What is the minimum paid up share capital on which company is mandatorily required to employ / appoint a whole time company secretary ?
Is it 2 crore or 5 crore for 2008-2009 ?
From When the ceiling from 2 to 5 crore was raised.
Sourabh Sharma
(CS CA (Final) M.com NCFM Derivative Capital Market Mutual Funds)
(771 Points)
Replied 12 June 2009
it is 5 crore
Sourabh Sharma
(CS CA (Final) M.com NCFM Derivative Capital Market Mutual Funds)
(771 Points)
Replied 12 June 2009
COMPANIES (APPOINTMENT AND QUALIFICATIONS OF SECRETARY) AMENDMENT RULES, 2009 - AMENDMENT IN RULE 3 NOTIFICATION NO. G.S.R. 11 (E), DATED 5-1-2009 In exercise of the powers conferred
by clauses (a) and (b) of sub-section (1) of section 642 read with clause (45) of section 2 and section 383A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualifications of Secretary) Rules, 1988, namely :—
1. (1) These rules may be called the Companies (Appointment and Qualifications of Secretary) Amendment Rules, 2009.
(2) They shall come into force from the 15th day of March, 2009.
2. In the Companies (Appointment and Qualifications)of Secretary) Rules, 1988, in rule 2,
(i) in sub-rule (1) and in the proviso to sub-rule (4), for the words "rupees two crores" the following words shall be substituted, namely:—
"five crore rupees";
(ii) in sub-rule (3), the second and third proviso shall be omitted;
(iii) after sub-rule (3), the following sub-rule shall be inserted, namely:—
"(3A) A company having a paid up share capital of two crore rupees or more but less than five crore rupees may appoint any individual who possesses the qualification of membership of the Institute of Company Secretaries of India constituted under the Company Secretaries Act, 1980 (56 of 1980), as a whole-time secretary to perform the duties of a secretary under the Companies Act, 1956:
Provided that where a company has appointed under sub-rule (3) or this sub-rule, a whole-time company secretary, possessing the qualification of membership of the Institute of Company Secretaries of India, such a company is not required to obtain a certificate from a secretary in whole-time practice under rule 3 of the Companies (Compliance Certificate) Rules, 2001."
CA CS Bhumika Thakkar
(CA,CS)
(1618 Points)
Replied 12 June 2009
5 crs..wef d date of notification itself..
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 13 June 2009
Yes, it is 5 crore. For effective date plz go through the notification posted above.
Regards
CS Devendra
(Service)
(53 Points)
Replied 13 June 2009
dear bhumika,
its not from the date of notification rather its from 15th March, 2009 as clearly specified in the notification in sub-rule (2) of Rule 1 of above as under:
"They shall come into force from the 15th day of March, 2009"
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 13 June 2009
w.e.f. 15/03/2009 (as mentined in the notification) every company having paid up capital of not less that Rs. 5 crore is required to appoint a Whole time Company Secretary.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 13 June 2009
Agree with learned members. There is a difference between date of issue of notification and effective date of Notification.
Regards
LAXMIKANT JAIPURKAR
(Practicing Company Secretary/Tax Consultant)
(403 Points)
Replied 13 June 2009
For financial year 2008-2009 it will be Rs. 5 crore.
Sanjiv Kumar Nayar
(Chartered Accountant)
(29 Points)
Replied 27 May 2010
Sir is it mandatory for government company to have company secretary if the paid up capital exceeds 10 crores
Mitali Agarwal
(Company Secretary)
(638 Points)
Replied 28 May 2010
| Originally posted by : Sanjiv Kumar Nayar | ||
 |
Sir is it mandatory for government company to have company secretary if the paid up capital exceeds 10 crores |
 |
Yes, it is mandatory for every company to appoint Company Secretary if its paid up capital exceeds Rs. 5 Cr. and before 15th March, 2009 appointment of CS was mandatory for every co. having paid up cap. of more than Rs. 2 Cr.
I have a question regarding this:
For a co. having paid up cap. = Rs. 5Cr., is it mandatory to appoint CS? I mean the relevant word is "equal to" or "exceeding" Rs. 5 Cr.?
vivek
(CS)
(751 Points)
Replied 28 May 2010
The requirement of appointment is based on paid up capital irrespective of status of the companies
Nitin Grover
(CS)
(1228 Points)
Replied 28 May 2010
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