This is to inform you all that yesterday Companies Bill, 2011 has been introduced in parliament.
As per section/clause 203 of Companies Bill, 2011 the Company Secretaries are recognized as whole-time key managerial personnel. Also Companies Bill, 2011 has made the appointment of Company Secretary mandatory.
Please check below the text of section/clause 203 of Companies Bill, 2011:
203. (1) Every company belonging to such class or classes of companies as may be prescribed shall have the following whole-time key managerial personnel,—
managing director, or Chief Executive Officer or manager and in their absence, a whole-time director; and
Provided that unless the articles of such a company provide otherwise, an individual shall not be the chairperson of the company as well as the managing director or Chief Executive Officer of the company at the same time.
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