Is It Compulsory For All Companies To Appoint A Whole Time Company Secretary?

Is whole time director an employee?

A whole-time director refers to a director who has been in employment of the company on a fulltime basis and is also entitled to receive remuneration.

Further, a whole-time employee, when appointed as a director of the company, will be occupying the position as the whole-time director..

Can a company secretary be appointed in more than one company?

As per Companies Act, 2013 Company Secretary shall be considered as Whole Time Key Managerial Personnel of Company. As per Section 203(3)(a) A whole-time key managerial personnel shall not hold office in more than one company except in its subsidiary company at the same time.

Who is a whole time company secretary?

From 01st April, 2020, every listed company, every other public company and private company having a paid-up share capital of Rs. 10 crore or more shall have a whole -time company secretary. Previously, every company which has a paid-up share capital of Rs.

Can a company secretary also be a whole time director?

Thus a company secretary can be appointed as an executive director of other company. … As per the provisions of Companies Act, 2013: A person who is already in full time employment in a Company then he is not eligible to appoint as full time Director in another company except in their subsidiary company.

How many Cs are required in a company?

Hence, every company which has a paid-up share capital of Rs 10 Crore or more is mandatorily required to appoint the whole time CS (Company Secretary).

Is it mandatory for company secretary to attend board meeting?

It’s not mandatory,but for a smoother Board Meeting presence of Comapny Secretary is recommended. … The board chair relies on the company secretary as a backup to ensure that the board adheres to all statutory duties under the law, disclosure obligations, listing rule requirements and board compliance issues.

Which companies are required to appoint company secretary?

The Corporate Affairs Ministry (MCA) has brought clarity into the appointment of company secretaries by private companies. It has now stipulated that all private companies with a paid-up capital of ₹10 crore or above should have a whole-time company secretary.

Which company should appoint a full time company secretary answer in one sentence?

The Companies Act makes it compulsory for all listed companies and other companies with a paid-up share capital of Rs. 5 crores or more to appoint a specified list of full-time Key Managerial Personnel (KMP), which includes a Company Secretary.

Can a practicing CS be a director?

The Council has further allowed members in practice to become non-executive director/promoter/ promoter director/subscriber to the Memorandum and Articles of Association of a company which is engaged in any other business or occupation provided that the practising member does not hold substantial interest in the …

How many types of secretaries are there?

Secretary of embassy. Secretary of a cooperative society. Secretary of local body. Secretary of Government department.

Who will appoint company secretary?

Every private company which has a paid up share capital of ten crore rupees or more shall have a whole -time company secretary. As per the directions given by RBI, Every bank whether listed or otherwise shall mandatorily appoint a company secretary in their board.

Can a CS become CEO?

CS holds a very high rank or position in a firm and also comes right next to the CEO and Managing Director, and whole-time directors. A company secretary can be the CEO of the company too, which keeps his/her position close to the board of directors.