Whole-time secretary requirement for producer companies: turnover-based mandatory appointment, qualification and penalty framework with compliance exceptions. A producer company whose average annual turnover exceeds the prescribed threshold in each of three consecutive financial years must have a whole-time secretary; the appointee must be a member of the Institute of Company Secretaries of India. Failure to comply renders the company and every officer in default liable to a daily statutory penalty subject to a maximum limit, with a proviso permitting exemption from penalty if reasonable efforts to comply or financial incapacity are shown.
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Provisions expressly mentioned in the judgment/order text.
Whole-time secretary requirement for producer companies: turnover-based mandatory appointment, qualification and penalty framework with compliance exceptions.
A producer company whose average annual turnover exceeds the prescribed threshold in each of three consecutive financial years must have a whole-time secretary; the appointee must be a member of the Institute of Company Secretaries of India. Failure to comply renders the company and every officer in default liable to a daily statutory penalty subject to a maximum limit, with a proviso permitting exemption from penalty if reasonable efforts to comply or financial incapacity are shown.
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