As per section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, following companies are required to obtain ‘Secretarial Audit Report’ form independent practicing
Every listed company
Every public company having a paid-up share capital of Fifty crore rupees or more
Every public company having a turnover of Two Hundred Fifty crore rupees or more
Every company having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more.
For the purposes of this sub-rule, it is hereby clarified that the paid-up share capital, turnover, or outstanding loans or borrowings as the case may be, existing on the last date of latest audited financial statement shall be taken
Secretarial Audit is also mandatory to a private company which is a subsidiary of a public company, and which falls under the prescribed class of companies