A public Limited Company is that firm that accepts members of the general public as investors. Moreover, the shares of the Company can be bought by anyone.
According to the ComPANies Act, 2013, compliances have to be done in adherence to the laws, regulations, and guidelines. The ROC or The Registrar of ComPANies is that sector that handles the compliance of every Company that falls under its jurisdiction.
The XBRL is a standardized communication language in electronic form for expressing financial statements or reports by the comPANies. Though it is only a method of presentation, the comPANies have to file them under section 137 of the ComPANies Act, 2013
Any Company which fulfills the following criteria has to file annual compliance. The following are the conditions:
All public comPANies have been listed in a stock exchange in India, and their respective subsidiaries.
Any Company which has an annual turnover of Rs. 100 crores or more
Any Company which has a paid-up capital up to 5 crores or more.
All comPANies which have to prepare their financial statements in accordance with ComPANies (Indian Accounting Standards) Rules, 2015 except banking comPANies, insurance comPANies, power comPANies, and NBFCs
All about the meeting pROCedure
There has to be a minimum of 4 meetings of the Board of Directors of the Company and a minimum of 2 meetings in case of a small Company. This meeting has to be done on a quarterly basis in every financial year.
Moreover, for a newly Incorporated Company, the Annual General Meeting has to be held within 18 months from the date of registration or 9 months from the date of closing of the financial year, whichever is earlier. After this, the meeting has to be held every 6 months prior to the ending of the financial year.