Ceiling on Number of Companies to which members in practice can issue Compliance Certificate - 1001/1/DR, - Companies Law

Notification No. 1001/1/DR, dated 27-2-2003, Issued by the Institute of Company Secretaries of India Subject:- Ceiling on Number of Companies to which members in practice can issue Compliance Certificate Notification No. 1001/1/DR.- In exercise of the powers conferred by clause (2) of Part II of the Second Schedule to the Company Secretaries Act, 1980 (56 of 1980), the Council of the Institute of Company Secretaries of India hereby specifies that a member of the Institute in practice who is entitled to issue compliance certificate pursuant to proviso to sub-section (1) of section 383A of the Companies Act, 1956 (1 of 1956), shall be deemed to be guilty of professional misconduct if he issues compliance certificates to more than fifty companies, in a calendar year commencing from 1st January, 2003. Provided , however, in the case of a firm of Company Secretaries, the ceiling of fifty companies aforesaid would apply to each partner therein who is entitled to sign the compliance certificate in terms of the proviso to sub-section (1) of section 383A of the Companies Act, 1956. This becomes operative for any compliance certificate to be signed on or after 1st January, 2003.