About CS (Company Secretaries) Firms
Company Secretary has been recognized as Key Managerial Personnel along with the Chief Executive Officer/managing director/manager, whole-time director and Chief Financial Officer. (section 203)
Being Key Managerial Personnel, Company Secretary is required to be mandatorily appointed in every company belonging to such class or classes of companies as may be prescribed.
As per the Rule 8 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, such prescribed class is every listed company and every other public company having a paid-up share capital of ten crore rupees or more shall have whole-time key managerial personnel.
Also as per Rule 8A, i.e. Appointment of Company Secretaries in companies not covered under rule 8.—A company other than a company covered under rule 8 which has a paid up share capital of five crore rupees or more shall have a whole-time company secretary.
Functions of the company secretary have been codified in the Companies Act, which include:-
to report to the Board about compliance with the provisions of this Act, the rules made there under and other laws applicable to the company;
to ensure that the company complies with the applicable secretarial standards;
to provide to the directors of the company, collectively and individually, such guidance as they may require, with regard to their duties, responsibilities and powers; and
to assist and advise the Board in ensuring good corporate governance and in complying with the corporate governance requirements and best practices ;
other specified functions.
