Balance Sheet and Profit and Loss Account

Balance Sheet and Profit and Loss Account
The secretary is responsible for holding meetings of directors and shareholders.
He has to be present at all suc.h meetings and is required to make proper minutes of
the proceedings. According to Section 5 of the Companies Act, he is regarded as an
officer in default and he shall be held liable for any non-compliance of any provisions
of the Act.
As a statutory officer, the company secretary is also responsible to comply with
the provisions of other Acts, such as Income-tax Act, M.R.T.P. Act, F.E.M.A, Indian
Stamp Act, Sales Tax Act, various labour laws like Factories Act, Minimum Wages Act,
Payment of Wages Act, Industrial Di.sputes Act, etc.
As a Corporate Manager
A company secretary, besides being a statutory officer under the Companies Act and
other statutes, is also recognised as a corporate manager. He has to play the role of a
co-ordinator between the Board of Directors and other executives of the company as
well as act as a general administrative officer.
As Co-ordinator
A company secretary is the link between the Board of Directors and other executives
of the company. The Board lays down the policy decisions, but it is the secretary who
ensures their proper implementation. In the process, the company secretary plays the
role of a co-ordinator or a link between the Board and other executives, as well as
between the executives at different levels. In a company where there are several
independent departments such as sales, purchases, personnel, etc., he acts as a co-ordinator
with these functionaries for ensuring that the policy decisions are duly carried
out and if there are some matters which require further consideration or modification,
the secretary shall place them before the Board and convey the decision of the Board
to the concerned department.
The company secretary also acts as a co-ordinator between the company on the one
hand, and outsiders like the shareholders, customers, trade unions, Government and the
community at large on the other. He has to deal with the shareholders and has to comply
with various provisions in this regard; for example, issue of share certificates, notices of
meetings, inspection of books and registers of the company within the time prescribed by
law. He has to correspond with shareholders and to answer all their queries and complaints.
It is now widely accepted that the company has some responsibility towards the
society as well. The secretary can advise the Board regarding the matters where the
company can contribute to the welfare of the society.