Non-Filling of Financial Statements or Annual Returns U/s 92 and 137 can have following implications:

1. Non-compliance of Section 92 and Section 137 is liable with penalty u/s 92(5) and u/s 137(3) respectively- Both Company & its every officer in default (Usually the Directors) shall be liable for penalty of 10,000 & 100 per day with subject to maximum of Rs. 2,00,000 for Company & 50,000 for every Officer in default.

2. These penalties are per form per year can be imposed on the Company & its directors for non-Filling of both forms for any year.

3. If a Company fails to file Financial Statements or Annual Returns for 3 consecutive years, its directors will be disqualified for Appointment in any company for a period of 5 years & he/she will have to vacate the office in every other Company immediately.

4. If a disqualified director continues to act as director, it shall be punishable with a fine of Rs. 1 Lakh with maximum of Rs. 5 Lakhs.