Yes. I claim; Indian Railway penalise its victims. This is being done openly in broad day light under nose of our Parliament and active judiciary without anyone, including victims noticing it. I first time in 2008 noticed that innocent Indian are being penalised for a wrongful act primarily by railway.
Posted in CSR, Governance and Responsibility, Truth of Our Time
Tagged Aligarh, Delhi, India, India against corruption, Indian Railway, New Delhi, Reforms, Right to Information, RTI
I have a small piece in 109th edition of the e-Magazine from ICSI Mysore Chapter “Shareholders’ duty of to ask” I am thankful to my friends Ms. K Sarina Chouta Harish and Mr. Dattatri H M who made great afforts for editorial inputs. Here is full piece:
We are living in an era of corporate governance but who is really interested in it! All efforts by the corporate governance are directed at bringing more transparency to the stakeholders for enabling their participation in decision-making process. If that be the case on one hand, on the other, the age-old concept of fiduciary relationship of board of directors, our law and law enforcement agencies render protection to the right of the board of directors to maintain complete secrecy of its decision-making. I am afraid; something is wrongly settled as law. There has to be a reality check…..
(UPDATE: on 30th August 2013: Companies Bill became the Companies Act, 2013 (Act 18 of 2013). Post updated accordingly)
One of the foremost step for improving corporate governance since birth of concept of corporate governance is improving quality of accounting and auditing of companies. Audit Committee is one of these measures, which has been taken to improve standard of financial reporting. But concerns related to quality of financial reporting are not new. We can trace these concerns in earlier legislation, all earlier versions of the Companies Act in general and the Chartered Accountants Act, 1949. Without going deep in these laws, we simply say; what was otherwise need to enact such Act to regulate a profession of accounting and auditing, standardizing whole process of accounting and auditing.
The National Financial Reporting Authority is a quasi – judicial body to regulate matters related to accounting and auditing. With increasing demand of non – financial reporting, I may safely predict, a National Business Reporting Authority to regulate standards of all kind of reporting, financial as well as non – financial, from companies in near future.
Posted in Chapter IX - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Accounting Standards, Accounts, Accounts and Audit, Appellate Authority, Auditor, CA, Chartered Accountants, Companies Act 2013, Company Bill 2013, CorpGov, Corporate Governance, Corporate Law, ICAI, India, Institute of Chartered Accountants of India, National Financial Reporting Authority, NFRA, Profession, Reforms
(UPDATE: on 30th August 2013: Companies Bill became the Companies Act, 2013 (Act 18 of 2013).
I have mailed my comments on corporate governance framework proposed by SEBI in “Consultative Paper on Review of Corporate Governance Norms in India” and SEBI has acknowledged the receipt. You can read summary of this framework at my earlier blog here if not already read it. Now, I am producing a copy my comments as my initiative towards healthy debate, here:
Posted in Companies Act 2013, CorpGov, Governance and Responsibility, SEBI
Tagged Companies Bill 2012, Consultative Paper On Review Of Corporate Governance Norms In India, Corporate Governance, Corporate Law, Independent Auditor, Independent Director, Indian, Ministry of corporate affairs, Profession, SEBI
(UPDATE: on 30th August 2013: Companies Bill became the Companies Act, 2013 (Act 18 of 2013). This post Updated Accordingly).
The Companies Law is one of the most important and comprehensive legislation after the Constitution of the Nation. This directly indirectly affects all citizens. This bill has 470 Sections and 7 Schedules. This bill provides basis and flexible framework. The Bill has leaved so many matters for subordinate legislation; rules, regulation, circulars etc.
This is very clear this time that there are remarkable scope for professionals, practicing professionals particularly Company Secretaries in practice. We will know real position when all rules and regulations notified after passing and notification of present bill as an Act.
Presently we may discuss, role of Company Secretaries under Companies Bill, 2012 as it is the Companies Act, 2013.
After introduction and passing of Companies Bill 2012 in Lok Sabha, many changes in corporate governance scenario is bound to happen. Many provisions of Clause 49 of listing agreement, which deals with corporate governance in listed companies, are being brought into main law to fill governance gap between listed companies and their other counterparts. Following provisions have been added into present Companies Bill:
Posted in Companies Act 2013, CorpGov, Governance and Responsibility, SEBI
Tagged Adi Godrej Committee, Adi Godrej Committee on Corporate Governance, Companies Bill 2012, comply or explain, Consultative Paper On Review Of Corporate Governance Norms In India, CorpGov, Corporate Governance, Independent Directors, OECD, OECD Principles of Corporate Governance, Principle based approach, regulatory frameworks, Rule based Approach, SEBI
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AishMGhrana 