If Indian unicorns don’t submit their financial reports on time, the Ministry of Corporate Affairs (MCA) may penalise them.
MCA predicts that the aforementioned action will increase domestic unicorn compliance. A corporation (unicorn) must submit its annual financial report to the Registrar of Corporate Affairs (RoC) within seven months of the conclusion of the fiscal year, in accordance with current laws and regulations. A company will be fined INR 200 per day by the MCA if it does not comply with this. In addition, the company’s directors will serve more than six months in prison if the submission of financial statements is delayed by 270 days.
