What are the various compliance requirements by a Dormant Company?

Compliance Requirement by a Dormant Company The ROC maintains the Register of dormant companies. The compliance requirements to retain the status of a dormant company are as follows: A dormant company shall have a minimum number of three directors in case of a public company, two directors in case of a private company and one director in case of a One Person Company. A dormant company is required to file a "Return of Dormant Company" in form MSC-3 annually, inter- alia, indicating financial position duly audited by a chartered accountant in practice along with such annual fee as provided in the Companies (Registration Offices and Fees) Rules, 2014 within a period of thirty days from the end of each financial year. A Dormant Company shall continue to file the return or returns of allotment and change in directors in the manner and within the time specified in the Act, whenever the company allots any security to any person or there is any change in the directors of the company. A Dormant Company need not enclose cash flow statements in its annual accounts. A Dormant Company is required to convene at least one meeting of the Board of Directors in each half of a calendar year and the gap between the two meetings is not less than ninety days. [Section 173(5) of the Companies Act, 2013] The provisions of the Companies Act, 2013 in relation to the rotation of auditors are not applicable to dormant companies. If a company has not obtained the status of a dormant company under section 455 or has not made any application for it and has not been carrying on any business or operation for a period of two immediately preceding financial years, the Registrar may remove the name of the company from the Register of Companies under Section 248 of the Companies Act, 2013 after sending a notice to the company and all the directors of the company, of his intention to remove the name of the company from the register of companies and requesting them to send their representations along with copies of the relevant documents, if any, within a period of thirty days from the date of the notice. [Section 248(1)]