Legal Obligation

• Every OPC is required to file its financial statements annually with the Registrar of Companies (RoC).
  
• This requirement is mandated under Section 137 of the Companies Act, 2013.
  
• Filing is compulsory even if the company has not carried out any business during the year.
  
• The financial statements must present a true and fair view of the company’s affairs.
  
• Failure to file results in financial penalties and potential legal action.
  

Applicable Forms and Timeline

• The financial statements are filed using Form AOC-4, which is designed for small and single-member companies.
  
• The form includes details of the balance sheet, profit and loss statement, and notes to accounts.
  
• It must be filed within a specific period following the end of the financial year.
  
• The filing must be signed using a Digital Signature Certificate (DSC) and certified by a practicing professional.
  
• The form becomes part of the public record accessible through the MCA portal.
  

Audit Requirements

• All OPCs are required to get their accounts audited by a Chartered Accountant, regardless of turnover.
  
• The audited financials must be attached to the filing form.
  
• The auditor’s report and board approval are key components of the final submission.
  
• The audit ensures that the financial statements comply with legal and accounting standards.
  
• Non-compliance with audit provisions leads to rejection of filings and further penalties.
  

Content of Financial Statements

• The submitted financial statements must include:
  
  • Balance sheet
    
  • Profit and loss account
    
  • Cash flow statement (if applicable)
    
  • Notes to accounts
    
  • Auditor’s report
    
• These documents must be by Schedule III of the Companies Act.
  
• All amounts should be clearly stated in Indian currency and must match the audit report.
  
• Financials must reflect all assets, liabilities, incomes, expenses, and provisions.
  

Filing Responsibility and Consequences

• The director of the OPC is responsible for ensuring timely and accurate filing.
  
• Late filing attracts additional fees per day of delay, and prolonged default can lead to disqualification.
  
• The RoC may issue notices or initiate proceedings for persistent non-compliance.
  
• Filing ensures transparency, legal standing, and access to benefits like loans and contracts.
  
• It is a critical annual requirement that supports the company’s continued existence and credibility.