Now private Cos. indebted with Rs. 100 crores to come under ambit of Secretarial Audit

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Now private Cos. indebted with Rs. 100 crores to come under the ambit of Secretarial Audit

The Ministry of Corporate Affairs has notified the Companies Amendment Rules, 2020 wherein the scope of the whole time practicing company secretaries has been increased. Now, provisions of the secretarial audit to be applicable to private companies indebted with Rs. 100 crores as well.

Private companies with a total outstanding debt of Rs 100 crore or more to banks and financial institutions will now have to submit a secretarial audit report to the government, according to a rule notified by the corporate affairs ministry on Monday.

Under the previous rules, public companies with a paid-up share capital of Rs 50 crore or more or those with a turnover of Rs 250 crore or more were required to submit secretarial audit reports along with their board reports

A number of companies that do not have substantive business operations had represented that it is onerous for them to employ a company secretary only because they have a paid-up share capital of Rs 5 crore and this was raising compliance cost,” the official said. Experts said the move is a step in the right direction and would push the ease of doing business.


The government should consider adding the requirement of a company secretary for companies with low paid-up capital but high turnover.


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