Top Ltd. is having a paid-up capital of ₹40 crore and turnover of ₹300 crore during the financial year 2014-15. The company decided to appoint a Company Secretary in Practice for conducting its secretarial audit. Mention

As per section 204 of the Companies Act, 2013 (the Act) read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, 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, are required to annex to its Board's report a secretarial audit report, given by a company secretary in practice. In the given case, Top Ltd being a public company having a turnover of ₹ 300 crore is required to annex Secretarial Audit Report with its Board's Report. It is mandatory for Top Ltd to have a Secretarial Audit.