Dear frns,
Pls tell me that if a company appointed a Whole time CS in mid of the f/y (due to increase in the paid up capital of the company above 5 cr) then is Compliance Certificate is required for that year ? Also pls tell me whr in the Act it is mentioned? I have already referred Sec. 383A and Compliance Certificate Rules.
Regards,
Shridhi Jain
In my opinion no Compliance Certificate is required in this case.
Regards
CS Udit Sharma
No need for compliance certificate. Company Secretary can sign the annual accounts and Schedule V and that's sufficient.
Agreed with the learned members.....no compliance certificate is required after appiontment of the whole time CS.
Compliance certificate is not required
Please visit the following link:
https://mca.gov.in/Ministry/circulars/cir2003/cir_11122003.html
CS Soumitra
Pune
No company shall require to obtain Compaliance Certificate form Practicing Company Secretary which has appointed a full time Company Secretary.
APPOINTMENT OF COMPANY SECRETARY |
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| (Section 383A & Companies (Appointment and Qualifications of Secretary) Rules, 1988) | ||||||
| 1. Every company having paid-up share capital of not less than5 Crores shall have whole time secretary [Rule 2(1)]. | ||||||
| 2. Where the paid up share capital is increased to5 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 than2 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 of2 Crores or more but less than5 Crores may appoint any individual who is member of ICSI, as a whole time secretary [Rule 2(3A)]. | ||||||
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5. A company having paid up capital of10 lakhs or more but less than5 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. |
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| 6. Where the BOD comprises only two directors, neither of them shall be secretary of the Company. | ||||||
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Summarized |
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Paid up Capital |
Appointment of CS |
Any Individual / Member of ICSI |
Compliance Certificate |
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Rs. 5 Crores or more |
Compulsory |
Only Member of ICSI |
N.A. |
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Rs. 10 Lakhs or more to Rs. 2 Crores |
Voluntarily |
Either of Above |
Compulsory (Not required if CS is member of ICSI) |
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Rs. 2 Crores or more to Rs. 5 Crores |
Voluntarily |
Member of ICSI |
Not required if appointment is made otherwise required |
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IF ON THE DATE OF SIGNING THE BOD REPORT COMPANY HAS APPOINTED THE CS THEN NO NEED TO OBTAIN THE COMPLIANCE CERTIFICATE. I THINK THE DATE OF SIGNING OF BOD REPORT WILL BE CONSIDERED.
THANKS AND REGARDS,
ADITYA
| Originally posted by : CS Ankur Srivastava | ||
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No company shall require to obtain Compaliance Certificate form Practicing Company Secretary which has appointed a full time Company Secretary. |
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Hi
Agree with above members.
NO Compliance Certificate Required.
Regards
Santosh
Yes compliance certificate is required and shall be obtained from Practising Company Secretary
CAclubindia
