Annual Compliances for Public Company on the basis of Paid-Up Share Capital under Companies Act, 2013.

Article explains Annual Compliances for Public Company when Paid-Up Share Capital is Rs. 5 Crores or more, when Paid-Up Share Capital is Rs. 10 Crores or more, when Paid-Up Share Capital is Rs. 50 Crores or more and when Paid-Up Share Capital is Rs. 100 Crores or more.

Annual Compliances for Public Company –On the Basis of the Paid-Up Share Capital:

1. Annual Compliances for Public Company when Paid-Up Share Capital is Rs. 5 Crores or more

Sr. No Compliance Time period
1. Filing of Financial Statements in FORM AOC-4 XBRL Within 30 days of the AGM
2. Signing of CS or PCS in Annual Return (MGT-7) Within 60 days of the AGM

 

2. Annual Compliances for Public Company when Paid-Up Share Capital is Rs. 10 Crores or more

Sr. No Compliance Time period / Requirement
1. Filing of Financial Statements in FORM AOC-4 XBRL Within 30 days of the AGM
2. Annual Return Certification in Form MGT-8 Attachment in Form MGT-7.
MGT-7 is required to be filed within 60 days of AGM.
3. Appointment of Independent Director At least 2 Independent Directors
4. Appointment of   Managing Director,
or Chief Executive Officer
or Manager and
in their absence, a Whole-time Director;  Company Secretary; and
Chief Financial Officer
  These are officers who may or may not be directors of the company but holds a top managerial position in a company are responsible for work performed under their directions.

Every whole-time Key Managerial Personnel of a company shall be appointed by means of a resolution of the Board containing the terms and conditions of the appointment including the remuneration.

5. Constitution of Audit Committee Committee shall consist  minimum of 3 directors with IDs forming majority.
6. Constitution of Nomination and Remuneration Committee 3 NEDs out of which 2 shall be the Independent Directors.   Chairman of Committee shall be an Independent Director.
7. Rotation of an Auditor (a) an individual as auditor for more than one term of five consecutive years; and (b) an audit firm as auditor for more than two terms of five consecutive years

Cooling Period: Five years from the date on which the term of five consecutive years or two terms of five consecutive years comes to an end in the case of an individual auditor and a firm of auditor respectively.

3. Annual Compliances for Public Company when Paid-Up Share Capital is Rs. 50 Crores or more

Sr. No Compliance Time period / Requirement
1. Filing of Financial Statements in FORM AOC-4 XBRL Within 30days of the AGM
2. Annual Return Certification in Form MGT-8 Attachment in Form MGT-7.
MGT-7 is required to be filed within 60 days of AGM.
3. Appointment of Independent Director At least 2 Independent Directors
4. Appointment of   Managing Director, or Chief Executive Officer or
Manager and
in their absence, a Whole-time Director;
Company Secretary; and
Chief Financial Officer
These are officers who may or may not be directors of the company but holds a top managerial position in a company are responsible for work performed under their directions.

Every whole-time Key Managerial Personnel of a company shall be appointed by means of a resolution of the Board containing the terms and conditions of the appointment including the remuneration.

5. Constitution of Audit Committee Committee shall consist minimum of 3 directors with IDs forming majority.
6. Constitution of Nomination And Remuneration Committee 3 NED out of which 2 shall be the Independent Directors. Chairman of Committee shall be an Independent Director.
7. Rotation of an Auditor (a) an individual as auditor for more than one term of five consecutive years; and (b) an audit firm as auditor for more than two terms of five consecutive years: Cooling Period: Five years from the date on which the term of five consecutive years or two terms of five consecutive years comes to an end in the case of an individual auditor and a firm of auditor respectively.
8. Appointment of Internal Auditor  Internal Audit is the check to assess the risk management and to ensure that risk management processes are efficient, effective, secure, and compliant. It is the basic check of internal control of the organization. An internal audit is an organizational move to check, ensure, monitor, and analyze its own business operations in order to determine how well it conforms to a set of specific criteria.
9. Appointment of Secretarial Auditor Secretarial Audit is a process to check compliance with the provisions of various laws and rules/regulations/procedures, maintenance of books, records etc., by an independent practising Company Secretary to ensure that the company has complied with the legal and procedural requirements and also followed due processes.

4. Annual Compliances for Public Company when Paid-Up Share Capital is Rs. 100 Crores or more

Sr. No Compliance Time period / Requirement
1. Filing of Financial Statements in FORM AOC-4 XBRL Within 30 days of the AGM
2. Annual Return Certification in Form MGT-8 Attachment in Form MGT-7.   MGT-7 is required to be filed within 60 days of AGM.
3. Appointment of Independent Director At least 2 Independent Directors
4. Appointment of managing director, or Chief Executive Officer or
manager and
in their absence, a whole-time director; (ii) Company Secretary; and
(iii) Chief Financial Officer :
 These are officers who may or may not be directors of the company but holds a top managerial position in a company are responsible for work performed under their directions.

Every whole-time Key Managerial Personnel of a company shall be appointed by means of a resolution of the Board containing the terms and conditions of the appointment including the remuneration.

5. Constitution of Audit Committee The Audit Committee shall consist of a minimum of 3 directors with independent directors forming a majority.
6. Constitution of Nomination And Remuneration Committee 3 NED out of which 2 shall be the Independent Directors. Chairman of Committee shall be an Independent Director.
7. Rotation of an Auditor (a) an individual as auditor for more than one term of five consecutive years; and (b) an audit firm as auditor for more than two terms of five consecutive years:  Cooling Period: Five years from the date on which the term of five consecutive years or two terms of five consecutive years comes to an end in the case of an individual auditor and a firm of auditor respectively.
8. Appointment of Internal Auditor   Internal Audit is the check to assess the risk management and to ensure that risk management processes are efficient, effective, secure, and compliant. It is the basic check of internal control of the organization. An internal audit is an organizational move to check, ensure, monitor, and analyze its own business operations in order to determine how well it conforms to a set of specific criteria.
9. Appointment of Secretarial Auditor  Secretarial Audit is a process to check compliance with the provisions of various laws and rules/regulations/procedures, maintenance of books, records, etc., by an independent practicing Company Secretary to ensure that the company has complied with the legal and procedural requirements and also followed due processes.
10. Appointment of Women Auditor  The Indian Government came up with this rule in the Companies Act, 2013 for the empowerment of women.

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