Question
Consider the following statements regarding the
appointment of Company Secretary under Section 203 of the Companies Act, 2013: Statement 1: Every company with paid-up capital exceeding Rs. 5 crores must appoint a qualified Company Secretary. Statement 2: A Company Secretary must be a member of the Institute of Company Secretaries of India. Statement 3: A Company Secretary acts as Key Managerial Personnel and is responsible for compliance with applicable laws. Statement 4: Only individuals can be appointed as Company Secretary; partnerships cannot be appointed. Which statements are correct?Solution
Section 203 prescribes Company Secretary requirements. Statement 1 is correct—companies with paid-up capital exceeding Rs. 5 crores (now Rs. 10 crores) must appoint a CS. Statement 2 is correct—Section 203 requires membership in ICSI. Statement 3 is correct—CS is KMP with compliance responsibilities. Statement 4 is incorrect—Section 203 permits appointment of a firm of Company Secretaries in some circumstances. Statements 1, 2, and 3 are correct.
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