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:
- Every public company having a paid-up share capital of >/= Rs. 50 Crores; or
- 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.