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Company secretary and compliance rules

pavan goyal (article) (76 Points)

22 October 2012

Dear All,

Kindly answer this querry,

Our company had a CS appointed from last 10 years and our capital (paid up) is Rs. 50 Lakhs so there was no need for compliance certificate in form 66.

Now he has left the company and we have filed form 66, intimating his cession w.e.f 31/03/2012.

Now my issue is whether we would be requiring the complaince certificate for FY 11-12 or not

Kindly asnwer with reference to some law.

Also what would have been the effect if he would have left the job after 01/04/2012??

Kindly help

Pavan Goyal

pavangoyal30 @ gmail.com

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(Guest)

Dear Pavan,

The Ministry of Corporate Affairs, vide a circular dated 11^th December, 2003, clarified that a company which is not required under law to employ a whole time secretary, but has nevertheless employed a whole-time Company Secretary within the meaning of Section 2(1)(c) of the Company Secretaries Act 1980, such a company is not required to obtain Compliance Certificate from a Practicing Company Secretary.

In other words, no company employing a full time Company Secretary is required to obtain a Compliance Certificate from a Practicing Company Secretary.

Since the concerned full time Company Secretary relinquished his position w.e.f. 31/12/2012 (he was still in his office in FY 2011-12), there is no need to submit Form 66 (Compliance Certificate) for the FY 2011-12.

From FY 2012-13 onwards, the company will have to submit Form 66.

If the full time Company Secretary concerned had relinquished his office on 01/04/2012, the compliance requirement would have been same as above.

Regards,

Veeral Gandhi

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