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[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 3rd January, 2020 G.S.R.- In exercise of the powers conferred by sub-section (1) of section 203 of the Companies Act, 2013 (18 of 2013) read w
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FAQ :
These rules are applicable for financial years commencing on or after 1st April 2020.
Every private company with a paid-up share capital of ten crore rupees or more is now required to have a whole-time Company Secretary.
Yes, companies having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more will also be subject to these rules.
The paid-up share capital, turnover, or outstanding loans or borrowings are determined based on the figures existing on the last date of the latest audited financial statement.
Rule 9(1) has been amended to include companies with outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more, alongside existing criteria.
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