MCA Vide Notification No. GSR.13(E) on 03/01/2020 issued The Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 to further amend Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2O14 which will come into force from 1st April ,2020 with following amendment:-
- Rule 8A
Every private company which has a paid up share capital of ten crore rupees or more have to appoint a whole -time company secretary.
- Rule 9
Following class of Companies has to annex with its Board’s report, a secretarial audit report given by a company secretary in practice in Form MR.3:
(a) Every public company having a paid-up share capital of fifty crore rupees or more or
(b) Every public company having a turnover of two hundred fifty crore rupees or more or
(c) Every company having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more.
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 latest audited financial statement shall be taken into account.
The said Notification can be accessed through the following link:MCANotif_GSR.13(E)_03012020_Co.(Apptmnt&RemunerationOfManagerialPersonnel)AmndmntRules2020