COMPLIANCES OF PUBLIC LIMITED COMPANY
What is a Public Limited Company?
A Public Limited Company under Company Act 2013 is a company that has limited liability and offers shares to the general public. Its stock can be acquired by anyone, either privately through (IPO) initial public offering or by trading on the stock market. A Public Limited Company is strictly regulated and is required to publish its true financial position to its shareholders.
Public Limited Company is a company whose shares are traded in the stock market or issues fixed deposit. For Registering a public Limited Company there should be a minimum of 3 Directors and no restrictions in the maximum limit, 7 Shareholders, and 5 Lakh paid-up capital.
Once the Registration of Public Limited Company is done, the next step is very important to the company to follow the compliances prescribed by the Company Act, 2013. Public Limited Company is classified into two types that are Listed Public Limited Company and Unlisted Public Limited Company.
What is a Listed Company?
Listed Company means a company which has its securities listed on recognized Stock Exchange. All Listed Companies can be traded on the Stock Exchange. A listed Company is recognized as a Public Limited Company because it makes an Initial Public Offering or IPO to sell its shares to the public and to get capital in return.
What is Unlisted Company?
The shares of Unlisted are not available for the general public. An unlisted company can be a private limited or Public limited company. An unlisted Company can have an unlimited number of shareholders for raising capital for any commercial venture.
THE ANNUAL COMPLIANCES OF PUBLIC LIMITED COMPANY:
|SL. No||Particulars of Compliances||Form||Due Date|
|LISTED PUBLIC LIMITED COMPANY|
|1.||Annual General Meeting to be conducted as per the provisions of the Act.||Form MGT-15||Within thirty days from the date of its incorporation.|
|2.||Balance sheet, Director’s Report, Cash Flow Statement Auditor’s Report and the consolidated Financial Statement prepared in Extensible Business Reporting System (XBRL).||Form AOC-4||Within thirty days of holding the Annual General Meeting or AGM|
|3.||Information about the directors and shareholders is to be filed with relevant Registrar of Companies||MGT-7||Within sixty days of the Annual General Meeting(AGM)|
|4.||Adoption of Financial and Director’s Report||Form MGT-14||Within thirty days from the Board Meeting|
Income Tax Returns must be filed before the Tax Department.
On or before 30th September of the financial year
Submission of Secretarial Audit Report along with the Board Report when: Its total Paid- up capital is equal to or crosses Rs.50 crore or Its annual turnover is equal to or exceeds Rs 250 crore.
|Before appointment or reappointment of The Secretarial Auditors.|
|7.||Compliances under all Rules and Regulations associated with SEBI||-||-|
|UNLISTED PUBLIC LIMITED COMPANY|
|1.||Discussions related to appointment or reappointment of auditor or any such related issues.||-||At least 4 Board meeting in a year.|
|2.||Issue the Letter of Appointment to Cost Auditor and intimation to be made to Central government about its appointment||Form CRA-2||Original Appointment to be done within 30 days of Board Meeting or 180 days of Financial year, whichever is earlier Casual Vacancy to be filled within 30 days of Board Meeting.|
|3.||The Return of Deposit should be filed before the Registrar of Companies or ROC.||Form DPT-3||30th June of every year.|
|4.||Appointment of full time or casual CEO or CS or CFO||Form MGT-14 & Form DIR-12||Within 30 days of the Annual General Meeting and in case of casual vacancy within 6 months.|
|5.||Conducting Annual General Meeting for declaration of dividend.||-||The first Annual General Meeting is to be held within 9 months of the end of financial year.|
|6.||Special Resolution passed at Annual General Meeting||-||
Within 30 days of passing the resolution.
Hold a meeting and approve CSR Activities
|-||Four Board meetings with a gap of not less than 120 days between two Board meetings.|
Director needs to disclose a financial interest in the company.
After its appointment in first meeting.
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