On 1st February 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee on its website here. In this post, I will discuss recommendations which might affect Company Secretaries.
Before reading further, I would like to disclose that I was part of two groups; Task Force on Companies Law and Research Group on Companies Law constituted by the Institute of Company Secretaries of India. All view here are personal and not of these groups or ICSI.
Posted in Companies Act 2013, Company Secretary, CorpGov, Governance and Responsibility, Institute of Company Secretaries of India - ICSI, Secretarial Audit, Secretarial Standards, Truth of Our Time
Tagged Annual Return, Companies Act 2013, Companies Law Committee, Company Secretary, Key managerial personnel, Secretarial Audit, Secretarial Standards
Institute of Company Secretaries of India on 7th April 2015 informed its members by mail that it has put ceiling on Secretarial Audit and Annual Return. “The Council of the Institute has issued “Guidelines for Issuing Secretarial Audit Report, Signing and Certification of Annual Return” in supersession of the “Guidelines for Issuing Compliance Certificate and Signing of Annual Return” issued by the Council on 27th November, 2007”, the mailed apparently send by president of the institute declares. These new guidelines are issued on 6th April 2015.
Posted in Chapter XIII - CA2013, Companies Act 2013, Company Secretary, CorpGov, Governance and Responsibility, Institute of Company Secretaries of India - ICSI, Secretarial Audit
Tagged Annual Return, Annual Return Certification, Annual Return Signing, Company Secretaries, ICSI, India, Institute of Company Secretaries of India, Secretarial Audit
Late CS Bipin S. Acharya used to say that Secretarial Audit will confer this professional its legitimate dues and legal recognition for secretarial audit his life mission. Recently, the Companies Act 2013 introduced secretarial audit first time in India under legal mandate. However, there is suspicious among company secretaries about its future as earlier compliance certificates became useless piece of paper. The Institute of Company Secretaries of India seems to share same apprehension and working to address all issues. However, Institute has own limitations. Presently, we have about 9500 companies covered under compulsory secretarial audit and there are about 6500 company secretaries in practice.
Posted in Chapter XIII - CA2013, Companies Act 2013, Company Secretary, CorpGov, Governance and Responsibility, Institute of Company Secretaries of India - ICSI, Secretarial Audit
Tagged Annual Return Certification, ICSI, India, Institute of Company Secretaries of India, Secretarial Audit, The Companies Act 2013
Dear Stakeholders of Corporate India,
As a most vibrant corporate community of the world, you are aware or recent unwelcome development related to corporate India like Satyam, Sahara and Saradha. These developments raised strong concern among us and Parliament of India as well. This reflects in core principles of the Companies Act, 2013. India has some of the best corporate governance and social responsibility norms in the world.
(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.
Bipin S. Acharya
After a long weekend, when I come back to work, my mail folders dedicated for peer group read more than 150 mails. What happened? It would have been an eventless week as government is on election mode and no major policy change was expected. Unfortunately, there was very sad news. On 28th January 2012, our beloved Company Secretary Sh. Bipin S. Acharya has left for heavenly abode. According to Hindu calendar, that was day of Basant Panchmi, the first day of spring. This is a day of cultural significance and dedicated to goddess Saraswati of knowledge and wisdom. Naturally, god has no other suitable day as an option to call a practising scholar like him.
Posted in Company Secretary, Institute of Company Secretaries of India - ICSI, Secretarial Audit, Secretarial Standards, Truth of Our Time
Tagged Bipin Acharya, Companies Act, Company Secretaries, Corporate, Death, ICSI, India, Indian Companies Act, Institute of Company Secretaries of India, Ministry of corporate affairs, Practising Company Secretary, Profession, Reforms, Secretarial Audit, Whistle blower
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AishMGhrana 