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2021 (4) TMI 835 - HC - Companies LawExtension of term of engagement of qualified Company Secretaries for a period of one year which can be further extended up to three years or such further period as may be directed - direction to increase the Salary of Company Secretaries who are presently working with the office of Official Liquidator and further permitted to pay monthly salary from fund available with the office of official Liquidator - amendment of Clause VIII of the Scheme of Company Secretaries - HELD THAT - Taking facts stated in the present report on record the Official liquidator is permitted to extend the term of engagement of qualified Company Secretaries namely (1) Mrs. Maitry Desai (2) Ms. Vaidehi Savaliya for a period of one year which can be further extended up to three years and permitted to increase the Salary of Company Secretaries who are presently working with the office of Official Liquidator from ₹ 25000/- to ₹ 30,000/- and further permitted to pay monthly salary from fund available with the office of official Liquidator under the head Company paid staff salary Reserve Fund of Common pool Account of various companies in liquidation. Report disposed off.
Issues:
1. Extension of term of engagement of qualified Company Secretaries 2. Increase in the salary of Company Secretaries 3. Amendment of Clause VIII of the Scheme for Company Secretaries Extension of term of engagement of qualified Company Secretaries: The Official Liquidator sought permission to extend the term of engagement of two Company Secretaries for a year, with the possibility of further extension up to three years. The background revealed that the Court had previously approved the appointment of Company Secretaries and Trainee Company Secretaries. Due to resignations and increasing workload, the Official Liquidator requested the extension. The Court, considering the circumstances and the need for continuity, permitted the extension as requested. Increase in the salary of Company Secretaries: The Official Liquidator also requested an increase in the salary of Company Secretaries due to the rising cost of living and inflation. The proposal was to raise the salary from ?25,000 to ?30,000 per month for Company Secretaries with three or more years of experience. The Court, after considering the submission and the need to align with current economic conditions, approved the salary increase as requested. Amendment of Clause VIII of the Scheme for Company Secretaries: The Official Liquidator proposed an amendment to Clause VIII of the Scheme regarding the salary payable to Company Secretaries. The suggestion was to allow Company Secretaries with three or more years of experience to receive ?30,000 per month. The Court, acknowledging the need for the amendment and the rationale behind it, approved the proposed amendment to Clause VIII of the Scheme. This decision was made to ensure fair compensation for experienced Company Secretaries. The judgment, delivered by Honourable Mr. Justice A.J. Desai, addressed the issues raised by the Official Liquidator regarding the extension of the term of engagement of Company Secretaries, an increase in their salary, and the amendment of Clause VIII of the Scheme. The Court granted permission for the extension of the term, approved the salary increase, and amended the Scheme accordingly. The decision aimed to facilitate the smooth functioning of the Official Liquidator's office and ensure fair compensation for the Company Secretaries based on their experience and the prevailing economic conditions.
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