hello sir..
would you please inform me to which companies provisions of section 383a is applicable..?
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Applicability of sec 383a
Replies (3)
Every listed company having paid up share capital of not less than Rs.5 crore is obligatory required to appoint a whole time secretary. In case the share capital exceeds Rs.10lakhs but less than Rs.5 crores, then it is mandatory to file compliance certificate which is to be obtained from a Secretary in whole – time practice.
Every company having paid up capital of Rs. 5 Crore or more has to mandatorily appoint a whole time Company Secretary as per section 383A.
| 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. | |||||
| 6 | Where the BOD comprises only two directors, neither of them shall be secretary of the Company. | |||||
| Summarized | ||||||
| Paid up Capital | Appointment of CS | Any Individual / Member of ICSI | Compliance Certificate | |||
| Rs. 5 Crores or more | Compulsory | Only Member of ICSI | N.A. | |||
| Rs. 10 Lakhs or more to Rs. 2 Crores | Voluntarily | Either of Above | Compulsory (Not required if CS is member of ICSI) | |||
| Rs. 2 Crores or more to Rs. 5 Crores | Voluntarily | Member of ICSI | Not required if appointment is made otherwise required | |||
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