Public Limited Company

Lawply | Updated: 12, May 2019 | Category: None

What is Public Limited Company?

Nidhi Company is a kind of company which is registered under the Companies Act, 2013. Nidhi Company is the public limited company which is made with the only purpose of accepting deposits and lending money only to its members. It is also Non-Banking Financial Company (NBFC) that has been exempted from the provisions of Reserve Bank of India (RBI).

In other words, we can say that Nidhi companies are allowed to take a deposit from their members and lend to its members only. As a result, the funds contributed to Nidhi company are only from its members (shareholders) and are used only by the shareholders of the Nidhi Company. Therefore, Nidhi Company is an ideal entity to take a deposit from and lend to the specific group of people.

Annual Compliance for Public Limited Company

Once Public Limited Company incorporation, next legal regulation from ROC (Registrar of Companies) is annual compliances. It’s mandatory for all Public Limited companies to file annual compliances on time as per dates defined by ROC. Failure in filing compliance on time leads to heavy penalties on business.

As per Companies Act of 2013 Law, every Public Limited Company needs to file annual compliances.

 Annual General meeting must held once a year after 6 months from the end of financial year, but for newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Financial year starts from 1st of April and ends on 31st March.

Public Limited Company Annual compliances consists of below activities

1.    Maintain Accounts and Prepare financial statements: - Mandatory at the end of each financial year

2.    Annual returns: - Once a year before 30th September. Annual return consists of information and documents that include

  • Filing of Financial Statements with ROC
  • Shareholding structure of the Company
  • Registered Office Address
  • Maintenance of Registers
  • Compliance Certificate from CS
  • Register of Member
  • Company Management
  • Shares and Debentures details
  • Debt and charge details
  • Changes in Directorship
  • Details of transfers of securities / share.
  • Shareholding structure of the Company

3.    Income tax return: - Each Year on or before 30th of September.

4.    Annual General Meeting: - Mandatory once a year.

5.    Board meetings: - 4 in a year, at least one every quarter.

6.    Director reports: - Mandatory once a year.

7.    Annual Filing of Forms: - Mandatory once a year.

8.    Yearly Forms by Directors: - Mandatory once a year.

  • Form MBP- 1
  • Form DIR - 8
  • Annual Return in Form MGT-7
  • Financial Statement in Form AOC-4
  • Adoption of Financials and Director Report in Form MGT-14
  • Certification of Annual Return in Form MGT-8
  • Report on AGM in Form MGT-15
  • Appointment of Secretarial Auditor MGT-14
  • Appointment of Cost Auditor CRA- 2
  • Appointment of Auditor in Form ADT-1
  • Appointments of Independent Director/Woman Director in Form DIR- 12
  • Directors' Report as per Section 134
  • And, many other annual and periodic compliances as per the provisions of the Companies Act of 2013, the Secretarial Standards I & II, and the rules given in the Companies (Management and Administration) Rules of 2014, and the Companies (Accounts) Rules, 2014.
  • Income Tax and GST related Compliances
  • CSR related Compliances
  • Compliances related with the SEBI (LODR) Regulations of 2015
  • Compliances related with the concerned regulatory laws and Statutes
  • And, specific Event-based Compliances

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