Keshav Ltd. is an unlisted company with a paid-up share capital of ₹35 crore and turnover of ₹100 crore. Advise Keshav Ltd., whether it is required to annex to its Board's report, a secretarial audit report by the Compan

Section 204 of the Companies Act, 2013 read with rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 provides for mandatory secretarial audit for: every listed company; every public company having a paid-up share capital of fifty crore rupees or more; or every public company having a turnover of two hundred fifty crore rupees or more. Such companies are required to annex a Secretarial Audit Report with its Board's Report. Since the Paid up share capital and Turnover in the given case is below the threshold limits, the Secretarial Audit is not mandatory. Therefore, Keshav Ltd. with a paid up share capital of Rupees 35 crore and a turnover of Rupees 100 crore is not required to comply with the provision of Section 204 of the Companies Act, 2013 which requires companies to annex a secretarial audit report to its Board Report.