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Get your company incorporation
Expert assistance for DSC application and company name reservation
Drafting MOA & AOA documents with ROC
Certificate of Incorporation (COI) issued
A Public Limited Company registration in India is a preferred business structure for entrepreneurs aiming for large-scale operations. Governed by the Companies Act of 2013, this structure requires a minimum of seven members, and there's no upper limit on the maximum number of shareholders. The company, enjoying corporate privileges and limited liability, can get listed on stock exchanges to raise capital from the public.
Ensure prerequisites like the number of directors, shareholders, and minimum paid-up share capital are met.
Directors must obtain Digital Signature Certificates (DSC) and Director Identification Numbers (DIN).
Secure a valid office address registered with the Registrar of Companies (ROC).
Propose and seek approval for a unique name for the company, ending with "Limited."
Execute the crucial documents, MoA and AoA.
Submit the documents for verification to the ROC.
Upon verification, ROC issues the incorporation certificate (COI) and the Company Identification Number (CIN).
Apply for a certificate of commencement within 180 days, stating that subscribers have paid the subscription money.
Enjoying perpetual existence, the company has a separate legal entity from shareholders.
Can raise funds through equity, preference shares, or debentures.
Shares can be easily transferred between shareholders.
Shareholders enjoy limited liability protection.
A vast capital base leads to substantial growth opportunities.
It is governed by a Board of Directors elected by shareholders.
For Listed Company
Other compliances are governed by SEBI regulations.
The concept of a separate legal entity is foundational for public limited companies. This legal distinction ensures that the company is distinct from its shareholders, providing advantages like perpetual existence. As a separate legal entity, the company can hold property, enter into contracts, and sue or be sued in its name.
Public limited companies have the advantage of raising funds through various channels. The issuance of equity shares, preference shares, and debentures provides flexibility in structuring the capital. This flexibility is crucial for companies planning expansive projects or acquisitions.
One of the significant advantages of a public limited company is the ease with which shares can be transferred. This liquidity in the market allows shareholders to buy and sell shares freely. The ability to trade shares enhances the attractiveness of the company in the eyes of potential investors.
Limited liability is a fundamental principle for shareholders in a public limited company. It means that shareholders' assets are protected, and their liability is limited to the amount invested in the company. This protection is a key motivator for investors to participate in public offerings.
With their access to substantial capital, public limited companies enjoy extensive growth opportunities. The ability to undertake large-scale projects, research and development initiatives, and market expansions positions these companies for long-term success. The broader capital base also provides a cushion during economic downturns.
Governance in public limited companies is through a Board of Directors elected by the shareholders. This structure ensures a separation of ownership and management, minimizing conflicts of interest. The Board, responsible for strategic decision-making, is accountable to shareholders and oversees the company's executives.
The Companies Act mandates a minimum of four board meetings each year. These meetings are critical for decision-making, financial approvals, and overall corporate governance. Regular board meetings contribute to transparency and accountability.
The appointment of a cost auditor is a regulatory requirement, emphasizing the importance of accurate cost reporting. This appointment ensures that the company's cost structures align with industry standards and regulatory expectations.
Public limited companies accepting deposits from the public must file returns of deposits. This filing is crucial for regulatory compliance and reflects the company's financial health regarding liabilities to depositors.
The appointment of key managerial personnel is a statutory requirement. Companies are obligated to have a Chief Financial Officer (CFO), Company Secretary (CS), or Chief Executive Officer (CEO), as per their organizational needs. This ensures effective leadership and compliance with governance norms.
The AGM serves as a platform for shareholders to discuss the company's performance, financial statements, and other crucial matters. The declaration of dividends, the appointment of auditors, and other significant decisions made during the AGM.
For companies meeting specified financial thresholds, the Corporate Social Responsibility (CSR) Committee must conduct meetings to discuss and approve CSR activities. This commitment to social responsibility is a regulatory mandate.
Directors are required to disclose any financial interest in the company. This disclosure, made via Form MBP 1, ensures transparency and prevents potential conflicts of interest.
For Listed Company
The annual return, containing information about directors and shareholders, is filed in Form MGT7. This filing is crucial for maintaining updated records with the Registrar of Companies.
The adoption of financial and director's reports is a necessary step in compliance. The adoption, filed via Form MGT 14, reflects the company's financial performance and strategic decisions taken during the year.
Public limited companies must file income tax returns in Form ITR 6. Timely filing ensures compliance with tax regulations and avoids penalties.
A secretarial audit report, filed via Form MR 3, becomes mandatory for companies meeting specified financial criteria. This report provides an independent evaluation of the company's compliance with applicable laws and regulations.
Companies listed on stock exchanges are subject to additional regulations and compliances governed by the Securities and Exchange Board of India (SEBI). These may include disclosure requirements, insider trading norms, and periodic reporting obligations.
The registration and functioning of a public limited company in India involve a comprehensive set of procedures and ongoing compliances. While the structure offers significant advantages in terms of funding, growth opportunities, and limited liability, it comes with the responsibility of adhering to regulatory requirements.
Understanding the intricacies of annual compliances, governance norms, and financial reporting is essential for the sustainable and successful operation of a public limited company. As the company engages with stakeholders, both internal and external, transparency, ethical practices, and regulatory compliance play pivotal roles in shaping its reputation and long-term viability.
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