Amendments to Companies (Appointment and Remuneration of Managerial Personnel) Rule 2014 : What does this mean for your business?

Impact of Amendments to Companies Rule 2014 on 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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If you are a whole time company secretary, or a company exempt from employing a full time company secretary, then here’s a reason to still outsource your XBRL conversion work.

Since all lines on a financial statement will need to be carefully assessed and reviewed, letting experts handle the tagging is a good idea. It will drastically reduce the risk of accidentally submitting incorrect financial statements.

A service provider will unquestionably stay on top of news and updates, saving you the hassle of having to learn things afresh periodically. This way, all your XBRL needs will be taken care of for the foreseeable future.

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DataTracks, a global leader in regulatory compliance reporting solutions, has been in business since 2005 and has helped prepare more than 180,000 reports since inception. DataTracks provides fully assisted services in selected regulatory regimes where inputs provided by clients in traditional formats are converted to HTML, XML, XBRL or iXBRL formats.


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