Same person act as a CFO and Company secretary

Mohamed Aasif

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Mar 9, 2019, 5:36:19 AM3/9/19

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Dear sirs,

Please clarify about the same person act as a CFO and company secretary ,

Is this companies act violated in any sections or rules,

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Regards,

Mohamed Aasif A

9578564230

Registration Bazar

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Mar 9, 2019, 5:42:54 AM3/9/19

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In private company which is not required to appoint company secretary as per CA 2013 and not filling form DIR- 12 for appointment that can appoint same person as company secretary cum chief financial officer of the company

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Mohamed Aasif

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Mar 9, 2019, 5:46:35 AM3/9/19

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This is listed public company with holding in cs position in MCA portal

jm sundaram

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Mar 9, 2019, 8:07:55 AM3/9/19

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In listed company cfo cant hold cs post also

Sundaram jm PCS

Pcs_sandip Lathiya

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Mar 9, 2019, 10:25:19 AM3/9/19

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A person can't be CFO and Cs at a same time.

Prakash Nagarajan

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Mar 9, 2019, 9:28:39 PM3/9/19

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Dear Aasif Ji

You can understand that the said query is subjective & surely not a violation of any provision of CA, 2013. If you can get an answer substantiating the situation with an provision of CA, 2013 as an non-compliance then you can advise your client or management.

Else, this is an subjective concept. What is said in Sec 203 of CA, 2013: KMP can't act in more than one company except in its subsidiary.

You asked about any violation - Surely not ! There is no violation. I would strongly suggest you to hire a whole time company secretary and comply with the provision rather than giving the CFO an additional post of CS. This is more of burdening him with compliance rather than choosing shortcuts. Many companies have Triplets & CA with CS as their CFO's but still they go ahead to appoint an separate CS as KMP.

Regards

Prakash Nagarajan

Company Secretary

+91 99766 77277

Alternative Mail: prakashna...@outlook.com

DONATE ORGANS, SAVE LIVES.

Office:

Practicing Company Secretaries

101-A, Ambience Avenue, 8-3-981/82,

Srinagar Colony Main Road,

Hyderabad - 500 073.

Off: 040-2374 3975, 2374 4448

Mohamed Aasif

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Mar 10, 2019, 10:02:49 AM3/10/19

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Thank you for your replies.

Sandeep Patel

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Mar 13, 2019, 12:56:19 AM3/13/19

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As per my view, yes person can hold the position of CS and CFO same time, and would like to put following justification

Reason and justification: proviso of Section 203(3) clearly allow KMP of the Company which includes CS also , to be appointed as Director of Company with the permission of the Board, by the same analogy CS can be appointed as Director of the Company, when CS is allowed to be a appointed as Director, then why not he/she should be allowed to be CFO of the Company.

Further section 205 read with Rule 10 of Companies (Appointment and Remuneration of Managerial personnel) 2014, which described function of the Company secretary shall include

a).........

b)........

c) to discharge such other duties as may be prescribe

Rule 10 of Companies (Appointment and Remuneration of Managerial personnel) 2014 provides following additional duties:

1)..

2)...

8) Such other duties as may be assigned by the Board from time to time

Regards:

Sandeep Patel

Company Secretary

Bijay Kumar

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Mar 13, 2019, 1:03:09 AM3/13/19

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But same person not allowed to sign both as cs & cfo

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Sandeep Patel

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Mar 13, 2019, 1:14:12 AM3/13/19

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I don't think so, you may check with ASIAN PAINTS LIMITED reports, where CS and CFO is same person, ICSI FAQ also allowed the same, I am not able to locate the FAQ with me right now, you may check the same on google,

Regards:,

CS Sandeep Patel