Under the Companies Act, 2013, private companies are subject to greater control and regulations and the number of exemptions which were earlier enjoyed by the private companies, have been withdrawn with the Introduction of Companies Act, 2013 which provides strict and rigorous fines, penalties, and imprisonment to treat the cases of non-compliance or delayed compliances with the prescribed regulatory authorities.

Mandatory Compliances for a Private Limited Company:

• Holding First Board Meeting within 30 days of incorporation of Company
• Holding of minimum four Board meetings in a calendar year and not more than 120 days gap should be there between two meetings- Subsequent
• Within a period of Nine months from the date of closing of the first financial year of the Company- First
• Within a period of Six months from the date of closing of financial year

and Not more than Fifteen months shall elapse between the date of one annual general meeting of a company and that of the next- Subsequent

• Appointment of First Auditors and Subsequent Auditors
• Annual Return in form MGT-7 within 60 days from the date of AGM
• Financial Statements in form AOC-4 within 30 days from the date of AGM
• Income Tax Returns
• Maintenance of Statutory Registers
• Disclosure of Director’s Interest and Declaration in Form MBP-1 and DIR-8 respectively.