Requirement to appoint whole-time secretary imposes qualification, filing duties and daily penalties for non-compliance. Section 383A requires companies meeting the prescribed paid-up capital threshold to have a whole-time secretary and bars a secretary role where the board ... Summary
Requirement to appoint whole-time secretary imposes qualification, filing duties and daily penalties for non-compliance.
Section 383A requires companies meeting the prescribed paid-up capital threshold to have a whole-time secretary and bars a secretary role where the board comprises only two directors. Companies not required to employ a whole-time secretary but meeting a secondary threshold must file a compliance certificate from a whole-time practicing secretary attached to the board's report. Non-compliance attracts a daily monetary penalty on the company and officers in default, subject to a defence of reasonable efforts to comply or financial incapacity. Transitional provisions require certain firms or individuals acting as secretaries to vacate or elect appointments within prescribed periods.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.