Public Limited Company Compliance

After Public Limited Company incorporation, next legal complication from ROC (Registrar of Companies) is annual compliances. It is 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 Company Law, every Public Limited Company needs to file annual compliances. Annual compliances for Public Limited Company fall under the Companies Act, 2013. Annual General meeting must be 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.

Decision: Is annual compliance must for a public limited company?

It is mandatory for all public limited companies to file annual compliance and other tax-related returns. Failing which will lead to heavy penalties or your Company in Defaulter list of the ROC. 

When it comes to running a business, compliance is of utmost importance. It ensures that your company operates within legal boundaries and upholds ethical standards. For public limited companies, compliance becomes even more crucial due to the additional regulations they must adhere to. In this section, we will explore the benefits of public limited company compliance and why it should be a top priority for any business in this category.

The public limited company compliance records the following benefits, which are as follows-

• Legal protection

One of the unsaid benefits of annual compliance for a public limited Company comes with legal protection, as it is equipped with the superpowers, which protect the company against any potential legal issues or prevailing disputes. However, with compliance in place, they are assured of transparency and accountability in a way that the company does not have to bear the brunt of any legal repercussions. 

• Competitive advantage

One benefit of complying with regulations as a public limited company is gaining a competitive advantage in the market. This can lead customers to choose your company over others as compliance is a significant factor in earning their trust and loyalty.

• Access to Capital

The public limited company requires enough capital for growth and expansion. No wonder, compliance along with adherence to the regulatory requirements are how your company can become an attraction for potential investors. And once you showcase the commitment to compliance, you attract funding or gain access to the capital markets, which contributes towards the expansion plans. 

Therefore, compliance comes across as a legal obligation and needs to be fulfilled with the Public Limited Company. It assures you of protection against any legal repercussions and can contribute towards the overall growth of the company. 

Public Limited Company Annual compliance consists of below activities:

• Maintain Accounts and Prepare financial statements: - Mandatory at the end of each financial year.
• Annual returns: - Once a year before 30th September. Annual return consists of information and documents that include:

1. Filing of Financial Statements with ROC
2. Shareholding structure of the Company
3. Registered Office Address
4. Maintenance of Registers
5. Compliance Certificate from CS
6. Register of Member
7. Company Management
8. Shares and Debentures details
9. Debt and charge details
10. Changes in Directorship
11. Details of transfers of securities / share
12. Shareholding structure of the Company

• Income tax return: - Each Year on or before 30th of September. 
• Annual General Meeting: - Mandatory once a year.
• Board meetings: - 4 meetings in a year, at least one every quarter.
• Director reports: - Mandatory once a year.
• Annual Filing of Forms: - Mandatory once a year.
• Yearly Forms by Directors: - Mandatory once a year.

The documents required for Public Limited Company are as follows- 

• Incorporation Certificate of the Public Limited Company
• PAN Card
• Certificate of Incorporation of the Public Limited Company
• Financial Statements of the Public Limited Company
• An independent auditor must audit Financial Statements
• Audit Report & Board Report of the Public Limited Company
• Independent auditor’s report and Board report must be concerned
• DSC of Director (Digital Signature Certificate of the Directors)
• Accurate and active DSC of one of the directors must be provided and presented

Step 1: Corpseed received your request for Public Limited Company compliances

Step 2: We will assign a dedicated resource who is professionally skilled in company compliances, will help you to maintain the compliance for your Public Limited Company. You can get in touch with assigned resource at any point of time for consultation and assistance regarding compliances throughout your journey with Corpseed. 

Step 3: Our resource will help your Public Limited Company to maintain accounts and prepare financial statement for each year.

Step 4: Our resource will collect all the required documents / information and will complete all below mentioned compliance activities for your Public Limited Company.

• Maintain Accounts and Prepare financial statements
• Annual returns
• Annual General Meeting
• Board meetings
• Director reports
• Annual Filing of Forms
• Yearly Forms by Directors 

Step 5: Our resource will collect all the required documents / information and file your Public Limited Company income tax return with ROC (Registrar of Companies) along with the mandatory documents after getting final confirmation from your finance team if required.

Step 6: Our resource will help your Company in accounts audit.

Step 7: Our resource will draft minutes of meetings, notices and will also maintain statutory register.

Step 8: Above 7 steps complete your Public Limited Company compliance under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

At Corpseed, we recognize the substantial significance of Annual compliance for a public limited company and its profound influence on the success of your business. Our team of highly experienced professionals is committed to assisting you in achieving new levels of accomplishment and propelling your business forward. By partnering with us, you gain access to top-notch expertise and a sophisticated system.