Chief financial officer and company secretary

[Reshma Sai]

Hi

Can anybody please let me know whether anywhere it is clarified that a single person cannot be playing dual role of chief financial officer and company secretary.

Thanks,

[BalaJi Srivastava]

No where clarified...it is the professional of CS only which is specifically mentioned to have prescribed qualification....in the company so nothing to get confused. A Single Individual must have CS for working as both of CFO & CS

--
--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.
To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

--

Thanks and Regards,

Balaji Srivastava
Mobile: +91 (0)997-177-2679
Email:bbala...@gmail.com

CONFIDENTIALITY NOTICE:
The contents of this e-mail are confidential to the ordinary user of the e-mail address to which it was addressed and may also be privileged. If you are not the addressee of this e-mail you may not copy, forward, disclose or otherwise use it or any part of it in any form whatsoever. If you have received this e-mail in error please e-mail the sender by replying to this message.

P Please consider the environment before printing this mail.

[Subodh Zare]

Can a single individual work both as CFO & CS?

are you sure?

--

Regards
CS Subodh Zare

+91-9922908759 (m) 

[BalaJi Srivastava]

sending you a link plz check the composition of directors and below there CFO and CS one and the same person

http://www.tcil.com/tcil/board-of-directors.html

hope u understood

[Chirag Bagadia]

Dear Subodh,

As per section 203 (2) Every whole-time key managerial personnel of a company shall be appointed by means of a resolution of the Board containing the terms and conditions of the appointment including the remuneration.

203 (4) If the office of any whole-time key managerial personnel is vacated, the resulting vacancy shall be filled-up by the Board at a meeting of the Board within a period of six months from the date of such vacancy.

Which means you need to have separate KMP for each functions

Other views are solicited 

 

Regards

Chirag Bagadia

ACS,LLB & Mcom

On Wed, Apr 16, 2014 at 4:24 PM, Subodh Zare <subbu....@gmail.com> wrote:

--
Thanks and Regards
Chirag Bagadia
ACS, LLB, Mcom

[Subodh Zare]

shri balaji,

I don't think that the TCIL is in compliance of new act.

[BalaJi Srivastava]

The matter of Every is bit conflicting. However i do agree that we may conclude for different persons, but the concern is the position of CFO & CS must not be held by single person is no where mentioned.

So partially disagree on this term unless I could not be clarifies on the fact of CFO and CS - Must be different individuals...

[Subodh Zare]

Well. I agree to what Mr. Chirag has said.  A separate CFO should be appointed even if there is a CS.

The intention being that there must be a person responsible for Finance function.

[Nitin Dwivedi]

As per sec. 203 you have to appoint CEO or MD or in absence of MD-WTD and CFO and CS.

They must be separate persons.

CS can be a director of the Company but not CFO.

Regards,

NITIN DWIVEDI

FUJITSU TEN MINDA INDIA PVT. LTD.

Company Secretary- Finance & Accounts

Plot No- 383, Ph.-II Industrial Growth Center, Sector-3,

Bawal -123501 Distt.- Rewari, Haryana , India

Mobile: +91-9971118508

E-mail: ndwi...@fujitsuten-minda.co.in

[sathish kumar]

Pl. clarify whether a CS of holding pvt. co. can act as a CS of public ltd having paid up of more than 10 Cr. as per section 203 (3) of the act.

any one pls explain..

[CS Prakash Bharadwaj]

Hi All,

As per my view under section 203 of NCA 2013, it is nowhere mentioned that there can not be dual roles as such.

Other views are solicited

Regards,

Prakash Bharadwaj

[Umesh Vyas]

Mr. Nitin, you  have  perfectly interpreted. Its intention of legislators.

[VIMAL SHARMA Compliance]

If a single person designated as CFO having membership of ICSI can be CFO cum CS then how the same person cant be MD/CEO as well. Then why lawmakers have made such provisions??? Mr. 'A' can be CEO as well as CFO cum CS.

In my view there would be three separate person:

MD/CEO/WTD

CS

CFO

View of other members solicited.

Regards,

VIMAL SHARMA 

[c.n. krishnan]

simple issue is being complicated. CFO and CS have to be separate in the designated companies, ie.listed and public limited companies having pd up cap more than 10 crores. 

[Deepesh Nayak]

Hi,

Agree with Mr. Krishnan. There must be three separate persons. You have only one option in first point to appoint either MD / MGR / CEO or in their absence WTD. However, you must have CFO and CS with anyone above.

Regards,
Deepesh

Thanking you,

*CS Deepesh Kumar Nayak*
 Company Secretary

 *Mob. 097134-80215*
*csdeepe...@gmail.com*

[VIMAL SHARMA Compliance]

Agreed with Mr. Krisnan & Mr. Deepesh

[Umesh Vyas]

Law makers provided that there should be three diff. persons as designated KMP

[Reshma Sai]

Hello,

One can interpret the way one wants. But the fact is that no where it is prescribed that there should be two different persons. This is the biggest loophole in the act.

To meet with the requirements of corporate governance, transparency between the board and top management, the company secretary role should not be coupled with finance or any other operational activities in a company. Yet many companies board of directors are ok to continue to have a single person with dual roles which is not preferable for India Inc.

Thanks
Reshma

[Umesh Vyas]

Friends,
Better to have clarification from MCA otherwise let the court interpret in the due course of time.

[CS Abdurahiman Irshad]

CFO and CS shall not be same person.

203. (1) Every company belonging to such class or classes of companies as may be

prescribed shall have the following whole-time key managerial personnel,—

(i) managing director, or Chief Executive Officer or manager and in their absence,

a whole-time director;

(ii) company secretary; and

(iii) Chief Financial Officer :

here it is clear from "shall have the following whole-time key managerial personnel" that each should be separate "personnel".

other views are welcome.

[Rupa Agarwal]

hi all,

i agree the intent of law is have to three categories of KMP in the company which falls in criteria laid down by the rules

Regards

Rupa Agarwal

--

[cssanj...@gmail.com]

if a director who is  incharge of finance can be CFO .WHY cant be a CS.

I THINK IT IS POSSIBLE TO HAVE DUAL ROLE

Other views are solicited 

[Nitin Dwivedi]

Yes CS can also be CFO.

NITIN DWIVEDI

Asstt. Manager- Finance cum Company Secretary

Nagata Group (Japanese MNC)

Plot no. 154, 155 Sector-3,

IMT Manesar, Gurgaon

Mo: 9971118508 

--