30 April 2018
A PLC business model is a preferred way of conducting business in India mainly because it restricts liability, commands and funding avenues, etc. However, it is also heavily regulated as the Government acts as a custodian of the benefits of the shareholders.
FY: Financial year i.e. from 1st April of one year to 31st March of the consequent year
|Registered Office||PLC must have registered office capable of receiving communication||Within 30 days of incorporation|
|Company Merchandise||All business letters, envelopes, invoices, etc. should have:
Full name of PLC
Corporate Identification Number [CIN]
Registered office address
Contact details – telephone number & email id
|As soon as the PLC is incorporated|
|MOA||The name of the nominee should be included in the MOA||-|
|Board Meetings (BM)||First: To record PLC's incorporation certificate, seal, directors’ disclosures, etc.
Other BMs: A Company is required to conduct at least 4 meetings and the maximum gap between two meetings shall not be more than 120 days
|Annual General Meetings (AGM)||First AGM must be held within 9 months from the close of the first financial year (FY)
Subsequent AGMs: Within 6 months from the closing of the financial year, provided that the gap between two AGM’s shall not be more than 15 months.
|Auditor Appointment||- The first appointed auditor holds office until the first AGM
- The appointed auditor shall file Form ADT-1
|Within 30 days from the date of Incorporation|
|Director Disclosures||Declaration of interest in other companies in Form MBP-1 and disclosure of non-disqualification by all Directors in Form DIR-8||First BM of every FY|
|Financials||- Annual returns in Form MGT-7
- Audited Financial Within 60 days from AGM
- Financial Statements including Balance Sheet and P&L
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