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.
Compliance refers to a Company obeying all the legal laws and regulations in accordance with maintaining decorum in the firm by obeying all of the legal laws and regulations in regards to how they manage the business, their staff, and their services towards their customers.
Thus Compliance with respect to the public limited Company is that it has to adhere to the laws and regulations as stated in the ComPANies Act, 2013.
Those comPANies which are registered under the ministry of corporate Affairs in the ROC sector, then they must submit the respective form in the stipulated time period.
Also, the balance sheet and the profit and loss account have to be prepared at the end of the financial year and it has to be audited by the chartered accountant or the CA who has to be appointed within 30 days of incorporation of the Company.
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.