Appointment of md & company secretary
Querist : Anonymous
In case of Public Company, if paid up capital is increased upto 5 crores or more, then appointment of Managing Director and Company Secretary is mandatory...
What is the time period within abovesaid appointment required to be made???
For, Managing director, section 269 of the Companies Act, 1956, relating to appointment of Managing Director will be applicable immediately.
In case of Company Secretary, the time period for appointment, is maximum one year from such increase.
Querist : Anonymous
thanks for your reply sir...
Can u please refer the source where it is mentioned that the time period is maximum One year after increase in paid up capital beyond the prescribed limit...
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)].
Querist : Anonymous
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