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PUBLIC LIMITED COMPANY COMPLIANCE FILINGS IN INDIA
End-to-End Business Services of Tax & Compliance for Pvt Ltd
Public limited companies are required to adhere to tight regulations. One of the main responsibilities of a public limited corporation is annual tax and compliance. It entails holding meetings, reporting results, and maintaining a register in accordance with the law in order to submit annual forms. Click 4 Business Solutions Pvt Ltd Private Limited provides its esteemed clients with annual business compliances like tax & compliance for public ltd firms. We have a specialized team in our office who can assist you with the annual compliance filing.
You will receive the licenses in a short period of time thanks to the full responsibility we at Click 4 Business Solutions Pvt Ltd Private Limited take on. Because we wish to provide the best services possible for our clients, our professionals are aware of your concerns and can provide you with full consultancy support and business services.
Click 4 Business Solutions Pvt Ltd Private Limited does not skimp on quality and is passionate about offering top-notch customer service to our clients. Our vision is that the main goal of a business services provider company should be to assist others.
Filings for Public Limited Companies in India
Compared to other types of firms, public limited corporations are required to submit the most compliances each year. Public limited firms with the highest annual and periodic compliances every year are known as listed public limited corporations. Let's have a brief chat on an Indian public limited company's annual compliance filings.
A public limited company must comply fully and completely with the new Companies Act of 2013 as laws and regulations put in place by the RBI, SEBI, FEMA, and other organizations become stricter and more dynamic. As a result, public limited firms in India, especially those that are listed, are now more concerned than ever with filing annual and periodic compliances. Filing public limited RoC compliances and tax-related compliances become mandatory. In case of late or non-compliance, these Acts and Statutes provide provisions for severe fines, penalties, and even imprisonment.
For a public limited business, including those that are listed in India, annual and recurring compliances are required. They typically relate to the following compliance categories:
Various ROC compliances in accordance with the Companies Act 2013 and all relevant rules and regulations
Compliance with tax laws with the GSTN and tax authorities
Various compliances with various SEBI laws and regulations, including the listing regulations, in 2015 (applicable for the listed public limited companies)
Secretarial Standards I and II Compliance (Rigorously pertinent since July 2015)
Compliance with all other relevant legal statutes and acts (described in the section below), including the corporate and commercial laws, labor and employment laws, excise and customs laws, intellectual property laws, RBI, FEMA, PF, and ESI regulations, the pollution control act, maritime and admiralty laws, and others.
Event-based compliances
Advantages of public limited company compliances
| TRANSPARENCY AND CREDITABILITY | Each company is required to accurately comply with applicable corporate legislation. Regular compliance aids in the company's credibility expansion. Regular compliance is taken into consideration as a criterion to ensure a company's reputation and transparency when applying for loans, government contracts, authority, banks, and other opportunities. |
| INVESTMENT | For the purposes of expansion, each company requires investment. Investors are keen to invest in those ventures or companies which they consider offering them highest returns. So, an investor checks financial records, dates, etc. before making any proposal. The regular compliance enhances trustworthiness of the company. |
| AUTHENTIC STATUS | As previously stated, the registrar may strike down the company name if annual compliances are not paid. In order to manage active status, frequent annual compliance is helpful. |
| CLIENT GUARANTEE | Clients are reassured by regular annual compliance that the business regularly audits its operations. They can therefore have faith in the business's business practices. |
| COMPETITIVE ADVANTAGE | A competitive advantage over other companies in the market is provided by annual compliance. It can be used to promote the company and reassure clients or investors about its operations. |
| RELIABILITY OF DATA | The companies' yearly compliance ensures the accuracy of the data collected for yearly compliance. |
| PENALTIES COULD BE PREVENTED | If small enterprises fail to comply with annual compliances, they may frequently face severe penalties. Therefore, severe penalties may be avoided with consistent annual compliance. |
Quarterly Compliances for Public Limited Company
Quarter 1
(April – May - June)
| Serial Number | Applicability of Company | Action Needed | Section and Rules | Particulars of Compliance |
| 1 | Public limited company | Organizing a board meeting | 173 | The business must hold a minimum of one board meeting per quarter throughout the year. |
| 2 | Public limited company | MBP-1 receipts from each Director | 184(1) | Each director of the company must declare his or her stake in other firms on form MBP-1 at the first board meeting of each fiscal year. A new MBP-1 form must be filed to the Company by them if his interest changes from the previous one. |
| 3 | Public limited company | Receipt of DIR-8 from every Directors | 164(2) | Every director of the company is required to submit Form DIR-8, Company Disclosure of Non-Disqualification, once every fiscal year. |
