Fwd: Secretarial Audit applicability for Private companies

[CS A Rengarajan]

Please  go  through  the  trailing  mail and  

​

FAQ's  on secretarial Audit issued by ICSI.  

Private  company  which  is  a  subsidiary  of  Public  limited  company  having  the  threshold  limit i.e 

​

paid up capital of more than Rs. 50 crores or Rs.250 crores turn over is now required to have secretarial Audit.

Others  view  solicited.

Regards

---------- Forwarded message ----------
From: SRIRAM GURURAJAN <sriram...@hotmail.com>
Date: Fri, Feb 13, 2015 at 8:31 AM
Subject: Secretarial Audit applicability for Private companies
To: "csaren...@gmail.com" <csaren...@gmail.com>

Dear Sir,
Pls find attached

​​

FAQ's  on secretarial Audit issued by icsi.

It is clarified in Question No. 28

Is Secretarial Audit applicable to a private company which is a subsidiary of a public company?

Section 2(71) of the Companies Act, 2013 defines a “Public Company as one

(a)Which is not a private company;

(b)Has a minimum paid-up share capital of five lakh rupees or such higher paid-up capital as may be prescribed.

The proviso to the definition states that “Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles.

By this definition, it can be inferred that Secretarial Audit would be applicable to a private company which is a subsidiary of a public company, and which falls under the prescribed class of companies.

Therefore,

​​

the private companies which

​are​

 subsidiary of

​ a​

 

​p​

ublic company having the

​​

paid up capital of more than Rs. 50 crores or 250 crores turn over is now required to have secretarial Audit.

Regards

G SRIRAM

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A.Rengarajan
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