Sr.

No.
Category Compliance
1 Companys Stationery
including Letter Head
- Business letters, Billheads, Letter papers and in all its notices and
other official publications should contain
I. Company Name
II. Company Address of registered office
III. Corporate Identity Number
IV. Fax Number, email and website addresses

2 Director - Every Company is required to have One Resident Director
- Hold directorship in 20 companies ( not more than 10 public limited
companies including private companies)
- Document signing should contain
I. Directors Name
II. DIN
3 Section 2(41)-Financial
Year
- the financial year for all companies should end on 31 March, with
certain exceptions approved by the National Company Law Tribunal
4 Section 2(85)-Small
Company
- Criteria:- Other than Public company whose
I.Paid up capital < 5 Mio. ( 50 Mio if specified) OR
II. Turnover < 20 Mio. (200 Mio if specified) as per last P&L

- Not a Holding /Subsidiary Company
- Act Provides certain exemptions ( Board Meeting, CFS presentation,
Merger Process etc.,)
5 Section 73, 74(1) and 76-
Provisions related to
acceptance of deposits
- Stringent Provisions for accepting deposits
- Repay deposits within one year accepted under act 1956
6 Section 129- Financial
Statement
- Mandatory Preparation of Consolidated Financial Statement for all
companies which have one or more subsidiaries in addition to the
standalone financial statements
7 Section 134- Financial
statement, Boards report,
etc.
- The boards report will be more informative with extensive
additional disclosures
I.declaration of independence by the independent directors
II.related party transactions
III.directors appointment and remuneration
IV.policy by the company on corporate social responsibility
8 Section 138- Internal audit - Mandates internal audit for prescribed class of companies
A) LISTED COMPANY

B) UNLISTED PUBLIC COMPANY ( Last Financial)
- Paid up capital > 500 Mio. OR
- Turnover >2000 Mio. OR
- Borrowings> 1000 Mio OR
- Outstanding Deposits> 250 Mio.

C) PRIVATE COMPANY ( Last Financial)
- Turnover >2000 Mio. OR
- Borrowings> 1000 Mio OR
- Outstanding Deposits> 250 Mio.
9 Section 139- Appointment
of auditors
- Period of 5 years (subject to ratification at every AGM)
- Individual auditor 5 years and Audit Firm- 10 years
- Rotate at expiry of the term and reappointed after cooling off
period of 5 years
- Transition Period:- 3 years from 1 April 2014
-