Under Section 204, Secretarial Audit in Form MR-3 by a Practising Company Secretary (PCS) is mandatory for: (i) every listed company; (ii) every unlisted public company with paid-up share capital ≥ ₹50 crore; and (iii) every public company with turnover ≥ ₹250 crore. The Secretarial Audit Report covers compliance with the Companies Act, SEBI regulations, FEMA, environmental and labour laws, and the company's Secretarial Standards — and must be annexed to the Board's Report.