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The Appointment of Company Secretary (CS) has been made mandatory for a few class of the company like listed companies or company having paid-up capital more than the prescribed limited.
A company secretary is a principally an employee even though he holds a very high rank. He / She may be the Chief Executive & then his position is near to those of the directors. In reality, he is the only employee who has advisory powers.
CS advice is pursued in carrying out general administration and in the decision-making process at the time of framing policies of the company. He is consulted to determine the lawful suggestions of policy decisions. Therefore, he/she is the only outsider who is present at the Board meetings.
Company Secretary is the person who is a member of the (ICSI) Institute of Company Secretary[1] of India appointed by the company to perform the functions of the Company Secretary.
All listed company and all other company having paid-up share capital of Rs.5 crore or more shall have whole-time key managerial personnel and shall have following whole-time key managerial personnel namely—
The Companies Act 2013 does not provide the period wherein the Company has to designate Company Secretary as (KMP) key managerial personnel. But it is advisable to appoint a Company Secretary as KMP in the first board meeting which is to be conducted after applicability of such a provision.
Also, Read: Appointment of Key Managerial Personnel under Companies Act, 2013.
The three main areas, a Company Secretary, has the role to play viz. to the Board, to the Company, and to the Shareholder.
Core Duties of the Company Secretary
If a company contravenes the provisions relating to appointment of whole-time key managerial personnel (which includes company secretary), the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every director and key managerial personnel of the company who is in default shall also be punishable with fine which may extend to one thousand rupees for every day after the first during which the contravention continues.
Also, Read: Appointment and Resignation of Directors: Easy Procedure.
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