https://www.taxtmi.com/caselaws?id=442020 The challenge to the amended Rule 8A of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, requiring private companies with a paid-up share capital of Rs.10 crores or more to have a whole-time company secretary, was upheld by the Court. The increase in the threshold was deemed justifiable to counter inflation and promote ease of doing business. The Court emphasized that economic policy matters should be left to expert bodies and unless shown arbitrary, capricious, or lacking nexus with the objective, the increase cannot be deemed unconstitutional under Article 14 of the Constitution of India. Other prayers related to corporate governance enforcement and the formation of a High Power Committee were considered unwarranted, with the Court highlighting steps taken to address fraudulent activities. The petition was dismissed, and pending applications were disposed of. en-us Fri, 11 Aug 2023 00:00:00 +0530 Wed, 23 Aug 2023 09:06:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442020 The challenge to the amended Rule 8A of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, requiring private companies with a paid-up share capital of Rs.10 crores or more to have a whole-time company secretary, was upheld by the Court. The increase in the threshold was deemed justifiable to counter inflation and promote ease of doing business. The Court emphasized that economic policy matters should be left to expert bodies and unless shown arbitrary, capricious, or lacking nexus with the objective, the increase cannot be deemed unconstitutional under Article 14 of the Constitution of India. Other prayers related to corporate governance enforcement and the formation of a High Power Committee were considered unwarranted, with the Court highlighting steps taken to address fraudulent activities. The petition was dismissed, and pending applications were disposed of. Case-Laws Companies Law Fri, 11 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442020