Corporate Legal Health Check: Annual Compliance Checklist

Corporate Legal Health Check Checklist

This checklist helps established companies assess their legal compliance posture and identify areas requiring attention.

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Corporate Governance

Board & Meetings

• Minimum 4 Board meetings held per year (gap not exceeding 120 days)
• Quorum requirements met for all meetings
• Board minutes properly recorded and signed
• Board composition compliant (independent directors if applicable)
• Board committees constituted as required (Audit, NRC, CSR)
• Directors' disclosures obtained annually

Shareholder Matters

• AGM held within prescribed timeline
• Statutory registers maintained and updated:
  • Register of Members
  • Register of Directors
  • Register of Charges
  • Register of Contracts with Related Parties
• Share transfers properly recorded
• Dividend declared and paid in compliance

ROC Filings

• Annual Return (MGT-7) filed
• Financial Statements (AOC-4) filed
• All event-based forms filed timely:
  • Director appointments/resignations
  • Change in registered office
  • Charge creation/modification
  • Allotment of shares

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Contractual Compliance

Material Contracts Review

• All material contracts identified and catalogued
• Expiry dates tracked with renewal calendar
• Change of control provisions reviewed
• Assignment and termination rights documented
• Force majeure clauses assessed

Vendor & Customer Agreements

• Standard terms reviewed annually
• Payment terms compliant with MSMED Act
• Data processing agreements in place (where required)
• SLAs documented and monitored

Real Estate & Leases

• Lease agreements registered (if exceeding 11 months)
• Rent escalation provisions tracked
• Security deposits properly documented
• Exit terms and timelines clear

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Employment & Labor

Statutory Compliance

• EPF contributions and returns current
• ESIC compliance (if applicable)
• Professional Tax registration and payments
• Shops & Establishment registration valid
• Contract Labor Act compliance (if applicable)
• Minimum Wages Act compliance verified
• Gratuity provisions adequate

Policies & Documentation

• Employment agreements current for all employees
• Employee handbook updated
• Leave policy documented and communicated
• Exit process and documentation standardized
• Background verification records maintained

POSH Compliance

• ICC properly constituted with valid tenure
• External member appointed
• Annual training conducted
• Annual report filed with District Officer
• Quarterly ICC meetings held

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Intellectual Property

Trademark Portfolio

• All trademarks registered or applications pending
• Renewal deadlines tracked
• Watch service active for infringement monitoring
• Usage guidelines documented

Patents & Designs (if applicable)

• Patent maintenance fees paid
• Working statements filed
• Design registrations current

Confidential Information

• Trade secret inventory maintained
• Access controls implemented
• NDAs in place with all relevant parties

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Regulatory & Sector-Specific

General Compliance

• Business licenses and permits valid
• Environmental clearances current (if applicable)
• Fire safety certificates valid
• Pollution control consents obtained

Data Protection (DPDPA)

• Privacy policy published and current
• Consent mechanisms implemented
• Data processing agreements with vendors
• Data breach response plan documented
• Data retention policy established

Foreign Exchange (if applicable)

• FDI reporting current (FC-GPR, FC-TRS)
• ECB compliance maintained
• ODI filings updated
• FLA return filed annually

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Tax & Financial

Direct Tax

• Advance tax payments made timely
• TDS/TCS deducted and deposited
• TDS returns filed quarterly
• Income tax returns filed
• Transfer pricing documentation (if applicable)

Indirect Tax

• GST returns filed monthly/quarterly
• GST annual return filed
• Input tax credit reconciled
• E-way bills generated as required

Financial Reporting

• Statutory audit completed timely
• Related party transactions disclosed
• Significant accounting policies reviewed
• Internal financial controls assessed

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Risk Management

Insurance

• Directors & Officers liability coverage
• Professional indemnity (if applicable)
• Cyber liability coverage
• Property and business interruption
• Policy renewals tracked

Litigation & Disputes

• All pending matters catalogued
• Contingent liabilities assessed
• Legal reserves adequate
• Settlement authority documented

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Annual Action Items

Month	Key Compliance Actions
April	Close previous FY books, advance tax
May	Board meeting, prepare for AGM
June	TDS returns Q4, GST annual return
July	ITR filing, EPF annual return
September	AGM (if calendar year FY)
October	Annual ROC filings
December	Advance tax, board meeting
January	POSH annual report
March	Year-end closing, FLA return

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This checklist provides general guidance. Schedule a legal health check with RevLaw for a comprehensive compliance audit.