Role and Duties of a Company Secretary

Role and Duties of a Company Secretary

Dec 29, 2021, 10:41:56 AM Business

Role of company secretary

The company secretary is a component of the company. He must carry out his duties with reasonable care. Failure to comply may result in the person being held liable for illegal activity and being dismissed for fraud or infringement of the company's legal rights. Company Secretary Services make sure that all business practices comply with all legal requirements.

Corporate Law Obligations:

Initiating and implementing formation procedures, such as the procedures used to notarize and register documents.

Guarantees the delivery of registration and assignment details to your registrar. Submit an application for a capital increase.

Monitor the delivery details of the allocation certificate. Keep records of holders of stock acquisition rights.

Submit the annual declaration.

Submitting an affidavit to receive a training certificate. Law & Economy Management; Provide members with up-to-date information on meetings and announcements at the General Assembly.

Signing and proof of financial reports and financial statements (balance sheet and income statement) of non-bank financial companies.

Submitting resolutions to the registrar and preparing minutes for all General Assembly and Board of Directors within 30 days.

Income Tax Act Obligations:

Confirm and submit certified declarations and forms. To oversee the TDS (Tax withholding) certification and filing process. Make sure the appropriate TDS is deducted from the employee's salary. Ensure that the TDS report is properly maintained and that the TDS is properly submitted to the government.

Other legal obligations:

Obtain regulatory approval.

Comply with the government's labor dispute procedure.

Advice to authorities and the board on risk management. Business policy and strategy; Corporate social responsibility; Brand value and image building. Management of company intellectual property rights. Ensuring sound communication between stakeholders. Authorities and government.

Real Major Company Secretary Responsibilities

CS as a business benefactor: Companies Act gives certain rights to a company's secretary. To handle company audit and Secretarial Services. Sign the annual declaration. To handle corporate restructuring and acquisitions. Transparently examine reports and voting procedures.

Manage the resuscitation of the sick business. Become a technical member of the company court. Investigate tax and corporate issues—CS as an auditor: To ensure corporate discipline and legal compliance.

The Companies Act directs the company secretary to provide the authorities with a Secretariat audit report on Form MR3 to ensure that the company complies with the procedures set out in general law and regulation.

To report an unpleasant fraud problem to the government. CS as an advice centre: CS functions as an advice centre when issuing shares. Prospectus / Sales Letter / Securities / Preparation of Issues Related to Private Placement and Stock Repurchase; Financing in the International Market. Loan syndication and documentation.

Income tax planning; drafting legal documents; intellectual property issues; leadership in merger policies; mergers and joint ventures, etc. Legal restrictions and authority of company secretary

The company's secretary is legally bound by the limits and liability guidelines set by ICSI and various regulatory agencies. As the representative body of the company, he is responsible for his negligence, which can lead to the fulfillment of his obligations.

He is responsible for actions beyond their authority. Under the obligation to keep the company secret from outsiders, you have the right to terminate in order to generate a secret profit from the company.

Apart from that, he cannot enter into a contract on behalf of the company without the approval of the director. He cannot borrow money on behalf of the company. We cannot plead guilty to a lawsuit against the company. Shares may not be registered or transferred without the required permission from BOD.

Conclusion:

The role of the company secretary corresponds to the growth rate of Indian companies. As the number of compliance requirements grows, the need and responsibilities of CS should not be ignored.

Suppose the company does not follow the procedures for introducing the Companies Act and other related laws. There can be many penalties that only the company secretary opposes.

Published by Alen Parker

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