{"id":223879,"date":"2020-01-06T18:15:07","date_gmt":"2020-01-06T12:45:07","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=223879"},"modified":"2020-01-06T23:12:01","modified_gmt":"2020-01-06T17:42:01","slug":"private-companies-with-paid-up-share-capital-of-rs-8-crores-or-more-to-mandatorily-have-a-whole-time-company-secretary","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/06\/private-companies-with-paid-up-share-capital-of-rs-8-crores-or-more-to-mandatorily-have-a-whole-time-company-secretary\/","title":{"rendered":"Private Companies with paid up share capital of Rs 10 crores or more to mandatorily have a whole-time company secretary"},"content":{"rendered":"<p style=\"text-align: justify;\">Ministry of Corporate Affairs notified the amended Companies (Appointment and Remuneration of Managerial Personnel) Rules i.e. the <strong><span style=\"color: #0000ff;\">Companies (Appointment and Remuneration<\/span> <span style=\"color: #0000ff;\">of Managerial Personnel) Amendment Rules, 2020<\/span><\/strong>.<\/p>\n<p style=\"text-align: justify;\">ln the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2O14 (hereinafter referred to as said rules), for rule 8A, the following shall be substituted as under:-<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\">&#8220;8A. Every private company which has a paid-up share capital of ten crore rupees or more shall have a whole-time company secretary.&#8221;<\/span><\/p>\n<p style=\"text-align: justify;\">In the said rules, in Rule 9 of the said rules, in sub-rule (1),<\/p>\n<p style=\"text-align: justify;\">(i) after clause (b), at the end the word &#8220;or&#8221; shall be inserted.<\/p>\n<p style=\"text-align: justify;\">(ii) after clause (b), the following clause shall be inserted, namely:-<\/p>\n<p style=\"text-align: justify;\">&#8220;(c) every company having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more.&#8221;.<\/p>\n<p style=\"text-align: justify;\">(iii) the following Explanation shall be inserted, namely:-<\/p>\n<p style=\"text-align: justify;\">&#8220;Explanation:- For the purposes of this sub-rule, it is hereby clarified that the paid-up share capital, turnover, or outstanding loans or borrowings as the case may be, existing on the last date of the latest audited financial statement shall be taken into account.&#8221;.<\/p>\n<hr \/>\n<p><strong>Ministry of Corporate Affairs<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Notification dt. 03-01-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ministry of Corporate Affairs notified the amended Companies (Appointment and Remuneration of Managerial Personnel) Rules i.e. the Companies (Appointment and Remuneration of 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