I own a small company? Is it mandatory under the law to have a legal advisor?

Under ยง 3 every company with paid up capital of more than Rs. 500,000 shall appoint at least one legal adviser on retainership to advise such company in performance of its functions and discharge of its duties in accordance with law.

Retainer in respect of a legal adviser appointed by a company shall not be less than Rs.1,200 per mensem.

An advocate may represent three companies as legal adviser and a registered firm may represent product of three and total number of partners of firm.

An advocate means an advocate entered in any roll under provisions of Legal Practitioners and Bar Councils Act 1973.