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Ceilings on issue of compliance certificate

Practise 1394 views 2 replies

rabindra dugar

company secretary

40 Points Joined February 2010

As per the guidelines issued by the ICSI, each PCS can issue upto 80 Compliance Certicate and sign 30 Annual returns per financial year. My question is that does this limit includes both Pvt Ltd & Public Ltd companies? Kindly share your experience in this regard.

Replies (2)

Guest

A member of the Institute in practice who is entitled

(i) to issue compliance certificate pursuant to the proviso to sub-section (1) of Section 383A of the Companies Act, 1956 (1 of 1956); and/or

(ii) to sign an Annual Return pursuant to the proviso to subsection (1) of Section 161 of the Companies Act, 1956 (1 of 1956),

shall be deemed to be guilty of professional misconduct if he –

– issues compliance certificates; and/or

– signs Annual Return

for more than eighty companies in aggregate, in a calendar year.

Provided, however, that in the case of a firm of Company Secretaries, the ceiling of eighty companies aforesaid would apply to each partner therein who is entitled to (i) sign the compliance certificate in terms of the proviso to Sub-section (1) of Section 383A of the Companies Act, 1956; (ii) sign Annual Return in terms of the proviso to sub-section (1) of Section 161 of the Companies Act, 1956.

These Guidelines are effective from 1st January, 2008.