Requirements of Public Limited Company

Requirements of Public Limited Company Corporate Corporate Law Knowledge – Corporate Law Solutions - Corporate Law The public limited company, once incorporated, has to comply with the requirements of Company Law. The basis compliance requirements of public limited company are as under:

Directors of every company are required to appoint the first chief executive not later than fifteen days from the date of incorporation and thereafter within fourteen days from the date of election;

The first auditor is required to be appointed by the directors within sixty days from the date of incorporation and thereafter in each Annual General Meeting (“AGM”) of the company;

Any appointment, election or change in the Directors, Chief Executive, Auditors, Chief Accountant, Legal Adviser etc is required to be notified to the registrar concerned on Form ’29’ within 14 days of the said election, appointment or change;

A company is required to notify the change in its registered office on Form-21 within 28 days from the date of change;

First AGM of the company is required to be held within eighteen months from the date of incorporation and subsequent AGM are required to be held once at least in every calendar year, within a period of four months following the close of its financial year and not more than fifteen months after holding of its last preceding AGM;

Annual return on prescribed form as applicable is required to be filed with the registrar concerned once in each year made as on the date of AGM, where no such meeting is held, on the last day of the calendar year;

In case of increase in paid-up capital, the company is required to offer new shares to the existing shareholders and the offer is required to be accompanied by a circular issued under section 86(3) to all the shareholders strictly in proportion to the shares held by them and, on the allotment of shares, return of allotment on Form ‘3’ is required to be filed with registrar concerned within 30 days from the date of allotment of shares;and

Particulars of every mortgage or charge created by the company on its property or undertaking and every modification therein or satisfaction thereof are required to be filed and registered with the registrar concerned within 21 days after the date of its creation, modification or satisfaction.

The listed companies are also required to file list of members (in soft form) to the Commission and the associations are required to file with the registrar concerned annual return on Form-B instead of Form-A;

List of Directors and consent of Directors and Chief Executive are required to be filed within 14 days of after the election of Directors and appointment of Chief Executive on Forms 27 & 28;

A private company may commence its business immediately after its incorporation. However, a public Company shall be entitled to commence its business after obtaining commencement of business certificate from the registrar concerned;

Statutory meeting is required to be held within a period of not less than three months but not more than six months from the date at which the company is entitled to commence business. A statutory report is required to be circulated to the members and the registrar within the time frame as prescribed under the law;

Return containing beneficial ownership of listed securities and change therein on Form 31 and Form 32 are required to be filed with the Registrar concerned and SECP; and

A listed company is also required to appoint a company secretary.

Further information for post-incorporation requirements of public limited company can be solicited from AUJ LAWYERS. Feel free to contact us in case you need any clarification and/or require assistance regarding post-incorporation requirements of public limited company.