WHO IS A COMPANY SECRETARY?
As per Section 2(24) of The Companies Act 2013, ‘company secretary’ or ‘secretary’ means a company secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980, who is appointed by a company to perform the functions of a company secretary under this Act
WHO CAN APPOINT CS?
As per Section 203 of The Companies Act 2013,
Every listed company and every other companies having paid up share capital of rupees 10 crores or more shall have a whole time company secretary in their board.
However as per the recent amendment in Rule 8A of Rule 8A of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 –
8A Appointment of Company Secretaries in Companies Not Covered Under Rule 8
Every private company which has a paid up share capital of ten crore rupees or more shall have a whole -time company secretary.
As per the directions given by RBI,
Every bank whether listed or otherwise shall mandatorily appoint a company secretary in their board.
PROCESS OF APPOINTMENT OF COMPANY SECRETARY,
DUTIES OF COMPANY SECRETARY
The duties of Company Secretary are as follows:-
OFFENCES & PENALTIES as per Section 203 of The Companies Act 2013,
If any company makes any default, such company shall be liable to a penalty of five lakh rupees and every director and key managerial personnel of the company who is in default shall be liable to a penalty of fifty thousand rupees and where the default is a continuing one, with a further penalty of one thousand rupees for each day after the first during which such default continues but not exceeding five lakh rupees.