company law

Aadish Jain (Querist) 04 March 2008 This query is : Resolved
if a company's paid up capital is 1.5 crore than can it appoint a company secratary who is not the member of the institute of company secratary of india

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Manish Singh (Expert) 04 March 2008
If a company's paid capital is equal or more than 2 crores(as per amendment of 2002),
then it is mandatory for a company to engage a full time Company secretary who should be a member of icsi.

Manish Singh (Expert) 05 March 2008
you can engage a CS who is not accredited by ICSI(who hasnt completed 15 months articleship) but it is not mandatory for you to engage a full time CS since if paid up capital hangs between Rs 10 lacs and 2 crores, you only need to file a compliance certificate from a practising CS once a year alongwith Directors Report.

Aniruddha.P.Pawse (Expert) 05 March 2008
Hi Aadish,

According to company Law amendment it is obligatory to keep a CS for a company having paid up capital of 2crores or more.
However as you are required to file complaince certificate and paid up capital is 1.5 crore it is better to appoint practising CS as part time CS for your company or on retainership basis.

Rgds,

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