Secretarial Audit is an audit to check compliance of various legislations including the Companies Act and other corporate and economic laws applicable to the company. The Secretarial Auditor expresses an opinion as to whether there exist adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. Secretarial Audit helps to detect the instances of non-compliance and facilitates taking corrective measures. It audits the adherence of good corporate practices by the company.

Applicability

1. As per section 204(1) of Companies Act, 2013 read with rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the following companies are required to obtain Secretarial Audit Report:

  • Every listed company;
  • Every public company having a paid-up share capital of fifty crore rupees or more; or
  • Every public company having a turnover of two hundred fifty crore rupees or more.

2. The format of the Secretarial Audit Report shall be in Form No.MR.3.

3. If a company or any officer of the company or the company secretary in practice, contravenes the provisions of Companies Act, 2013, the company, every officer of the company or the company secretary in practice, who is in default, shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.

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