Eligibility threshold for company secretary revised, expanding companies that may appoint qualified institute members as whole-time secretaries. The amendment substitutes the previous 'rupees two crores' threshold with five crore rupees in rule 2, omits the second and third provisos to sub rule (3), and inserts sub rule (3A) allowing companies with paid up share capital of two crore rupees or more but less than five crore rupees to appoint a member of the Institute of Company Secretaries of India as a whole time secretary. Companies appointing such a qualified whole time secretary under sub rule (3) or (3A) need not obtain a certificate from a secretary in whole time practice under the Companies (Compliance Certificate) Rules, 2001.
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Eligibility threshold for company secretary revised, expanding companies that may appoint qualified institute members as whole-time secretaries.
The amendment substitutes the previous "rupees two crores" threshold with five crore rupees in rule 2, omits the second and third provisos to sub rule (3), and inserts sub rule (3A) allowing companies with paid up share capital of two crore rupees or more but less than five crore rupees to appoint a member of the Institute of Company Secretaries of India as a whole time secretary. Companies appointing such a qualified whole time secretary under sub rule (3) or (3A) need not obtain a certificate from a secretary in whole time practice under the Companies (Compliance Certificate) Rules, 2001.
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