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Applicability of Form 66. (Corporate Law)

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This query is : Resolved

( Querist )
09 October 2009

ABC Private Company has a paid up capital of Rs.10 Lacs exactly.

Form 66 shall apply for the companies, which have paid up capital between Rs.10 Lacs and Rs.5 Crores.

Full time Company Secretary is to be appointed for the companies, which have paid up capital of above Rs.5 Crores. Here, the limit may start from Rs.5,00,00,001/-.

Regarding Form 66 - Whether this shall apply to the said company, which has paid up capital of exactly Rs.10 Lacs or this applies to the companies, which have paid up capital above Rs.10 Lacs say the limit shall start from Rs.10,00,001/-.

I await the response from the experts.

Ankur Garg

( Expert )
09 October 2009

In terms of the Companies (Compliance Certificate) Rules, 2001 a company having a paid-up share capital of Rs. 10.00 lakh or more shall obtain a certificate from a CSP.

Therefore, every company which is not required to employ a whole-time secretary and whose paid-up share capital is Rs. 10.00 lakh or more at any point of time during the financial year, shall be required to obtain Compliance Certificate from a CSP in respect of that financial year.
Also a Department of Company Affairs has issued a Circular 35/2003 dated 11th December, 2003 which states as follows:

"Proviso to section 383A(1) of the Companies Act, 1956 inter alia provides that every company not required to employ a whole-time secretary under sub-section (1) of section 383A and having a paid-up share capital of ten lakh rupees or more shall file with the Registrar a certificate from a secretary in whole time practice as to whether the company has complied with all the provisions of this Act and a copy of such certificate shall be attached with Board's report referred to in section 217.

File form 66 accordingly.

Member (Account Deleted)

( Querist )
10 October 2009

Thank you so much.



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