The Annual Report (AR) gives a synoptic view of the organizational structure, functions and activities of the Company undertaken during the previous financial year. The AR is a yearly publication by the company by the end of the financial year and is sent to the shareholders and other interested parties. It is usually available on the company’s website or the same can be received by contacting the company.
AR contains the company’s primary message, auditor’s report, board’s report and other disclosures (signed, dated and sealed) certifying the sanctity of the data included in the annual report.
The documents that form part of AR are:
(a) Auditor’s Report
(b) Audited Financial Statements
(c) Director’s Report, and
(d) Other reports based on the nature of the company.
Most jurisdictions/ statues require companies to prepare and disclose specified particulars in AR, and may require the AR to be filed at the different registry. The following disclosures are mandatory to be placed in AR as per different laws:
1. COMPANIES ACT, 2013
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2. SEBI LAWS
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3. POSH
Every company shall have an Anti-Sexual Harassment Policy in line with the requirement of the Act and a committee (where employees are more than 10) should be settled up to redress the complaints received regarding sexual harassment and disclose the following information in AR:
(a) An Anti Sexual Harassment Policy in line with the requirements of the act
(b) Internal Complaints Committee (ICC) has been set up to redress complaints
(c) No. of cases filed, if any, and their disposal during the year as per the act
4. NBFCs LAWS
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5. FEMA REGULATIONS
As per regulation 14(5)(d) of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, the fact that statutory auditor has certified that the company is in compliance with the regulations as regards downstream investment and other FEMA prescriptions, is required to be disclosed in the report.
6. LAWS APPLICABLE TO HOUSING FINANCE COMPANIES
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7. IRDA (INSURANCE BROKERS REGULATION, 2018)
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