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12/9/2018 Provisions under Companies Act 2013 | Corporate Law Reporter

Various Committees
<p>Various
Committees
and
provisions
under and provisions under
Companies
Act,
2013
Companies Act, 2013
1.
CSR
Committee 1. CSR Committee (Section 135 of Companies
(Section
135 Act 2013)
of
Companies
Act Every company having the following criteria
2013)
Every shall contribute in every financial year, at
company
having least two per cent. Of the average net
the
profits of thefollowing
company made during the three immediately preceding financial years
criteria
shall
Net Worth: contribute
Rs. 500 Crores Turnover: Rs. 1000 Crores Profits: Rs. 5 Crores
in
2. Audit Committee
every (Section 177 of Companies Act 2013)
financial
year,
Every publicatcompany having the following criteria shall constitute an audit committee
least
.The paid uptwo share capital or turnover or outstanding loans, or borrowings or debentures
per
or deposits, cent.
as the case may be, as existing on the date of last audited Financial
Of
Statements theshall be taken into account for the purpose
average
net
Paid up Capital:
profits
Rs. 10 Crores Turnover: Rs. 100 Crores O/s Loans: Rs. 50
of
Crores the
company
3. Nomination madeand Remuneration Committee (Section 177 of Companies Act 2013)
during
the
The Board ofthreeDirectors of every listed company and the companies under following
immediately
criteria shallpreceding
constitute the Nomination and Remuneration Committee consisting of three
financial
or more non-executive
years directors out of which not less than one-half shall be independent
Net
directors Worth:
Rs.
500
Paid up Capital:
Crores
Rs. 100 Crores O/s Loans: Rs.50 Crores
[…]
</p>
)

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12/9/2018 Provisions under Companies Act 2013 | Corporate Law Reporter

4. Vigil Mechanism (Section 177 of Companies Act 2013) Every listed company or
following class of companies, shall establish a vigil mechanism for directors and
employees to report genuine concerns

O/s Loans: Rs. 50 Crores

5. CARO (Companies Auditor Report Order, 2016)

It shall apply to every company including a foreign company as defined in clause (42) of
section 2 of the Companies Act, 2013 (18 of 2013 except– 1. Insurance Companies 2.
Banking Companies 3. Section -8 Companies 4. One Person Company and a Small
Company 5. Private Company not being a holding or a subsidiary company of a public
company having the Following criteria during the Financial Year as per the Financial
Statements:

Paid up Capital: Rs.1 Crore Borrowings: Rs.1 crore Profit: Rs. 10 Crores

6. XBRL (Extensible Business Reporting language)

The companies following under following criteria are required to file their financial
statements using XBRL Mode and the companies listed with any Stock Exchange(s) in
India and their Indian subsidiaries; or (r (i)all companies who were required to file their
financial statements for FY 2010-11. However, banking companies, insurance
companies, power companies and Non-Banking Financial Companies (NBFCs) are
exempted.

Paid up Capital: Rs.5 Crores Turnover: Rs. 100 Crores

7. MGT-8 (Section 92(2) of Companies Act 2013)

Applicable for Listed Companies and the Companies under the following criteria

Paid up Capital: Rs. 10 Crores Turnover: Rs. 50 Crores

8. Internal Audit (Section 138 of Companies Act 2013)

Every listed company: Always applicable

In the case of Unlisted Public companies, the following criteria should be fulfilled

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12/9/2018 Provisions under Companies Act 2013 | Corporate Law Reporter

Paid up Capital: Rs. 50 Crores Turnover: Rs. 200 Crores O/s Loans: Rs. 100
Crores

O/s Deposits: Rs. 25 Crores

In the case of Private companies, the following criteria should be fulfilled

Turnover: Rs.200 Crore O/s Loans: Rs. 100 Crore

9. Women Director (Section 149 of Companies Act 2013

(https://lexcomply.com/Procedures-under-Companies-Act-2013.php))

Every listed Company: Always applicable

Every other public Company, the following criteria should be fulfilled

Paid up Capital: Rs. 100 Crores Turnover: Rs. 300 Crores

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