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    CS fraternity gets disappointed with MCA KMP Rules, 2014

    News Reporter 01

    Posts : 37
    Join date : 2014-03-28

    CS fraternity gets disappointed with MCA KMP Rules, 2014

    Post by News Reporter 01 on Thu Apr 03, 2014 4:53 pm

    CS fraternity gets disappointed with MCA KMP Rules, 2014:

    All over India the CS profession fraternity now speaks about an un-certain job profile, with the Ministry of Corporate Affairs, bringing KMP (Key Managerial Personnel) Rules 2014 w.e.f 1st April, 2014. The rules make private limited companies outside the scope of CS either in employment or in practice.

    In the earlier 1956 law, as per section 383A and rules thereunder every company having more than Rs.5 crores capital needs a whole-time company secretary. But the new law makes every listed company & public limited companies having more than Rs.10 crores paid-up capital shall appoint a KMP which includes a company secretary.

    The provisions relating to secretarial audit also are applicable only to big public companies. Further the pre-certification of many e-forms in the new Act has also been withdrawn, and giving a less role for company secretaries in the corporate governance compliance system.

    Many members of cs profession and students had started protesting the new rules issued by MCA, and the new students of the profession find less career scope. With the new rule coming in hardly 7000 companies in India will only come under mandatory appointment of CS.

    Meanwhile ICSI, the cs profession regulator of India, has made written representations to MCA officials to re-instate the cs opportunities in the Companies Act 2013 also.

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