27 October 2009
Sir, If a non listed public limited closely held company is having paidup capital of more than 5 crores and it does not have whole time company secretary till date. Is it mandatory for the company to obtain Compliance Certificate and file it with ROC or is it advisable to file it in absence of company secretary. How long company can be functioning without whole time company secretary with it. What are the penalties for non appointment of Company Secretary. Thanking you in advance.
27 October 2009
Well it is mandatory for the company whose paid up capital is Rs. 5 CR or more to appoint company secretary in whole time employment. but as u said you company has not appointed any CS till date so for this financial year company has to obtain Compliance Certificate from PCS and it is advisable to appoint CS in whole time employment at the earliest.
Amended & Applicable Provision from 15th March 2009:
Get Mandatory Compliance Certificate: --if your share capital is between 10 lakhs & 2 crores; --if your share capital is between 2 crores & 5 crores and you have not appointed whole time company secretary.
Mandatorily appoint a Whole Time Company Secretary: --if your share capital is between 2 crores & 5 crores and you have not got the Compliance Certificate; --if your share capital is above 5 crores.
27 October 2009
My querry is not resolved as is it Mandatory under the existing provisions to obtain Compliance certificate or is it advisable as Obtaing Compliance certificate is mandatory for companies with Paid up Capital between 2 crores & 5 crores but in my case company is having paidup capital in excess of 5 crores.
CAclubindia
