MCA to impose penalties on Indian unicorns for delay in filling financials

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The Ministry of Corporate Affairs (MCA) is considering imposing penalties on Indian unicorns who fail to file their financials on time.

MCA believes that the aforementioned move will improve compliance among homegrown unicorns. According to current regulations and rules, a company (unicorn) must file its annual financial report with the Registrar of Corporate Affairs (RoC) within seven months of the end of the fiscal year. If a company does not follow this, the MCA will fine it INR 200 per day. In addition, if the filing of financial statements is delayed by 270 days, the company’s directors will be imprisoned for more than six months.

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MCA to impose penalties on Indian unicorns for delay in filling financials

The Ministry of Corporate Affairs (MCA) is considering imposing penalties on Indian unicorns who fail to file their financials on time.

MCA believes that the aforementioned move will improve compliance among homegrown unicorns. According to current regulations and rules, a company (unicorn) must file its annual financial report with the Registrar of Corporate Affairs (RoC) within seven months of the end of the fiscal year. If a company does not follow this, the MCA will fine it INR 200 per day. In addition, if the filing of financial statements is delayed by 270 days, the company’s directors will be imprisoned for more than six months.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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