fill ACTIVE or Form 22A before the extended date then that company will be marked ACTIVE non-complaint.
- In this situation, company will not be able to bring about any changes such as Changes in authorized capital (Form SH-07); Amalgamation or Merger (INC-28); Changes in paid-up capital (Form PAS-03), Changes in Registered Office (Form INC-22), Changes in Director (Form DIR-12) (cessation would be allowed).
3. MSME Form
- All those companies which are getting supplies from MSMEs in form of goods or services are suppose to report and file MSME form -1.
- This form is required to be filled in case of the payment for procurement has exceeded duration of 45 days counting from the date of receiving the supplies.
- This form was made available on the portal from May 1st, 2019 and the late date to fill this form will be May 31st, 2019.
- In case of failure to fill the form, a fine of up to Rs. 25,000 will be required to pay by the company.
- Directors may also have to face an imprisonment of 6 months and fine ranging from Rs. 25,000 to 3,00,000.
- To avoid such a situation, companies must clearly state the status of their creditors and also report balances in MSME forms.
These are the three forms which every director should be aware of in order to avoid attracting any penalties.