What is a Private limited Company
A private limited Company is that form of a Company that is privately held by a director or a group of Directors for a small scale business. The liability of the members of this firm of a Company is limited to the number of shares that are held by them. The share of the Private Limited Company cannot be publicly traded.
According to the ComPANies Act, 2013, compliances have to be done in adherence to the laws, regulations, and guidelines. The ROC, also known as the Registrar of ComPANies, is that sector of the Ministry of Corporate Affairs responsible for handling the compliance of every Company or firm that falls within its jurisdiction.
The XBRL brings a standardized communication language in electronic form the XRBL is only known as a method of presentation, the comPANies have to firm, is used for expressing financial statements or reports by the comPANies. Even though 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
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.