hello sir..
would you please inform me to which companies provisions of section 383a is applicable..?
Darshan Dodiya (Student CA Final ) (392 Points)
20 November 2012hello sir..
would you please inform me to which companies provisions of section 383a is applicable..?
K. CHITRA
(CHARTERED ACCOUNTANT)
(66 Points)
Replied 21 November 2012
Every listed company having paid up share capital of not less than Rs.5 crore is obligatory required to appoint a whole time secretary. In case the share capital exceeds Rs.10lakhs but less than Rs.5 crores, then it is mandatory to file compliance certificate which is to be obtained from a Secretary in whole – time practice.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 21 November 2012
Every company having paid up capital of Rs. 5 Crore or more has to mandatorily appoint a whole time Company Secretary as per section 383A.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 21 November 2012
APPOINTMENT OF COMPANY SECRETARY | ||||||
(Section 383A & Companies (Appointment and Qualifications of Secretary) Rules, 1988) | ||||||
1 | Every company having paid-up share capital of not less than Rs. 5 Crores shall have whole time secretary [Rule 2(1)]. | |||||
2 | Where the paid up share capital is increased to Rs. 5 Crores or more, the Company shall appoint whole time secretary within a period of 1 year from the date of such increase [Proviso to Rule 2(4)]. | |||||
3 | A company having a paid up share capital of less than Rs. 2 Crores may appoint any individual, possessing qualification specified in Rule 2(4), as its whole time secretary to perform duties of secretary, and any other ministerial or administrative duties [Rule 2(3)]. | |||||
4 | A company having a paid up share capital of Rs. 2 Crores or more but less than Rs. 5 Crores may appoint any individual who is member of ICSI, as a whole time secretary [Rule 2(3A)]. | |||||
5 | A company having paid up capital of Rs. 10 lakhs or more but less than Rs. 5 Crores shall obtain Compliance Certificate from PCS provided if such company has appointed Whole Time Secretary who is member of ICSI then compliance certificate is not required to be obtained. | |||||
6 | Where the BOD comprises only two directors, neither of them shall be secretary of the Company. | |||||
Summarized | ||||||
Paid up Capital | Appointment of CS | Any Individual / Member of ICSI | Compliance Certificate | |||
Rs. 5 Crores or more | Compulsory | Only Member of ICSI | N.A. | |||
Rs. 10 Lakhs or more to Rs. 2 Crores | Voluntarily | Either of Above | Compulsory (Not required if CS is member of ICSI) | |||
Rs. 2 Crores or more to Rs. 5 Crores | Voluntarily | Member of ICSI | Not required if appointment is made otherwise required |
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