MCA removes compliance certificate requirement for private limited companies and other changes - Professionals - Legal - TIK Share
0 Likes 2823 Views

MCA removes compliance certificate requirement for private limited companies and other changes


CA Pulkit Sharma

2014-04-04

MCA has notified the new rules for the new companies act. It discharges private companies and public companies with less than capital of 10 crore from the obligation of employing Company Secretaries. Also, private companies are no longer required to get compliance certificates from a CS.

ICSI, which has 4 lakh students and thousands of members, feels it will lead to massive unemployment amongst company secretaries. They also want to challenge this rule as it could lead to more cases of non-compliances by companies.

On the other hand, such rules are great news for entrepreneurs as it is a positive step towards a more liberal and simplified regime, which could be an incentive for new entrepreneurial activities.

The situations are going to be very tough for new company secretary professionals. The companies with capital above 10 crore rarely hire a new CS, they go with big CS.

Many compaigns are started by practicing company secretaries, students to cancel the said provisions of the rules.

Rahul Rai

2014-04-04

Company Secretery professionals and CS Students are furious on facebook. The heat can be felt there.

Some professionals are suggesting to use the Black Dot as profile picture to protest against the new rules.

On one side, the new rules will simplify the compliances and are business friendly; on other side the new rules will create unemployment and decrease the oppurtunities for fresh CS professionals.

Reply

CA Pulkit Sharma

2014-04-07

The latest update:

Sachin Pilot, the Minister of MCA have personally assured the ICSI to take care of the matter and ICSI is doing the work to get the difficulties removed.

Reply