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.
Hi,
For a Pvt. ltd. company with paid up share capital of Rs. 10 crore or more would be required to have a full time CS. For one of the co. the CS resgined in month of May’20 and as off today there is no appointment made (considering the covid situation). So is there any remedy available for signing of FS of FY 19-20 as presently there is on CS but there is a CS firm available.
1. The provisions are clear that Sec 203 and Rule 8 for the appointment of a Company Secretary. 2. This is not a hurdle for signing FS for FY 19-20. 3. But at this stage filing of Annual Returns this is an impediment. 4. The company should be made as an active company by the appointment. 5. CS firm is helpful in the attestation and filing of ARs only.