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Company Secretaries new responsibility

Company Secretaries new responsibility

As per Company Secretary Act, “Company Secretary” means a person who is a member of the Institute of Company Secretary of India.

Companies Act, 2013 provisions and sections are being notified by the Ministry of Corporate Affairs for better and simplified processes for incoporation, responsibilties, directors, dissolution of companies, etc; and presenation of financial statemnts. Recently, The Government of India has also set up a eight member panel to review the Companies Act, 2013 and for suggesting necessary changes.

Company Secretaries new responsibility

And as the Companies Act,2013 is in place replacing the Companies Act, 1956 in a partial manner. Many new concepts have been introduced by the applicability of this Act for eg :- One Person Company, Rotation of Auditors, Dormant Company etc.

Accordignly a provision of Companies Act,2013 has been mandated as per which Company Secretaries can now act as as whistleblowers like other statutory auditors if they detect any fraud.

As per this provision, if practising company secretary detects any fraud,  it will have to be reported either to the audit committee or the corporate affairs ministry, depending on the quantum of money invloved.

Company Secretaries new responsibility

These provisions have surely given a new duty to the Company Secratries to be followed and has set a reporting requriement. This has provided altogether a new prespective and way to detect frauds.Also, these provisions will force the management to stringent the processes and internal controls to avoid any frauds or situations which make it possible to commit fraud.

Company Secretaries new responsibility

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