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1 Meeting of Members on Tue 25 Aug 2009 - 12:12

manpreet singh


Dear Professional Colleagues,

As you all might be aware of the fact that proposed Companies Bill 2009, is silent on the Compulsory appointment of CS, which will if be passed might cause the danger to the employment side of the profession. at that time it will be high time to save our profession. So we some of members trying to organise the meeting of members to raise our voice.

I personally request to all of you to please make it convenient to attend the meeting

Date: 30th August, 2009
Time: 11.00 A.m
Venue: NIRC, Prasad Nagar, Delhi

CS.Manpreet Singh

2 Re: Meeting of Members on Tue 25 Aug 2009 - 15:07

mahesh123


Hello Sir

I can understand what you are saying ?. In the companies bill, 2009 CS appoinment is mandatory under Key Managerial Personnel, along with CEO/MD & CFO.

Every company having such paid-up capital (it will be 5 crores) shall appoint CEO/MD, CS & CFO as Key Managerial Personnel.

So there is no meaning in saying that CS is not required under the new Companies Bill, 2009.

In fact the new bill has given more recognistion to CS by making him akin to MD & CEO.

Moreover the exemption routes available under the exisiting 383A is also not available in the new companies bill. Thus the scope of CS in employment is increased manifold in the New Bill.

Dont spread negative news !

Mahi

3 New Companies Bill, 2009 & a CS on Tue 25 Aug 2009 - 15:12

mahesh123


(a) “Company Secretary” or “Secretary” means a Company Secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 and who is appointed by a company to perform the functions of a Company Secretary under this Act;

(zza) “key managerial personnel”, in relation to a company, means —

(i) the Managing Director, the Chief Executive Officer or the Manager and where there is no Managing Director or Manager, a whole-time director or directors;

(ii) the Company Secretary; and

(iii) the Chief Financial Officer;


Appointment of key managerial personnel.

178. (1) Every company belonging to such class or description of companies as may be prescribed shall have whole-time key managerial personnel.

(2)Every whole-time key managerial personnel of a company shall be appointed by means of a resolution of the Board containing the terms and conditions of the appointment including the remuneration.

(3) A whole-time key managerial personnel shall not hold office in more than one company at the same time:

Provided that nothing contained in this sub-section shall disentitle a key managerial personnel from being a director of any company with the permission of the company.

(4) If the office of any key managerial personnel is vacated, the resulting vacancy shall be filled up by the Board at a meeting of the Board within a period of six months from the date of such vacancy.

(5) Where a company fails to comply with any of the provisions of this section, it shall be liable to a penalty of one lakh rupees and every director and key managerial personnel who is in default shall be liable to a penalty of twenty-five thousand rupees, for each such default.

4 reply on Tue 25 Aug 2009 - 16:04

manpreet singh


Dear friend,

I agree with your point of view. But as clause 178(1) itself have the wording -every company belonging to such class or description of companies..... So how can anyone be sure about the Limit: As per my understanding that will be clear only in rules later on. But at that time if that limit will be 25 Crore, then I dont think It will be in the interest of the CS Profession. If you have some draft in black & white, then please send me.


thanks
Manpreet Singh

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