Various Limits under Companies Act 2013

Limits under Companies Act 2013

CS. Mohan Kumar, Company Secretary, Chennai 

Companies Act 2013 has prescribed various limits for each of the Section. In this article, we have tried to compile most of the "Limits" mentioned under the Companies Act 2013.

In case if this article misses out any limit , you may kindly write to  - needamohan@gmail.com and I shall be much obliged & add it in this article.

Particulars	Provision
Annual return. Sec. 92 Certification by PCS is mandatory for….	Listed company or a company having paid-up share capital of 10 crore or more  or  turnover of 50  crore or more, shall be certified by a PCS
Women Directors – Existing companies to comply within 1 year from commencement of the Act. (Listed – 1st Oct)	1.Every Listed Company 2. Every public limited company having        i. Paid up share capital of 100 crore        ii. Turnover of 300 Crore or more
Independent Directors – Sec. 149 (4)	Min. 2 Ind. Director for all Public companies  having i)                paid up share capital of 10 crore rupees or more ii)               turnover of 100 crore rupees or more iii)             outstanding loans, debentures, deposits , exceeding 50 crores.
Vigil Mechanism is mandatory for… Sec 177(9)	a)      Listed Company b)      Companies which accept deposits from the public c)       Companies which have borrowed money from banks and public financial  institutions in excess of 50 crore rupees
OPC  to convert itself into a private co/ Small Company	Where paid up share capital of OPC exceeds 50 lakh or average annual turnover during the relevant period exceeds 2 crore. (Same limit for Small co definition also- “ Not to exceed these limits”)
Companies to have KMP- Sec. 203	1.Every Listed Company 2. Every public ltd co having Paid up share capital of 10 crore or more
Secretarial audit report Sec. 204	Listed Co & Public company having paid-up share capital of  50 crore or more  or Public company having a turnover of 250 crore or more
CSR applicability Sec. 135	Every Co having                       i)  Networth of 500 crore or more   or                                           ii) Turnover of 1000 crore or more   or                     iii)     Net profit of 5 crore or more
Audit Committee & Nomination and Remuneration Committee must	i)  All listed Companies ii) All public companies with a paid up capital of 10 crore or more; iii) All public companies having turnover of 100 crore or more; iv) All public companies, having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding 50  crore
Annual performance evaluation of Board must…	1.Every Listed Company 2. Every public limited company having  Paid up capital of 25 crore
Companies required to appoint internal auditor (Sec.138) Existing Companies to comply within 6 months from 1.4.2014	(a) every listed company; (b) every unlisted Public company having- (i)                  paid up share capital of 50 crore or more (ii)                turnover of 200  crore or more iii)                 outstanding loans /borrowings exceeding 100 crore or more iv)                  outstanding deposits of 25 crore or more (c) every private company having- (i) turnover of 200 crore rupees or more or (ii) outstanding loans /borrowings exceeding 100 crore or more
Companies which need to rotate auditors	Compulsory rotation:  All Listed Companies Fully excluded:  OPC... As regards Public & Private Companies, following Companies alone need to compulsorily rotate auditors .... (a) all unlisted public companies having paid up share capital of rupees ten crore or more; (b) all private limited companies having paid up share capital of rupees twenty crore or more; (c) all companies having paid up share capital of below threshold limit mentioned in (a) and (b) above, but having public borrowings from financial institutions, banks or public deposits of rupees fifty crores or more.