News

Changes in requirements to appoint a Whole-time Company Secretary for certain companies and applicability of Secretarial Audit.

From the Companies  (Appointment and Remuneration) Rules, 2014:

Rule 8A which specifies the requirement of a whole-time company secretary for certain companies has been amended.

Private companies having paid-up share capital of >/= Rs. 10 Crores shall have a Whole-time Company secretary.

This amendment is applicable in respect of Financial years commencing on or after 1st April 2020.

Rule – 9:

Secretarial Audit shall be applicable for companies when they satisfy the following:

  1. Every public company having a paid-up share capital of >/= Rs. 50 Crores; or
  2. Every Public Company having Turnover >/= Rs. 250 Crores; or

(Newly Added) Every Company having outstanding Loans or borrowings from banks or public financial institutions of >/= Rs. 100 Crores.

http://www.mca.gov.in/Ministry/pdf/AmdtRules_06012020.pdf