A Secretarial Audit is a mechanism to check the compliance of Corporate and economic laws, rules, regulations, notifications under various applicable laws such as Companies Act, 2013, SEBI Act 1992, SCRA Act 1956 FEMA Act, Depository Act and rules therein prevalent at the time of the audit.
As per section 204(1) of Companies act, 2013 Following class of Company requires Secretarial Audit of Company.
As per section 204(1) of Companies Act, 2013 Only a Company secretary in practice can conduct Secretarial Audit and furnish the Secretarial Audit Report to the company in Form MR-3. [Section 204(1) of Companies Act, 2013].
The Secretarial Auditor is required to be appointed at the beginning of the Financial year by the Board Resolution passed by the Board of Directors of the Company in their Board Meeting. Required filing e-form MGT-14 within a period of 30 days from the date of appointment.
The secretarial Audit report should be Signed by Secretarial Auditor who has been engaged by the company to conduct the Secretarial Audit and in case of a firm of Company Secretaries, by the partner under whose supervision the Secretarial Audit was conducted.
As per Regulation 24A of SEBI (LODR), Regulations, 2015 & SEBI Circular dated Feb. 8, 2019, Every Listed Company requires to submit the Annual Secretarial Compliance report as prescribed signed by a practicing Company Secretary within 60 days of the end of the Financial year.
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