1 ) Now my question is whether Sec 383A will be applicable or not.
2) whether clause 49 of listing agreement i.e corporate governance will be applicable or not. as the act said All the listed company whose paid up capital of Rs 3 crores and above or net worth of Rs 25 crores or more
In short I wanted to know value of preference share would be added in paid up capital or not.
12 April 2013
383A. 2[ Certain companies to have secretaries. (1) Every company 3[ having such paid- up share capital as may be prescribed] shall have a whole- time secretary, and where the Board of directors of any such company comprises only two directors, neither of them shall be the secretary of the company. (1A) 1[ If a company fails to comply with the provisions of sub- section (1), the company and every officer of the company who is in default, shall be punishable with fine which may extend to fifty rupees for every day during which the default continues: Provided that in any proceedings against a person in respect of an offence under this sub- section, it shall be a defence to prove that all reasonable efforts to comply with the provisions of sub- section (1) were taken or that the financial position of the company was such that it was beyond its capacity to engage a whole- time secretary.] (2) Where, at the commencement of the Companies (Amendment) Act, 1974 (31 of 1974 ),-- (a) any firm or body corporate is holding office, as the secretary of a company, such firm or body corporate shall, within six months from such commencement, vacate office as secretary of such company; (b) any individual is holding office as the secretary of more than one company having a paid- up share capital of 1. The word" annual" omitted by Act 65 of 1960, s. 144. 2. Ins by Act 41 of 1974, s. 30. (w. e. f. 1- 2- 1975 ). 3. Subs. by Act 31 of 1988, s. 53 (w. e. f. 1- 12- 1988 ). 4. Ins. by s. 53, ibid. rupees twenty- five lakhs or more, he shall, within a period of six months from such commencement, exercise his option as to the company of which he intends to continue as the secretary and shall, on and from such date, vacate office as secretary in relation to all other companies.] B. MANAGERS
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