Compliances are something which are mandated by the law and Every Company registered under Companies Act 2013 have to Comply with the provisions of Law. Non Compliances hampers the functioning of Company and defaulters often have to face penal Consequences which can be monetary or may have Imprisonment of a given term. For a good repute of the company and to avoid Penal Consequences Companies must follow the Timelines and Comply with the provisions of the Act.
Two types of Compliances are there which are done by a Company:
Every Private Company have to adhere to the same irrespective of the status of Company.
Event based Compliances are triggered when a Company in the due Course of its business happens to undergo that specific Event. Only those Company which triggers such events make the compliances.