Incorporated Company whether it is a private limited company registration or public limited company usually come under the radar of plethora of laws. Not only company Act, 2013 but other allied laws such as Income Tax Act, Labour Laws and other industries specific laws are applicable on companies. Non-compliance of any of these laws can lead to penalty and prosecution of the officers. Therefore, complying with all these laws is mandatory and there is no excuse in case of default.
Here is the some of the laws and their compliances which are required to be followed by the company:
- Follow the fair employment practices, and there should not be any discrimination on the basis of caste, sex, religion, or national origin.
- There must be well-drafted employee handbook with different policies.
- Appropriate classification of the employees such as confirmed employee or on a contract basis.
- Meet the wage standard.
- All the notices are duly displayed as required under the laws.
- Maintain the books of account as per Tax laws of the land.
- File various returns in time to avoid any penalty.
Also Read: What is the Applicability of Corporate Social Responsibility
Companies Act and other allied Corporate laws:
- Keep up-to-date copies of Articles of Association and Memorandum of Association at the company registered office.
- File the annual filing form such as MGT-7 and AOC-4.
- Conduct the board meeting and Annual General Meeting in time as prescribed under the Companies Act. And maintain their minutes properly.
- Maintain the statutory registers e.g. members register, debenture holder register, Investment and loan register.
- If the company is listed on the stock exchange then SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015, are also complied with along with some other SEBI regulation.