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Annual Compliance for Public Limited Company

After the public limited company registration is complete, your legal obligations as a business owner begin. These obligations come in a form of compliance that is needed to be taken care of. The compliances are forms that you have to fill and submit to the Registrar of Companies and they are needed to be done within the prescribed time. Failure to comply with these compliances can cause the public company owner to pay heavy penalties.

Falling under the Companies Act 2013, the annual compliance for a public limited company consists of the following:

  1. A maintenance and preparation of all the financial records that are needed to be submitted to the Registrar of Companies on an annual basis
  2. Filing the Annual returns in the MGT-7 form
  3. Income tax returns on the annual basis
  4. A secretarial Audit report in form MR-3
  5. The annual compliances that are under the rules and regulations associated with SEBI
  6. Annual General meeting report in form MGT-15
  7. Event Based Annual Compliances
  8. Adoption of Financials and Director’s report in the MGt-14 form.

    Documents Required for Public Limited Company Compliances

    The documents and information required for public limited company compliance are the following:

    1. Financial statements of the financial year
    2. Shareholding structure associated with the PLC
    3. Address of the registered office
    4. A maintained register of the company
    5. Compliance certificate from the Company Secretary
    6. Member Registration Details
    7. Details regarding the company management
    8. Details regarding the shares and debentures of the company
    9. Debt and Charge details of the company
    10. In case of event based compliance, if there is a director change, then the details pertaining to the changes are needed.
    11. In event based compliance, if there is an event related to share transfer, then the details of the same are needed as well.
    12. Shareholding structure of the company.

      Benefits of Annual Compliance

      The benefits of following through the compliance are as follows:

      1. You are going to avoid the hefty penalties of being non compliant.
      2. If you are compliant, your brand would breed more trust
      3. You would have a better eye on your own operations
      4. Avoiding any legal implication is another perk of this.
      5. If you are compliant, you don’t suffer any penalties. Consequently, you are trusted and therefore, you are a lot more credible in the market.

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