Statutory Compliance refers to the legal structure within which the companies must work, in the treatment of their representatives. Each nation has a few several government and state work laws that organizations need to line up with. This rundown is everlastingly being added to.
Secretarial Audit, then again, is an extensive review of all the laws, statutes, and legislation applicable on an organization, keeping the accentuation on the Companies Act, 2013. An organization needs to conform to various rules and regulations, based on its zone of operations.
All Secretarial Compliance forms a part of Statutory Compliance but all Statutory Compliance is not Secretarial Compliance.
On a simpler note, all filings, returns, registers etc. form a part of Secretarial Compliance and all compliances pertaining to the statute that is Labour, Environment, Operations etc. are statutory compliances. Statutory Compliances are basically done as per the statute/legislation/Rules/Regulations etc.
We cannot have a clear-cut demarcation between Secretarial and Statutory Compliance and at some point of time both are going to intersect depending on the interpretation. However, the most important takeaway from it are that both helps in Compliance, a must for this cut-throat age of business
Secretarial Compliance are the compliance under ROC and fall within statutory compliance umbrella. Statutory compliance include compliance under ROC, Labour laws, Environment, building, tax & safety. Other type of compliance are regulatory compliance that fall under regulatory bodies like RBI, SEBI, IRDA etc.
Informing ROC on occurrence of certain events
Registrar of Companies needs to be informed on occurrence of certain events. Some of the common events are as follows: