10 January 2011
Which compnay has to compulsorily appoint a full-time company secretary. Can a compnay having a paid up capital of Rs. 5 Crore opt to get Complince Certificate from a practicising CS or appoint him on retainership basis instead of appointing a whole time CS.
10 January 2011
Company has to appoint a company secretary by virtue of section 383A read with the notification in http://www.mca.gov.in/Ministry/notification/pdf/GSR11(E)_20jan2009.pdf
10 January 2011
Yes a Company having paid up capital of more than 5 crore rupees can appoint a Company Secretary on retainership basis instead of appointing a whole time Company Secretary.But for good corporate governance u should appoint a Whole time company Secretary whenever your paid up Capital Increases5crore limit. A company secretary in whole time practice will help u in better running of affairs of your company and daily dealing with different regulatory agencies. A company Secretary in whole time may also help u running other affairs of your company in ethical progressive way.
11 January 2011
As per the provisions of section 383A of the Companies Act, 1956, every company having a paid up share capital of Rs.5 Crores or more is required to appoint a whole time Company Secretary.
Regarding the appointment of Company Secretary on a retainership basis, i fully agree with the opinion of Expert Taher!
11 January 2011
I agree with Jayashree. As per section 383A a Company having paid up capital of 5 crore or more is required to appoint a whole time company secretary, BUT the Word "Whole Time" is not defined under the provision of Companies Act 1956. A Company Secretary on Retainership may come under the meaning of Whole-time. The difference between Whole time and Retainership is the physical presence. Whole time Company Secretary is physically present to advice matters whereas retainer is allways available for advice but he is not required to put daily attendence or work for fixed hours.
16 January 2011
Thanks Taher Sir, but Can the company secretary appointed on retainership basis work with more than one company. Or a company secretary doing individual practice can be appointed on retainership basis.
16 January 2011
Company Secretary in practice is the 0ne who can be appointed as retainer...A company Secretary in practice can work as retainer with more than one Company there is no such restriction on upper ceiling....
16 January 2011
Provided a Company Secretary in practice shall not issue compliance certificate to more than 80 companies in a year, in case of company secretary of a firm acting as partners then the restriction of 80 companies would apply to each partner..
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