Practical Tips for Corporate Compliance

 

⚖️ Practical Tips for Corporate Compliance

1. Regular Board Meetings:

   • Hold quarterly board meetings to review financial performance, discuss strategies, and assess risks. Make sure to keep records of all minutes of the meetings and resolutions.

   • Ensure compliance with Section 173, which mandates at least 4 board meetings per year, spaced out by no more than 120 days.

2. Audits and Financial Reporting:

   • Ensure that financial statements are prepared accurately and in compliance with the relevant accounting standards (Indian GAAP or Ind AS).

   • Engage with external auditors early to ensure timely completion of the audit and financial statements.

3. Annual General Meeting (AGM):

   • Ensure that the AGM is conducted as per Section 96 and required resolutions are passed. Make sure that proper notice is given to shareholders in advance (usually 21 clear days).

   • Section 110: Ensure that special resolutions are passed for any significant changes (like altering the MoA/AoA, mergers, etc.).

4. Record Keeping and Filing:

   • Maintain proper records of company activities and filings with the Registrar of Companies (RoC), including financial statements, annual returns, and other statutory filings.