Compliance certificate

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MUKESH JOSHI (Querist)
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05 October 2012 I want to know that, if in a private company where a company secretary has been appointed and he has resigned during the year and a new company secretary has been appointed but the time period gap between resignation and appointment is 25 days then whether it is compulsory for the company to take a Compliance Certificate for the period or it will not required & affect the Company.

Ajay Mishra

Ajay Mishra (Expert)
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05 October 2012 Hi

For 25 days, it is not suggestive to take compliance certificate from PCS.

APPOINTMENT OF COMPANY SECRETARY
(Section 383A & Companies (Appointment and Qualifications of Secretary) Rules, 1988)

1 Every company having paid-up share capital of not less than Rs. 5 Crores shall have whole time secretary [Rule 2(1)].

2 Where the paid up share capital is increased to Rs. 5 Crores or more, the Company shall appoint whole time secretary within a period of 1 year from the date of such increase [Proviso to Rule 2(4)].

3 A company having a paid up share capital of less than Rs. 2 Crores may appoint any individual, possessing qualification specified in Rule 2(4), as its whole time secretary to perform duties of secretary, and any other ministerial or administrative duties [Rule 2(3)].

4 A company having a paid up share capital of Rs. 2 Crores or more but less than Rs. 5 Crores may appoint any individual who is member of ICSI, as a whole time secretary [Rule 2(3A)].

5 A company having paid up capital of Rs. 10 lakhs or more but less than Rs. 5 Crores shall obtain Compliance Certificate from PCS provided if such company has appointed Whole Time Secretary who is member of ICSI then compliance certificate is not required to be obtained.

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