by Audit Analyst | Aug 1, 2025 | OPC
General Non-Compliance Penalties Failure to comply with the provisions of the Companies Act can result in monetary fines, disqualification, or prosecution. The company and its officer in default (usually the director) are both held liable. General penalties may...
by Audit Analyst | Aug 1, 2025 | OPC
Mandatory Statutory Audit Every OPC is mandatorily required to get its financial statements audited annually. This requirement applies regardless of turnover, profit, or capital. The audit ensures the company’s books of accounts present a true and fair view of its...
by Audit Analyst | Aug 1, 2025 | OPC
Exemption from AGM Requirement A one-person company is exempt from holding an Annual General Meeting (AGM). This exemption is granted under Section 96 of the Companies Act, 2013, specifically for OPCs. The rationale is that since there is only one member, a formal...
by Audit Analyst | Aug 1, 2025 | OPC
Legal Requirement for Filing An OPC is required to file its annual return every financial year under the Companies Act, 2013. The return provides a summary of the company’s shareholding, structure, and governance. It is a mandatory compliance, even if the company has...
by Audit Analyst | Aug 1, 2025 | OPC
Annual Filing Obligations An OPC must file its financial statements every financial year with the Registrar of Companies (RoC). Form AOC-4 is used to file the audited financial statements. Form MGT-7A, a simplified version of the annual return, is mandatory for OPCs....
