After a long period of almost 33 years, our beloved Companies Ordinance 1984, stands repealed. It has now been replaced by the Companies Act, 2017.
Below is what you need to know and do about it:
The Companies Ordinance, 1984 has been repealed through promulgation of the Companies Act, 2017, whereby existing provisions of the Ordinance are improved / changed significantly including the provisions regarding holding of Annual General Meeting and filing of Annual Returns to SECP.
As per provisions of section 132 of the Companies Act, 2017, maximum period of four months for holding AGM from the close of financial year has been substituted with “one hundred and twenty days”. As a result the maximum due date for holding of AGM for companies having financial year ended on June 30, is now 28th of October, 2017 and so on for the following periods also. This change is normally overlooked by companies due to an assumption of 30days=1Month. Now, the companies in normal course are required make Annual Compliance and to report / file with SECP the following returns / documents as are applicable to them (based on the latest financial year closed- in this case, 2017):
|Sr. No.||Activity (Statutory Return / Document)||Due Date (including submission / filing with SECP)||Remarks|
|1||Holding of AGM (whose financial year ended on June 30, 2017)
|28-Oct- 2017||Single Member Company is not required to hold AGM.|
|2||Appointment of Auditors, Election of Director, or other Officers (Form-29)
(Section 197 and 246)
|11-Nov-2017||The appointment of auditors is not mandatory for the companies having paid-up capital of not more than 1,000,000/-.|
|3||Filing of Annual Return (Form-A/B)
|27-Nov-2017||Not applicable for a single member company and private company having paid up capital of not more than 3,000,000/-, in case there is no change of particulars in the last annual return filed with the registrar.|
|4||Filing of Return of Global Register of Beneficial Ownership
|27-Nov-2017||Alongwith Annual Return. It shall also apply, where filing of Annual Return is not required.|
|5||Filing of Compliance Report Certificate
[The Companies (Compliance with Licensing Conditions) General Order, 2016]
|27-Nov-2017||Certain companies operating under a License / Permission from a Regulatory Authority is required to annex Compliance Report with Annual Return.|
|6||Filing of Annual Financial Statements alogwith Auditors and Directors’ Report
|12-Nov-2017||Filing of Audited Financial Accounts shall not apply on a Private Company having the paid-up capital not exceeding 10 million rupees.|
|7||Filing of Unaudited Financial Statements
|27-Nov-2017||A private Company, not being a Subsidiary of Public Company, having the paid-up capital not exceeding one million shall require to file financial statements whether audited or not.|
For the compliance of above, early accounts are needed to be prepared.