priya
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HIMANSHU
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•Section 2(71) of the Companies Act, 2013 defines a “Public Company as one
(a) Which is not a private company;
(b) Has a minimum paid-up share capital of five lakh rupees or such higher paid-up capital as may be prescribed.
•The proviso to the definition states that “Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles.
•By this definition, it can be inferred that Secretarial Audit would be applicable to a private company which is a subsidiary of a public company, and which falls under the prescribed class of companies.
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Archana
answered
Hie Priya,
- Section 2(71) of the Companies Act, 2013 defines a “Public Company as one
(a) Which is not a private company;
(b) Has a minimum paid-up share capital of five lakh rupees or such higher paid-up capital as may be prescribed.
- The proviso to the definition states that “Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles.
- By this definition, it can be inferred that Secretarial Audit would be applicable to a private company which is a subsidiary of a public company, and which falls under the prescribed class of companies.
megha
answered
Hello Priya,
Section 2(71) of the Companies Act, 2013 defines a “Public Company as one
(a) Which is not a private company;
(b) Has a minimum paid-up share capital of five lakh rupees or such higher paid-up capital as may be prescribed.
The proviso to the definition states that “Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles.
By this definition, it can be inferred that Secretarial Audit would be applicable to a private company which is a subsidiary of a public company, and which falls under the prescribed class of companies.
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