is Form 66 compulsory???
This query is : Resolved
kulvinder singh
(Querist)
03 December 2010
Is filing of Form 66 compulsory for Companies????
Aditya Maheshwari
(Expert)
03 December 2010
Only if paid up capital is more than Rs. 10 lakhs and less than Rs. 5 crore.
03 December 2010
Compliance Certificate is required to be obtained from PCS:
* if your share capital is between 10 lakhs & 2 crores;
* if your share capital is between 2 crores & 5 crores and you have not appointed whole time company secretary
* if your share capital is between 10 lakhs & 2 crores;
* if your share capital is between 2 crores & 5 crores and you have not appointed whole time company secretary
Ajay Mishra
(Expert)
04 December 2010
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 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
CS Ajay Mishra
(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 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
CS Ajay Mishra
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Jayashree S Iyer
(Expert)
07 December 2010
Agree with Ajayji.
Compliance Certificate from PCS is required only in case of companies having a paid up capital of more than 10 lacs but less than 5 crores and not having a Whole Time Company Secretary.
Compliance Certificate from PCS is required only in case of companies having a paid up capital of more than 10 lacs but less than 5 crores and not having a Whole Time Company Secretary.
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