What is POSH Compliance in India and why is it mandatory for companies?

I want to understand POSH compliance in India and its legal requirements for organizations. What are the rules under the POSH Act, and which companies are required to follow it?

Also, what are the key components of POSH compliance such as Internal Committee (IC) formation, employee training, and annual reporting? What happens if a company fails to comply with POSH regulations in India?

It would be helpful if someone could explain the complete process and importance of POSH compliance for businesses in India