Public company — selected practice notes
1–6 of 6 practice notes · curated starting points; shared topics remain in the full contents
8. Public company
Public-company status is tied to authority or an intention to seek authority to offer securities to the public and carries additional governance requirements.
Subject: Choosing the company vehicle
Act references: s. 5; s. 12; s. 13; s. 14
Key point: The constitution must expressly state that the company is public.
16. Registering a public company
Public-company formation requires the Companies Act registration workstream and a separate securities-law workstream for any public offer.
Subject: Formation and registration
Act references: s. 12; s. 13; s. 14; s. 20; s. 21; s. 23; s. 24; s. 25; s. 171; s. 172; s. 173
Key point: The constitution expressly identifies public-company status.
37. Public-company Annual General Meeting
Public companies follow the annual meeting framework in sections 95 to 97, including publication and document requirements.
Subject: Members, meetings and resolutions
Act references: s. 91; s. 93; s. 95; s. 96; s. 97
Key point: Under section 95, if three months or more remain in the year when the company is registered, its first AGM is due within the remaining period of that year. Otherwise the first AGM is due within 15 months of incorporation. Subsequent AGMs must occur at least once in every financial year.
64. Subsidiary holdings and public securities offers
The Act restricts subsidiary holdings in a parent and prevents non-public companies from offering securities to the public.
Subject: Shares, capital and transactions
Act references: s. 170; s. 171; s. 172; s. 173
Key point: Section 170 governs the prohibition on a subsidiary holding shares in its holding company.
52. Company Secretary
Private companies are generally exempt; other company types require a qualified Company Secretary and timely change filings.
Subject: Directors, governance and secretary
Act references: s. 141; s. 142; s. 143; s. 144; s. 145; s. 146
Key point: Every company other than a private company must always have a Company Secretary.
75. Appointment and qualification of auditor
A company within the regulatory audit requirement appoints a licensed, qualified auditor through the statutory annual process.
Subject: Accounts, audit and annual compliance
Act references: s. 188; s. 189; s. 190
Key point: A required company must appoint a licensed auditor.
This page is a general research and practice aid. The translations used in this manual are unofficial. Verify the official Dhivehi legislation, amendments and current procedures before relying on any entry. Read our sources and verification guidance and contact a lawyer at Sulthan & Amhar for advice on your circumstances before relying on this material or taking action.