Avacom Litigation Management

Avacom-Board

Secretarial Compliances in India: An Overview

Companies Act 2013 has significantly enhanced the disclosure requirement by companies and its Directors to Shareholders and various Statutory Authorities like Registrar of Companies, Stock Exchanges, etc. Additionally, multiple penal provisions had been introduced around imprisonment and significantly high monetary penalties.

Currently, the Act requires 661+ compliance and 100+ filings applicable to various types of companies and these rules and regulations are amended very frequently by the Ministry of Corporate Affairs (MCA).

All these requirements are complex and requires in-depth understanding and expertise knowledge. Currently, these complex requirements are managed by Companies Secretarial departments or by the Practicing Professionals (PCS) manually with no technological support mechanism.

All MSMEs and Mid-Sized Companies, with limited knowledge and bandwidth, outsourcing these compliance requirements to Professional Firms.


Secretarial Compliance

Meeting Specific Compliance

Meeting Specific Compliance

Notices
Agendas
Resolutions
Minutes of Meetings

Agenda Specific Compliances

Agenda Specific Compliances

Register Maintenance
E-Form Filings

Company Specific Compliances

Company Specific Compliances

Periodic E-Form Filings
Register Maintenance

Director Specific Compliances

Director Specific Compliances

Periodic E-Form Filings

Current Challenges

Avacom litigation lifecycle

Complex

Requires in-depth knowledge and understanding

Highly Manual

End-to-end activities from meeting management, records preparation and compliance is completely managed manually

Regulatory Changes

Regulatory provisions change frequently

Dependency on Professional Firms

MSME & Mid-sized companies are dependent on professional firms with limited access to compliance status and documents

Avantis Solution Offering

Board Meeting Management

Facilitates Board / Other meeting management via the Platform (including scheduling, auto creation and sharing of notice / agenda, voting, minute preparation, etc.)

Templatized Repository

Ready-to-use Formats for Notices, Agenda, Resolutions, Minutes & Certified True Copies (Company type-wise and Agenda-wise) available in an editable mode

Auto Generation of Records & Compliance Documents

Platform can generate all Records, Registers and E-Forms required under the Statute automatically. Other Non-Statutory formats are also available within the Platform.

Procedural Requirements

Comprehensive listing of Procedural requirements / Activity listing (including Good practices) available within the Platform

Compliance Requirements

Company-specific, Meeting-specific, Agenda-specific and Director-specific Compliances comprehensively mapped in the Platform

Secretarial Rules

Secretarial Rules adhered with Secretarial Standards (quorum, voting, meeting requirements, etc.) built into the Platform to facilitate “auto compliance applicability assessment”

Agenda Discussion

Facilitate Directors to either make personal Notes on Agendas shared by Company Secretaries or seek explanations on specific items in Agenda digitally from the Platform.

Private and Public Chats

Platform provides facility for Chats to Company Secretaries and Directors to initiate Charts with each other

Master Data

Master details for entity, Directors, Committees, KMPs & Auditors comprehensively captured to avoid duplication of efforts during record preparation.

Smart Dashboard

Rich and Color codes presentation of actionable items in a Graphical form with drill down capability. Different Dashboard for specific User profiles which is highly intuitive, real time updated

Centralized Document Repository

All Records, documentations & compliance documents are available in an easy to search, sort, filter with version control and tamper proofing

Compliance Calendars and Sync Options

Compliance Calendar is automatically populated based on the relevant compliance details. Additionally, Platform facilitates updation of User Personal Calendar for specific meeting dates.

Compliance Status Reports

Meeting specific / Agenda specific Compliance Status reports available within the Platform.

Role Based Access

Flexible options to configure user access rights

Legal Updates

All regulatory changes / legal updates available to Users on a real time basis on Emails, Web Platform and Mobile App.

Task Management Module

Directors and Company Secretaries have the option to create any task, assign it to a User profile and define timelines

Configurable Reminders and Escalations

Auto emails to User Profiles for reminders and escalations for specific compliance and task due dates

Highly Secured and Available

Platform adheres to high security standards with best Encryption technology

Product Benefits

Real Time

Knowledge Repository
with real time Updates

Efficiency

Significantly
increase Efficiency
with End-to-end
digital business
process

Editable

All required statutory
/ non-Statutory
formats are available
in an Editable Mode

Easy Access

Centralized document
repository enables
quick & easy access to
all regulatory records
and filings

Reduce Cost

Reduces the Cost
of Compliance