| 4 | Public limited company | Meeting of Audit committee | 177 |
The audit committee should arrange at least one meeting in each quarter of the year. Each company under the following class or classes must set up a vigil mechanism for their directors and employees so that they can report any real concerns or grievances: (a) Companies accepting public deposits; (b) Companies borrowing more than 50 crore rupees in loans from banks and other public financial institutions. The board of directors should propose a director to serve as the audit committee for the monitoring mechanism. |
| 5 | Public limited Companie | Committee for Remuneration and Nomination | 178 | Every quarter of the calendar year, the Nomination and Remuneration Committee should host at least one meeting. |
| 6 | Public limited Companie | Managing registers | 88 |
Company needs managing the following registers : * Register of members who hold debentures or other securities* Register of members * Register of renewed and duplicate share certificate * Register of key managerial employees, directors, and their ownership * Register of employee stock options * Register of sweat equity shares * Register of charges * Register of shares or other securities acquired back * Register of guarantee, loans, security and acquisition made by company * Register of share application and allotment * Register of share application and allotment Register of contracts with connected parties, agreements, organizations, and other matters in which directors have an interest. * Register of debenture or shares transfer |
Quarter 2
(July-August-September)
| Serial Number | Applicability of Company | Action needed | Section and Rules | Particulars and Compliance |
| 1 | Public companies | Board meeting | 173 | Every quarter, the company should organize at least one Board Meeting |
| 2 | Public companies | Meeting of audit committee | 177 |
A minimum of one meeting must be held by the audit committee every quarter Vigil Mechanism Listed below are companies that should establish a vigil mechanism so that employees can report their genuine concerns and grievances: (a) Deposit-taking companies(b) Banks and public financial organizations granted company loans exceeding 50 crores. A director shall be appointed by the Board of Directors to act as the audit committee in order to provide vigilance |
| 3 | Public companies | Committee for remuneration and nomination | 178 | Every quarter of the year, the Remuneration and Nomination Committee must convene a minimum of one meeting. |
| 4 | Public companies | Managing registers | 88 |
The following mandatory records must be kept by the company: * Register of debenture or other securities holders* Register of members * Register of duplicate or renewed share certificate * Register of directors and major managerial employees and their shareholding * Register of employee stock option * Register of sweat equity shares * Register of Charges * Register of shares or other securities procured back * Register of investment not managed in its own name by the company * Register of guarantee, loans, acquisition and security made by company * Register of share application and allotment * Register of contracts with associated party, entities and others in which directors are interested * Register of shares or debenture transfer |
| 5 | Public companies | Notice for Annual General Meeting | 101 & SS - II | Each notice of annual general meeting will be prepared according to section 101 of Companies act 2013 and secretarial standard–II In the case there are more than 200 members then company will offer e-voting provision |
| 6 | Public companies | Director's Report | 134 | Under section 134, directors' report will be made with all the information needed. |
| 7 | Public companies | Circulation of financial statement and other pertinent documents | 136 | Company will send notice of Annual General Meeting to the members with cash flow statement, official financial statement, auditors' report and directors' report at least 21 days before the annual general meeting except if Annual General Meeting is called on shorter notice |
Quarter -3
(October-November-December)
| Serial Number | Applicability of Company | Action needed | Section and Rules | Details of Compliance |
| 1 | Public companies | Board Meeting | 173 | Minimum one board meeting should be held by the company in each quarter of the calendar year |
| 2 | Public companies | Audit Committee | 177 |
Vigil Mechanism Each company under following class or classes shall start a vigil mechanism to report concerns or grievances by their directors and employees : (a) Companies accepting deposits from the public(b) Companies borrowed money from banks and public financial institutions exceeding fifty crore rupees. Board of directors must recommend a director to play the role of audit committee for the use of vigil mechanism |
| 3 | Public companies | Committee for Remuneration and Nomination | 178 | Nomination and Remuneration Committee should organize minimum 1 meeting in each quarter of calendar year |
| 4 | Public companies | Managing registers | 88 |
Company will preserve a number of compulsory registers as follows : * Register of members* Register of debenture or other securities holders * Register of directors and important administrative staff and their shareholding * Register of duplicate and renewed share certificate * Register of sweat equity shares * Register of employee stock option * Register of shares or other securities acquired back * Register of charges * Register of guarantee, loans, acquisition and security made by company * Register of investment not maintained in its own name by the company * Register of contracts with related party, bodies and others in which directors are concerned * Register of share application and allotment * Register of shares or debenture transfer |
| 5 | Public companies | File e-forms | 137 | Financial statement - Company needs filing its profit and loss account, balance sheet, directors' report and cash flow statement in this form within 30 days of annual general meeting. |
| 6 | Public companies | File e-forms | 179(3) | Acceptance of financials and director report - Company will file MGT-14 with copy of board resolution within 30 days of board meeting. |
| 7 | Public companies | File e-forms | 92 | Filing annual return - Company must file this form within 60 days of annual general meeting. Every company with paid-up share capital of 10 crore rupees or more or turnover of 50 crore rupees or more, shall be certified by a company secretary who is in practice and the certificate must be in form - MGT.8. |
| 8 | Public companies | Appointment of auditor | 139 | Auditor will be appointed for the Five years and form ADT-1 must be filed for 5-year appointment. Afterwards every year in Annual General Meeting, shareholders need to approve the Auditor but ADT-1 is not required to be filed again. |
Quarter -4
(January-February-March)
| S.No. | Applicability of Company | Action Needed | Section and Rules | Particulars of Compliance |
| 1 | Public companies | Board Meeting | 173 | Company must hold minimum one board meeting in each quarter of the calendar year. |
| 2 | Public companies | Meeting of audit committee | 177 | Audit committee should hold at least one meeting in every quarter of the calendar year. Vigil Mechanism : Every company in following category or categories shall set up a vigil mechanism for their directors and employees to report their concerns or grievances (a) Companies accepting deposits from the public(b) Companies borrowed money from banks and public financial institutions exceeding 50 crore rupees. (c) Board of directors shall appoint a director to play the role of audit committee for the reason of vigil mechanism |
| 3 | Public companies | Committee of remuneration and nomination | 178 | Remuneration and nomination committee should hold minimum one meeting in every quarter of calendar year. Stakeholders Relationship Committee The Board of Directors of a company that involves more than one thousand shareholders, deposit-holders debenture-holders and any other security holders at any period during a financial year need to create a stakeholders relationship committee |
| 4 | Public companies | Independent meeting of Director | 149 | The independent directors of the company shall organize minimum one meeting in a year without the attendance of non-independent directors and members of management |
| 5 | Public companies | Preservation of registers | 88 |
Company will maintain the following mandatory Registers : * Register of Members* Register of Debenture Holders/ Other Securities Holders * Register of Directors and Key Managerial Personnel and Their Shareholding * Register of Renewed and Duplicate Share Certificate * Register of Sweat Equity Shares * Register of Employee Stock Option * Register of Shares/Other Securities Bought Back * Register of Charges * Register of Loans, Guarantee, Security And Acquisition Made By Company * Register of Investment Not Held In Its Own Name By The Company * Register of contracts with related party and bodies in which directors are involved * Register of Share Application and Allotment * Register of Shares/Debenture Transfer |
Meeting of the Nomination and Remuneration Committee and the Audit Committee
To organize an audit committee, the class or classes of companies listed below are required:
Public Companies with a paid-up share capital of at least Rs 10 crore,
Or
Public Companies with a revenue of at least Rs 100 crore
Or
Public Companies with outstanding loans, debentures, and deposits of at least Rs 50 crore.
The following audited profit & loss account is included in the annual return
Audited Profit & Loss Account
Accountable Balance Sheet
Verification of registered office information
A company secretary's compliance declaration
Information on the shares and bonds
Member database
Information on the company's management
Debt information
Specifics of the modified shareholding structure
Information on share or security transfers within a fiscal year
Information on the change in directorship
Maintaining Registers
Frequently Asked Questions
Ques: What info should be enclosed within the annual return?
The amount of knowledge enclosed within the annual report varies on the dimensions of the general public Ltd., however, it usually includes the record, profit & loss account, member info, administrators report, director info, and assistant certificate (where applicable).
Ques: Who ought to sign the yearly come, I hear you ask?
The annual come should be signed by 2 of the company's administrators.
Ques: Who should sign the annual filing electronic forms?
A Chartered Accountant or Company Secretary and a director of the company must digitally sign the annual return.
Ques: Is there a deadline for filing the annual return?
Yes, the Public Limited Company must file its Annual Return before the deadline, which is the 30th of September of each year and six months after the conclusion of the fiscal year.
Ques: What is the public limited company's annual return called?
According to the 2013 Companies Act, every public limited company in India is required to submit an annual return each year. The Ministry of Corporate Affairs should be contacted for the submission of the Balance Sheet, Profit and Loss Account, and other papers. The annual return is handled by the Ministry of Corporate Affairs and is entirely apart from the income tax division.