Section 329 of the Companies Act, 2013
Section 329 of the Companies Act, 2013 deals with the "Conditions for appointment of a Company Secretary" in certain companies.
Section 329 – Conditions for Appointment of Company Secretary
Applicability:
This section applies to companies which are required to appoint a Company Secretary under the Act (primarily listed companies and certain classes of companies).
Qualifications:
The Company Secretary appointed must be a qualified Company Secretary, meaning a person who is a member of the Institute of Company Secretaries of India (ICSI).
Disqualifications:
The section also bars certain persons from being appointed as Company Secretary, such as:
An undischarged insolvent, or
A person convicted of any offence involving moral turpitude.
Procedure and Conditions:
The appointment shall be in accordance with the provisions and conditions prescribed in the Act and related rules.
Summary:
Section 329 sets the basic eligibility and conditions for the appointment of a Company Secretary.
It ensures that only qualified and eligible individuals can be appointed to this key managerial position.
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