Company Secretary is an important professional aiding the efficient management of the corporate sector. Under the Companies Act, 1956, he has a primary duty to ensure all compliances. Company Secretary is specifically designated as officer in default under the Companies Act, along with the whole time and managing director(s). In many other legislations-fiscal, labour, industrial and economic laws, Secretary is specifically included in the definition of the term ‘Principal Officer’. In essence, Company Secretary has the primary duty of ensuring compliances with various legislations. For this purpose, he has to interact, coordinate, integrate and cooperate with various other functional heads in a company. He acts as a confidant of the board of directors. He counsels the Board of Directors and other functional heads on the legal implications of any proposal under contemplation. With his multidisciplinary background in law, management and finance, backed by rigorous training and continuing education, a modern corporation needs the services of a qualified secretary to ensure that all legal compliances are adequately and promptly met. The rapid corporatisation, which began in the wake of the liberalization of the economy, has brought about a sea change in the role and profile of a Company Secretary. The job of a Company Secretary now involves diverse responsibilities such as formulating long-term and short-term corporate policies and programmes, accounting and finance functions. Company secretaries are being seen as corporate development planners who explore the expansion opportunities such as arranging various collaborations, amalgamations, acquisitions, and setting up of subsidiaries and joint ventures within and outside India. The Company Secretaries have made forays into the capital market and financial services industry. The Company Secretaries are also taking care of tax planning and tax management for the company and advising the management
on the tax concessions, incentives and reliefs.
Career prospects for Company Secretaries:
Detailed and thorough study of the legal, secretarial, accounting, managerial and administrative functions of a company on the way to attain the company secretaryship qualification makes the person competent for taking up a wide range of responsible positions in the secretarial, legal, finance, accounts, personnel and administrative departments of companies or other organisations in the private as well as public sector.