In India, a Company Secretary (CS) is a professional who is responsible for ensuring that a company complies with all legal and regulatory requirements. The role of a company secretary is critical in ensuring that the company functions effectively and efficiently, while also adhering to all applicable laws and regulations.
The Companies Act, 2013 mandates that all companies with a paid-up share capital of Rs. 10 lakhs or more must have a Company Secretary. The CS can be appointed by the Board of Directors of the company and is responsible for ensuring that the company complies with various legal and regulatory requirements.
Some of the key responsibilities of a Company Secretary in India include:
- Ensuring compliance with the Companies Act, 2013: A Company Secretary is responsible for ensuring that the company complies with all the provisions of the Companies Act, 2013. This includes maintaining and updating various registers and records, and ensuring that the company meets all statutory deadlines for filing documents and returns with the Registrar of Companies (RoC).
- Maintenance of statutory records: A Company Secretary is responsible for maintaining the statutory records of the company, which includes the registers of members, directors, and charges.
- Conducting Board Meetings and General Meetings: A Company Secretary is responsible for convening and conducting meetings of the Board of Directors and General Meetings of the company. The CS also ensures that the minutes of the meetings are properly recorded and maintained.
- Advising the Board of Directors: A Company Secretary advises the Board of Directors on various legal and regulatory matters, and ensures that the decisions taken by the Board are in compliance with the applicable laws and regulations.
- Liaising with external agencies: A Company Secretary is responsible for liaising with external agencies such as the Registrar of Companies (RoC), the Securities and Exchange Board of India (SEBI), and other regulatory bodies.
Compliance deadlines for Company Secretaries in India:
- Annual Return: Companies are required to file their Annual Return with the RoC within 60 days of their Annual General Meeting (AGM).
- Financial Statements: Companies are required to file their Financial Statements with the RoC within 30 days of their Annual General Meeting (AGM).
- Board Meetings: Companies are required to hold at least four Board Meetings in a year, and the meetings should be held at an interval of not more than 120 days.
- Statutory Registers: Companies are required to maintain various statutory registers such as the Register of Members, Register of Directors, Register of Charges, etc. These registers must be updated and maintained regularly.
- Compliance Certificate: Companies with a paid-up share capital of Rs. 10 lakhs or more are required to obtain a Compliance Certificate from a Company Secretary in Practice (PCS) every year.
In conclusion, a Company Secretary plays a crucial role in ensuring that a company complies with all legal and regulatory requirements in India. The CS is responsible for maintaining various records and registers, advising the Board of Directors, and ensuring that the company meets all statutory deadlines for filing documents and returns with the RoC. Therefore, it is essential for companies to appoint a qualified and experienced Company Secretary to ensure smooth functioning and compliance.
Mesha provides companies with a Company Secretary, as well as automated filings for all your compliance requirements and deadlines in India.
