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    Certification by PCS:: Limits Prescribed Under Companies Act 2013

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    rbrgsharma
    The document outlines various limits prescribed under the Companies Act 2013 regarding requirements for companies. Some key limits include: 1) Certain large public companies must appoint a woman director and have at least two independent directors. 2) Companies with large market capitalization or revenues must form audit and nomination committees. 3) Companies meeting defined paid-up capital, revenue, or profit thresholds must undertake activities like corporate social responsibility. 4) Requirements for annual returns, vigil mechanisms, and key managerial personnel apply primarily to large public companies. 5) Limits are also defined for small companies, one person companies, loans and investments, and auditor rotation periods.

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    Certification by PCS:: Limits Prescribed Under Companies Act 2013

    Uploaded by

    rbrgsharma
    15 views2 pages
    The document outlines various limits prescribed under the Companies Act 2013 regarding requirements for companies. Some key limits include: 1) Certain large public companies must appoint a woman director and have at least two independent directors. 2) Companies with large market capitalization or revenues must form audit and nomination committees. 3) Companies meeting defined paid-up capital, revenue, or profit thresholds must undertake activities like corporate social responsibility. 4) Requirements for annual returns, vigil mechanisms, and key managerial personnel apply primarily to large public companies. 5) Limits are also defined for small companies, one person companies, loans and investments, and auditor rotation periods.

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    the documents is about time limits in companies act

    Original Title

    Limits Companies Act

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    The document outlines various limits prescribed under the Companies Act 2013 regarding requirements for companies. Some key limits include: 1) Certain large public companies must appoint a woman director and have at least two independent directors. 2) Companies with large market capitalization or revenues must form audit and nomination committees. 3) Companies meeting defined paid-up capital, revenue, or profit thresholds must undertake activities like corporate social responsibility. 4) Requirements for annual returns, vigil mechanisms, and key managerial personnel apply primarily to large public companies. 5) Limits are also defined for small companies, one person companies, loans and investments, and auditor rotation periods.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    15 views2 pages

    Certification by PCS:: Limits Prescribed Under Companies Act 2013

    Uploaded by

    rbrgsharma
    The document outlines various limits prescribed under the Companies Act 2013 regarding requirements for companies. Some key limits include: 1) Certain large public companies must appoint a woman director and have at least two independent directors. 2) Companies with large market capitalization or revenues must form audit and nomination committees. 3) Companies meeting defined paid-up capital, revenue, or profit thresholds must undertake activities like corporate social responsibility. 4) Requirements for annual returns, vigil mechanisms, and key managerial personnel apply primarily to large public companies. 5) Limits are also defined for small companies, one person companies, loans and investments, and auditor rotation periods.

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    LIMITS PRESCRIBED UNDER COMPANIES ACT 2013

    S. No Particulars Brief Description of the Provision/ Limits prescribed


    1 Annual Return. Sec. 92 Listed company or a company having paid-up share capital of 10 crore or
    Certification by PCS: more or turnover of 50 crore or more shall be certified by a PCS or incase
    MGT -8 APPLICABLE company does not have whole time CS other than OPC or Small Company
    2 Woman Director 1.Every Listed Company
    2. Every public limited company having
    I. Paid up share capital of 100 crore or more
    ii. Turnover of 300 Crore or more

    3 Independent Directors – Min. 2 Ind. Director for all Public companies having
    Sec. 149 (4) i) paid up share capital of 10 crore rupees or more
    ii) turnover of 100 crore rupees or more
    iii) in aggregate, outstanding loans, debentures and deposits
    exceeding 50 crore rupees.
    4 Vigil Mechanism- a) Listed Company
    b) Companies which accept deposits from the public
    Sec 177(9) c) Companies which have borrowings from banks and public financial
    institutions in excess of 50 crore rupees

    5 SMALL COMPANY Company other than a public company having:

    Paid up capital of which does not exceed 50 lakh rupees AND


    turnover of which as per its last profit and loss account does
    not exceed two crore rupees.

