MANOJ (Proprietor) (32 Points)
17 October 2014As per companies Act 2013 appointment of Company Secretary as a KMP is mandatory if Paid up capital is more than 10 CR. Now in one of my clients company is a Group Investment Company haing no activity so no one is willing to join as a CS as there is no work. In such a case how to comply with the provision for appointment of CS ?
Is any procedure is there to claim exemption from the provision?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 13 November 2014
There is no provision for any exemption from this requirement. Sec.462 also empowers CG to exempt 'class or classes of companies' from any provision of the Act. Hence you can consider giving the candidate giving additional assignment such as secretarial/financial work of other smaller companies of the group to make it attractive.
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