Public Limited Companies (PLCs) in India are subject to various statutory and regulatory requirements to ensure legal and regulatory compliance. Here's a list of key compliances for Public Limited Companies:
1. Annual Compliance:
File Annual Return (Form MGT-7)
containing details of the company's activities, financial statements, and
shareholding pattern within 60 days from the conclusion of the Annual General
Meeting (AGM).
File Financial Statements (Form AOC-4)
containing balance sheet, profit and loss account, and other financial
documents within 30 days from the conclusion of the AGM.
Hold Annual General Meeting (AGM) within
six months from the end of the financial year and prepare minutes of the
meeting.
Maintain statutory registers and records
such as register of members, register of directors, register of charges, etc.
2. Compliance with Securities
Regulations:
Comply with the regulations of
Securities and Exchange Board of India (SEBI) regarding public disclosures,
insider trading, etc.
Ensure compliance with listing
requirements if the company is listed on stock exchanges.
3. Income Tax Compliance:
Obtain Permanent Account Number (PAN)
for the company.
Deduct and deposit TDS (Tax Deducted at
Source) on applicable transactions.
File Income Tax Return (ITR) annually by
the due date.
Comply with GST regulations if
applicable.
4. Secretarial Compliance:
Appoint a Company Secretary (if
required).
Ensure compliance with the provisions of
the Companies Act, 2013, and rules made thereunder.
Maintain minutes of board meetings and
resolutions passed by the company.
5. Change in Company Structure or
Directors:
Inform the Registrar of Companies (RoC)
about any changes in the company's structure, such as appointment or
resignation of directors, change in registered office address, alteration of
memorandum or articles of association, etc.
6. Statutory Audit:
Conduct an annual audit of the company's
financial statements by a qualified Chartered Accountant.
7. Compliance with Industry-Specific
Regulations:
Ensure compliance with industry-specific
regulations, if applicable, such as sectoral regulations, environmental laws,
labor laws, etc.
8. Compliance with Regulatory Filings:
File necessary forms and documents with
the RoC for various events such as change in registered office, alteration of
share capital, appointment of directors, etc.
9. Compliance with FEMA Regulations:
Comply with Foreign Exchange Management
Act (FEMA) regulations if engaged in foreign exchange transactions.
Conclusion:
Compliance with the above-mentioned statutory
and regulatory requirements is crucial for the smooth functioning and legal
compliance of a Public Limited Company (PLC) in India. PLCs should ensure
timely and accurate compliance with all applicable laws and regulations to
avoid penalties and legal consequences. It is advisable to seek professional
advice from Company Secretaries, Chartered Accountants, or legal experts to
ensure compliance with all statutory requirements.
Documents Needed for Public Limited Company Registration:
Identity Proof of Directors and
Shareholders: Identity proof of all proposed directors and shareholders, such
as Aadhar Card, Passport, Voter ID, or Driver's License.
Address Proof of Directors and
Shareholders: Address proof of all proposed directors and shareholders, such as
Passport, Voter ID, Aadhar Card, Bank Statement, or Utility Bills.
Director Identification Number (DIN):
Each proposed director must obtain a DIN from the Ministry of Corporate Affairs
(MCA) in India.
Digital Signature Certificate (DSC): At
least one director must obtain a DSC for online submission of documents to the
MCA portal.
Proof of Registered Office: Proof of the
registered office address of the company, such as Rental Agreement, Lease Deed,
or Sale Deed, along with a No Objection Certificate (NOC) from the landlord.
Utility Bills: Recent utility bills (not
older than two months) for the registered office address, such as electricity
bill, water bill, or property tax receipt.
PAN Card: PAN Card of the company and all directors.