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233 PSUs do not have whole time CS

Posted on 30 July 2009,    
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Appointment of whole time company secretaries

Government has said that as per section 383A of the Companies Act, 1956 read with Companies (Appointment and Qualifications of Secretary) Rules, 1988, every company having paid up share capital of Rs. 5 crore or more is required to appoint a whole time company secretary.

As per available information 233 Public Sector Undertakings (PSUs) have not appointed Company Secretary. Normally, PSUs are unable to appoint Company Secretary due to financial position of such PSUs and non-availability of suitable Company Secretaries.

Registrars of Companies have been empowered to take suitable action against the defaulting companies.


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