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APPLICABILITY OF SECRETARIAL AUDIT.
(i) Every listed Company.
(ii) Every public company having a paid-up share capital of fifty crore rupees or more; or.
(iii) Every public company having a turnover of two hundred fifty crore rupees or more.
Only a member of the Institute of Company Secretaries of India holding certificate of practice (company secretary in practice) can conduct Secretarial Audit and furnish the Secretarial Audit Report to the company.
If a company or any officer of the company or the company secretary in practice, contravenes the provisions of this section, the company, every officer of the company or the company secretary in practice, who is in default, shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.
Documents Required For Secretarial Audit
- Minutes book of meetings.
- Books of accounts and cost records.
- All statutory registers.
- Annual Returns.
- All other documents as and when required as per applicability.