Amendments to Companies (Appointment and Remuneration of Managerial Personnel) Rule 2014 : What does this mean for your business?
The Ministry of Corporate Affairs (MCA) has recently released a notification regarding amendments to Companies Rules 2014 in respect of appointment of whole time company secretaries and applicability of secretarial audit.
The Central Government announced earlier this year that the amended rules, called the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020, shall be applicable in respect of financial years commencing on or after 1st April 2020.
Rule 8 : Appointment of Key Managerial Personnel
- The amendment increases the limit for employment of whole time Company Secretary from paid up share capital of Rs. 5 Crores to Rs. 10 Crores for all companies.
Rule 9: Secretarial Audit by practicing Company Secretary
- Rule is now amended to include every company having outstanding loans or borrowings of Rs. 100 Crore of more as on the last date of latest audited financial statement
- This is in addition to all listed companies, and other public companies having paid-up share capital of Rs. 50 Crores or more, or turnover of Rs. 350 Crores or more
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