Introduction
The Managerial Level, the top level in an organisation, is also given to the role of company secretary. This person is responsible for ensuring the company runs smoothly and that it complies with all legal obligations. A company secretary must be certified or be a member of the ICSI(Institute of Company Secretaries of India).
The role of company secretary in Indian Companies with paid-up capital of at least 5 crores is now required by the revised Companies Act to appoint a role of company secretary. By guiding a board of directors in these critical areas using their extensive skill set in finance, governance, corporate law, and corporate secretarial practice, the role of company secretary in India secretaries help the Chair, CEO, and non-executive directors. The benefits of having a business secretary are as follows:
- A fast track to bigger roles
- Managing the board
- Access to a wide variety of unique employment options in many industries
- A variety of tasks and the potential for six-figure incomes
- The opportunity to work overseas.
Some company secretary services india run their businesses as sole practitioners, small partnerships, or staff members of professional services firms, providing corporate secretarial services to various clients for a fee. Company secretaries work in a variety of organizations across all industries, including private businesses, governmental organizations (such as local government agencies and the NHS), and not-for-profit organizations (e.g., professional bodies and charities.)
A company secretary is more than just a worker; with his expertise and in-depth knowledge of corporate regulations, a company may reach its fullest potential.
He has extensive knowledge of business law and interpretation. He can master every legal requirement that a business must meet, such as labour, tax, banking, and others.
Qualifications Required to Become a Company Secretary
According to Section 2(24) of the Companies Act of 2013, the role of company secretary is required to abide by certain laws that the Indian Government sporadically establishes. The Companies (Secretary's Qualifications) Rules of 1975 further specify the qualifications that a CS must fulfil.
If a private limited company has a paid-up capital of at least $50,000, a company secretary must be a member of the ICSI(Institute of Company Secretaries of India).
If a private limited company has a paid-up capital of at least 50 lakhs, the role of company secretary in india must be a member of the ICSI or Institute of Company Secretaries of India. The Secretary shall be a member of the ICSI, possess a legal degree from any recognised university, and shall satisfy one or more of the foregoing requirements. A member of the Indian Institute of Cost and Works Accountants (ICMAI), an advanced degree in commerce from a reputable university, and a diploma in company secretary service India law from any India Law Institute.
Functions that a Company Secretary Must Fulfill:
- The corporate secretary is an essential component and must diligently fulfil his duties. He must ensure that all business practices adhere to all legal requirements in addition to acting as a legal mentor; otherwise, he may be fired for dishonesty or violating the company's legal rights and held accountable for wrongdoing. An essential link between the company secretary services india and its owners, board of directors, regulatory bodies, and other interested parties is a corporate secretary.
- According to the Companies Act, a company secretary's responsibilities are listed below under Section 205 of the Companies Act: To start and complete incorporation procedures, such as authenticating the documentation and registration processes
- Ensuring the registrar receives the information about the allocation and registration
- Monitoring the delivery of share allocation certificates and requesting an increase in share capital
- Tracking the owners of share warrants
- Obeying the law and submitting yearly returns.
- Releasing the statutory declaration to get the certificate of beginning
- The control of the statutory books
- Providing meeting announcements and updates to all members at non-bank financial institutions
- Certifying and signing financial reports and statements (Balance Sheet and Profit & Loss Statements)
- To start and complete incorporation steps, such as authenticating the documentation and registration
- A resolution must be submitted to the registrar within 30 days.
- Making sure that all board and general meetings have minutes
- Must carry out additional tasks imposed by the Act, such as informing the Board of the Act's compliance
- Making sure that the business complies with the relevant secretarial requirements
- Must carry out additional obligations as specified by the Companies Act
- Based on the Income Tax Act
- To verify and submit attested returns and forms; to oversee the TDS (Tax Deducted at Source) authentication and filing process; to make sure the appropriate amount of TDS is being withheld from employees' salaries; to make sure TDS reports are kept up to date; and, to make sure TDS is properly submitted to the government.
Similar to other acts
Obtaining government approvals, abiding by the rules governing industrial disputes, the State Insurance Act, the Depositories Act of 1996, and the Foreign Exchange Management Act, as well as monitoring and abiding by numerous legal rules like those governing labour and competition, the environment, and other laws.
