Annual Compliance for Public Limited Company

Annual compliances are the following legal obstacle from the ROC after the formation of a public limited company. Legaltoast makes maintaining Public Limited Company Compliances easier.

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Public Limited Company

Public Limited company Annual Compliance Filings

Annual compliances from the ROC (Registrar of Companies) are the next legal barrier after incorporating a public limited company. All Public Limited Companies must file yearly compliances on schedule, according to the ROC’s deadlines. Failure to file compliance on time results in severe fines for the company.

It is compulsory for every Public limited company to file yearly compliances. The Companies Act of 2013 governs annual compliances for public limited companies. The annual meeting of shareholders must be organized once every year. However, for newly created companies, the Annual General Meeting must be held within 18 months from the date of incorporation or 9 months from the date of completion of the fiscal year, whichever is sooner. The fiscal year begins on April 1st and finishes on March 31st.

Annual compliances of a public limited company

Annual Return in Form MGT-7 including the most up-to-date information about the public limited company’s directors and shareholders.

• Balance Sheet, Profit and Loss Account, Directors’ Report, Cash Flow Statement, Auditor’s Report, and Consolidated Financial Statement in Form AOC-4.
• Income Tax Returns
• Form MR-3 Secretarial Audit Report
• Annual compliance with all SEBI-related rules and regulations.
• Adoption of Financials and Director’s Report (Form MGT-14).
• Form MGT-15 for an exclusive report on the company’s Annual General Meeting (AGM).

Benefits of Public Limited Company Annual Compliance

1)  CREDIBILITY & TRANSPARENCY

Every corporation has a legal obligation to follow the rules set forth by the law. Regular compliance is a criterion for ensuring an organization’s credibility and transparency in government bids, loans, and other situations. This consistent compliance aids in the company’s credibility.

2) INVESTMENT

Every firm requires investment for expansion, and it is in the habit of investors to invest in only those initiatives or companies that they believe will provide them with large returns. Before making or finalizing any deal, an investor examines the financial records, dates, and other factors. The company’s credibility is enhanced by consistent compliance.

3) ACTIVE STATUS

As previously indicated, failure to meet annual compliance requirements regularly leads to the registrar shutting down the company’s name. As a result, annual compliance aids in the maintenance of active status.

4) CLIENT ASSURANCE

Annual compliance assures clients that the organization is assessing its operations on a regular basis. As a result, people can put their faith in the company’s activities.

5) COMPETITIVE ADVANTAGE

Annual compliance gives a competitive edge in the market. It can be used to promote a business and reassure investors or customers about the company’s operations.

6) CORRECTNESS OF DATA

Companies’ annual compliance guarantees that the data gathered for annual compliance is accurate.

Documents Required for Annual Filing of Private limited Company

    • Certificate of Incorporation of the Public Limited Company
    • PAN Card
    • Financial Statements of the Public Limited Company
    • An impartial auditor must audit financial Statements.
    • The Public Limited Company’s Audit Report and Board Report
    • Director’s DSC (Digital Signature Certificate of the Directors)
    • Balance sheet

 

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PROCEDURE To file Annual Compliance for Public Limited Company

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Frequently Asked Questions

Annual compliance means the requirements that have to be followed yearly to avoid any form of penalties.

The majority of the annual compliance requirements for public corporations would be the same as those for private enterprises. On the other hand, a private limited business is not obligated to comply with the listing requirements because it is not publicly traded.

Annual compliance is required for a public limited firm. Such compliances must be carried out in accordance with the law's requirements.

Yes, there is a penalty for failing to file annual returns according to the rules.

The director must complete and sign the annual filing of e-forms. This signature must be completed digitally by the company's director. The procedure must also be carried out by a Chartered Accountant and a Company Secretary.

Yes. The penalty is imposed if the yearly filing is late or not filed at all.

The Annual return should be digitally signed by a corporate director and a CA/CS.

Every year, a public limited company must file annual returns. In addition to the Balance Sheet, Profit and Loss Account, and other documents. It is, however, distinct from an income tax return, and the Ministry of Corporate Affairs governs it.

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