Please suggests, if a company increases its paid up capital from 1 lacs to 2 crores on 31/03/2012 .Should the same company is required to take compliance certificate from PCS for fianacial year 2011-12.
12 October 2012
Yes. Any company with share capital from Rs. 10 lakhs to 2 crores must file compliance u/s 383 A and file it with ROC within 30 days of AGM.
It does not matter if the change was done only on 31.3.2012, they have to comply .
Querist :
Anonymous
Querist :
Anonymous
(Querist)
12 October 2012
Thanks for replies...
With Respect i want to update to CA C. Janani that the limit for obtaining the Compliance Certificate is raised to 5 Crores from 2 Crores paid up capital.
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.
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