A Company Secretary(CS) is a professional who is responsible for ensuring the company’s compliance with legal and regulatory requirements. They are also responsible for managing the company’s board meetings and shareholder meetings and ensuring that the company adheres to corporate governance principles. Additionally, company secretaries may also provide advice on legal, financial, and strategic matters related to the company’s operations. To become a Company Secretary(CS), one must undergo professional training and pass the Institute of Company Secretaries of India (ICSI) exam.
What does a Company Secretary(CS) (CS) do?
A Company Secretary(CS) is responsible for ensuring that a company complies with all relevant laws and regulations, and for advising the board of directors on legal and governance matters. Some of the specific tasks a Company Secretary(CS) might undertake include: maintaining corporate records, such as minutes of board meetings and shareholder meetings; ensuring compliance with company laws and regulations, including the preparation and filing of statutory documents; providing legal and governance advice to the board of directors; managing relationships with shareholders and other stakeholders; and overseeing the company’s administrative functions.
Ultimately, the Company Secretary(CS) plays a critical role in ensuring that the company operates in a legal and ethical manner, and in protecting the interests of shareholders and other stakeholders.
What is the Role of a Company Secretary (CS)?
There are various responsibilities associated with the role of a Company Secretary(CS) that are critical to the functioning of a company. In addition to serving as a legal mentor, he must look after the legal and regulatory requirements, managing communication with shareholders and other stakeholders, maintaining corporate records, managing meetings and agendas, and providing advice to the board of directors on matters such as corporate governance and compliance.
They also play a key role in the strategic planning process and may be responsible for managing the company’s risk and ensuring that it operates in a socially responsible manner. Overall, the Company Secretary(CS) is responsible for ensuring that the company operates in an efficient, effective, and legally compliant manner while also protecting the interests of the shareholders and other stakeholders.
What are the duties of a Company Secretary (CS)?
The Managerial Level, which is the highest level in an organization, often assigns a Company Secretary(CS). This individual is responsible for ensuring that the business operates smoothly and complies with all legal requirements. Following is a list of duties of a Company Secretary(CS):
- One of the duties of a Company Secretary(CS) is to initiate and oversee the process of company incorporation, which includes verifying and validating the necessary documents and procedures for registration.
- Verifying that the registrar receives all allotment and registration information
- Requesting a rise in the share capital and supervising the issuance of share certificates for allocation
- Monitoring and tracking share warrant holders
- Ensuring legal compliance and submitting yearly returns
- Issuing the statutory declaration for obtaining the commencement certificate.
- Managing the statutory books
- Providing regular meeting updates and general notices to all members at non-banking financial companies
- One of the duties of a professional is to verify and endorse financial statements and reports, such as the Balance Sheet and Profit & Loss Statements.
- Submitting the resolution to the registrar within 30 days
- Preparing minutes of all important meetings
- To inform the Board about the company’s compliance with the relevant laws and regulations.
- To carry out other responsibilities as specified by the Companies Act.
- verifying and submitting verified returns and forms, overseeing the authentication and filing of TDS (Tax Deducted at Source), ensuring that the accurate amount of TDS is deducted from employees’ salaries, keeping TDS reports up-to-date, and ensuring that TDS is promptly submitted to the government
- The role of a Company Secretary(CS) involves obtaining necessary approvals from government authorities, ensuring compliance with various regulatory requirements such as the State Insurance Act, the Depositories Act 1996, and the Foreign Exchange Management Act. They also monitor and ensure adherence to numerous legal regulations including labor and competition laws, environmental regulations, and more.
The path to becoming a CS requires a significant amount of dedication and effort, but it offers numerous benefits. As legal and management professionals responsible for managing corporate affairs, CSs are highly valued globally, making it a coveted career choice for many aspiring professionals. If you’re planning to pursue a career in CA or CS and need assistance, the experts at Protree Academy can help you decide on a course that can add value to your career.