What are the Roles And Responsibilities Of A Company Secretary in Company and in practice

 A company's Company Secretary (CS) executive is crucial management and administrative component. 

                     

He conducts and administers many regulatory responsibilities as one of a company's legal agents, such as incorporation, sufficient preparation, and audit of business reports, submitting yearly returns, dealing with new rules on a regular basis, and so on,

He also serves as a Management Counsellor to the company's board of directors, advising them on matters such as legislation, corporate governance, strategic management, project planning, capital markets, and securities laws.

In summary, a Company Secretary serves as the company's in-house administrative expert and designated person.

A Company Secretary's Roles

The company secretary is an important component of the organization, and he must carry out his responsibilities with appropriate care.

Aside from being a legal mentor, he must guarantee that all business operations comply with all legal laws; if they do not, he may be held liable for misbehavior and terminated for dishonesty or violation of the company's legal rights.

• Companies Act responsibilities: To initiate and carry out incorporation procedures such as validating records and investigations used throughout certification; guaranteeing handover of identification and distribution information to the registrar; creating a request for an increase in share capital;  
• Monitoring the delivery status of share certificates of entitlement; maintaining records of share warrant holders; complying and filing an annualized report; releasing legal documents to receive convocation ceremony certificate; able to manage statutory books; giving a statutory certificate.

According to the Income Tax Act, you have the following responsibilities:

• To validate and submit certified returns and forms; to supervise the authentication and filing of TDS (Tax Deducted at Source); to ensure that adequate TDS is deducted from workers' salaries, and to ensure that TDS reports are carefully preserved and that TDS is properly submitted to the government.

Other Acts-Related Duties: 

• Acquiring government permits; dealing with industrial dispute regulation procedures; FEMA Act; State Insurance Act; Depositories Act 1996; Foreign Exchange Management Act; regulating and compliance with numerous legal rules such as labor standards, trade rules, environmental legislation, and so on.

Other responsibilities of a company secretary include: 

• Providing advice to authorities and the BOD (Board of Directors) on risk management, business policies and strategies, corporate social responsibilities, brand equity, and image building, managing the company's intellectual property, and ensuring healthy communication between the parties, authorities, and the government.

In Practice, what are the Key Commitments of a Company Secretary?

The Company Secretary as a Business Friend:

• A company secretary has specific rights under the Companies Act, including the ability to promote and incorporate companies, handle company audit and certification services, register annual returns, handle corporate restructuring and takeovers, transparently scrutinize reports and election laws, oversee the revival of sick businesses, and become a scientific member of the Company Law Tribunal.

Auditor as a company secretary:

• To moral responsibility practice and regulatory requirements, the Companies Act empowers a company secretary to submit a Secretarial Audit Report in form MR-3 to the authorities, guaranteeing the company's compliance with procedures defined in general laws and legal acts, as well as to report any offensive matter of fraud discovered to the government.

As an Advising Agent, the Company Secretary:

• CS acts as an advising agent in the following areas: the issue of shareholdings; drawing up of brochure message related to investments location and refunding of shares; seeking funding from global markets; borrowing underwriting and paperwork; income financial planning; drafting of official documentation; proprietary rights; directing in a merger, mergers, and joint venture policies, and so on.

Company Secretary's Statutory Limitations and Duties

• A Company Secretary is legally obliged by ICSI and different regulatory agencies' limits and liability regulations.
• He is liable as a political body of a company for any negligence on his part that results in the discharge of its functions; liable for doing anything further than his power; under the obligation of keeping a company's secrets from outsiders; liable to be fired on the basis of making any secret profits from the company. 
• Aside from that, he is prohibited from entering into a contract on behalf of the corporation unless authorized by the board of directors; borrowing money in the name of the company;
• Acknowledging a debt against a company, and registering or transferring shares without the approval of the board of directors.

Conclusion: The final words

• In Indian organizations, the position of company secretaries is expanding at a rapid rate; with an increase in the number of compliances, the necessity for and duties of CS cannot be overlooked.
• If a corporation does not follow the processes set forth in the Companies Act and other legal legislation, it may face a variety of consequences, which only a Company Secretary may mitigate.