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Good news for cs professionals
The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 have been amended to include every company with a paid-up share capital of five crore rupees or more to have whole-time company secretary. This shall take into force w.e.f. 09th June, 2014.
The earlier Rules notifed w.e.f 01st April, 2014 have included only listed company and every public company with a paid-up share capital of ten crore rupees or more to have whole-time key managerial personnel.
With this notification brought into force, the 70 days battle of Regulator of Company Secretaries, The Institute of Company Secretaries of India come into an end, which was one of the major concern of 35000 Company Secretaries professionals and around 4 lakh student undergoing Company Secretary course.
Regards
Replies (2)
Great news. The new government seems to be very quick in decision making. Thanks for all the people who voiced their opinion against the old rules.
Great news..quick action of new govt towards good governance in Corporate...!!!!!!
Rule 8 provided for appointment of Key Managerial Personnels. Now amended Rule 8A provides for appointment of Company Secretaries in companies not covered under under rule 8. It is to be noted that the Company secretary appointed in Pvt. Ltd. companies and public limited companies having paid up capital of Rs. 5 - 10 Crores under Rule 8A will not be treated as Key Managerial Person.
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