Being compliant to the rules that have been setup by the companies act is important for you if you want to make sure that your standing as a One Person company is a good one. To that end, you need to file some compliance on an annual basis.
If you are not compliant, not only our company will lose a legal standing, it will also be penalized. These penalties are of varying nature. While you might want to defer the compliances because of the initial laxed-nature of the penalties, as time goes by and if you are still not compliant, the intensity of the penalties will increase.