Saturday, 3 September 2011

Celing on Number of Companies on which Practising CS can sign on Annual Return

CEILING ON NUMBER OF COMPANIES OF WHICH MEMBERS IN PRACTICE CAN SIGN ANNUAL RETURN
The Council of the Institute of Company Secretaries of India, in exercise of powers under Clause (2) of Part II of the Second Schedule to the Company Secretaries Act, 1980 has issued a Notification No. 1002:28:DR dated 11th August, 1989 which is reproduced herein below:

"No. 1002/28/DR:- In exercise of the powers conferred by Clause (2) of Part II of the Second Schedule to the Company Secretaries Act, 1980 (Act No. 56 of 1980), the Council of the Institute of Company Secretaries of India hereby specifies that a member of the Institute in practice who is entitled to sign an Annual Return pursuant to the proviso to sub-section (1) of section 161 of the Companies Act, 1956 (1 of 1956) shall be deemed to be guilty of professional misconduct if he signs Annual Returns of more than thirty companies whose shares are listed on a recognized stock exchange, in a calendar year commencing from 1st January, 1989"

Provided, however, in the case of a firm of Company Secretaries, the ceiling of thirty companies aforesaid would apply to each partner therein who is entitled to sign the annual return in terms of the proviso to sub-section (1) of section 161 of the Companies Act, 1956.
This becomes operative for any annual return to be signed on or after 1st October, 1989.
By Order of the Council,


T.P. SUBBARAMAN
Secretary

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