Compliance for Public Limited Company

Contact Us Now !

Call now on 7303632352 , 7906637828 For Free Consultancy by the Our Expert,

Drop a Mail on corporateverdict@gmail.com For Resolving Your Query

Running a Public Limited Company (PLC) in India entails several compliance requirements to ensure legal adherence, transparency, and operational efficiency. Here are the key compliance obligations for a Public Limited Company:

Initial Compliances for Incorporation

1. Incorporation:

   • Obtain Digital Signature Certificates (DSC) for directors and stakeholders.

   • Obtain Director Identification Number (DIN) for directors.

   • Reserve a unique name for the company through the Ministry of Corporate Affairs (MCA).

   • Prepare and file the incorporation documents (Memorandum of Association and Articles of Association) with the Registrar of Companies (RoC).

2. Statutory Meetings:

   • Conduct statutory meetings like Board Meetings and General Meetings as per the Companies Act, 2013.

Ongoing Compliances

1. Board Meetings:

   • Hold at least four board meetings in a year (one meeting every quarter).

   • Ensure compliance with quorum requirements and maintain minutes of meetings.

2. General Meetings:

   • Hold an Annual General Meeting (AGM) within six months from the end of the financial year.

   • Special General Meetings may be convened for specific purposes as required.

3. Financial Statements:

   • Prepare and adopt annual financial statements (Balance Sheet, Profit and Loss Account).

   • Ensure compliance with Accounting Standards prescribed under the Companies Act.

4. Annual Return:

   • File annual returns (Form MGT-7) with the RoC containing financial performance, director's details, etc., within 60 days from the AGM.

5. Audit Requirements:

   • Conduct an annual audit of financial statements by a qualified Chartered Accountant.

   • File the audit report (Form ADT-1) with the RoC along with the financial statements.

Compliance with Regulatory Authorities

1. Registrar of Companies (RoC):

   • File various forms and documents with the RoC as per the Companies Act, 2013.

   • Update changes in registered office, directorship, shareholding, etc., with the RoC.

2. Income Tax Returns (ITR):

   • File income tax returns (ITR) annually by the due date.

   • Comply with tax audit requirements if applicable under the Income Tax Act.

3. Goods and Services Tax (GST):

   • Register under GST if applicable (based on turnover).

   • File periodic GST returns and comply with GST regulations.

4. Employees' Provident Fund (EPF) and Employees' State Insurance (ESI):

   • Comply with EPF and ESI regulations if applicable (based on employee strength).

   • File monthly/quarterly returns and make contributions as required.

Additional Compliances

1. Compliance Certificates:

   • Obtain compliance certificates from professionals (Company Secretary, Chartered Accountant) as required by law.

2. Corporate Governance:

   • Adopt and follow good corporate governance practices.

   • Appoint Independent Directors and constitute Board Committees as required by law.

3. Event-Based Compliances:

   • Notify RoC about changes in MoA, AoA, directorship, etc.

   • Obtain approval for significant transactions as per the Companies Act.

Penalties for Non-Compliance

Non-compliance with these requirements may result in penalties, fines, or legal actions against the Public Limited Company and its directors. It's crucial for PLCs to maintain proper records, adhere to regulatory guidelines, and ensure timely filing of returns and reports.

By choosing Corporate Verdict, you can rest assured that your Compliance for Public Limited Company will be handled efficiently, allowing you to focus on growing your business.

For more information or to start the registration process, visit our website or contact our team today!

Have any Questions?

If you have any questions about the Compliance for Public Limited Comany, feel free to contact us.