    6 OPC to convert itself into a Where paid up share capital of OPC exceeds 50 lakh or average annual
    private co/ Small Company turnover during the relevant period exceeds 2 crore.
    (Same limit for Small co definition also- “ Not to exceed these limits”)
    7 Companies to have KMP- 1.Every Listed Company and
    Sec. 203 2. Every other public company having a paid-up share capital of 10 crore
    rupees or more. (For Co Secy alone, the limit is reduced to 5 crore paid up
    capital)
    8 Secretarial audit report 1. Every Listed Company or
    Sec. 204 2. Public company having paid-up share capital of 50 crore or more or
    3. Public company having a turnover of 250 crore or more.
    9 Annual performance evaluation of 1.Every Listed Company
    Board, Committee and individual 2. Every public limited company having Paid up capital of 25 crore or more.
    Director
    10 Audit Committee & Nomination i) All listed Companies
    and Remuneration Committee ii) All public companies with a paid up capital of 10 crore or more;
    iii) All public companies having turnover of 100 crore or more;
    iv) All public companies, having in aggregate, outstanding loans or
    borrowings or debentures or deposits exceeding 50 crore or more
    11. STAKEHOLDERS RELATIONSHIP Every company which has more than 1000 shareholders, deposit
    COMMITTE holders or other security holders.

    12. CSR applicability Every Company, having


    Sec. 135 i) Net worth of 500 crore or more or
    ii) Turnover of 1000 crore or more or
    iii) Net profit of 5 crore or more

    Compiled by: Cs Mohan Kumar, Practicing Company Secretary, Chennai [email protected]. 90030 12871
    LIMITS PRESCRIBED UNDER COMPANIES ACT 2013

    S. No Particulars Brief Description of the Provision/ Limits prescribed

    13 Companies required to appoint (a) Every listed company;


    Internal Auditor (b) Every unlisted Public company having-
    (i) paid up share capital of 50 crore or more
    (Sec.138) (ii) turnover of 200 crore or more
    iii) outstanding loans /borrowings exceeding 100 crore or more
    iv) outstanding deposits of 25 crore or more
    (c) Every private company having-
    (i) Turnover of 200 crore rupees or more or
    (ii) Outstanding loans /borrowings exceeding 100 crore or more
    14 XBRL APPLICABILITY 1.Every Listed Companies and their subsidiaries
    2.Every company having:
    (a)Paid up capital of Rs.5 crore or more
    (b) Turnover of Rs.100 crore or more
    3. All companies which are required to prepare financial statements in
    accordance with companies (Indian Accounting Standards),Rules 2015.
    ( Banking , Insurance, power sector and NBFC are exempted.)
    15. APPLICABILITY OF MD/WTD 1.Every listed company
    2.Every public company having paid up capital of Rs.10 crore or more
    16. Cash Flow Statement Applicable to all other companies except :
    A. Small Companies
    B. One Person Companies
    C. Dormant Companies
    17. Signing of Annual Return by a A. All Listed Companies
    Company Secretary in practice. B. All public companies
    C. Private Limited Companies having:
    • Paid up share Capital Exceeding 50 lac; or
    • Turnover exceeding 2 Crore
    (One person company and small company are exempted)
    18 Appointment of Company Secretary A. All listed companies
    B. Every other company having a paid up share capital of Rs. 5
    crore or more
    19. ROTATION OF STATUTORY The following companies cannot appoint / reappoint an individual as
    AUDITORS Auditor for more than 1 term of 5 consecutive years and an audit firm
    as auditor for more than 2 terms of 5 consecutive years :
    (i) listed companies;
    (ii) all unlisted public companies with paid up capital of Rs. 10 crores or
    more;
    (iii) all private companies with paid up capital of Rs. 50 crores or more;
    (iv) all companies with paid up capital below the mentioned threshold
    limit but having public borrowings from FIs, banks or public deposits of
    Rs. 50 crores or more.
    20. LOANS AND INVESTMENTS BY Loans and investments by a company in excess of 60% of its paid up
    COMPANY (Sec.186) capital, free reserves and securities premium account or 100% of its
    free reserves and securities premium account, whichever is more,
    requires prior approval of shareholders by way of special resolution

    Compiled by: Cs Mohan Kumar, Practicing Company Secretary, Chennai [email protected]. 90030 12871

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