Fiinovation Press Release - The Face of the Companies Act 2013

1. fiinovation
PressRelease
TheFaceoftheCompaniesAct2013
ByFiinovation,May02,2014
Speakingattheoccasion,KRavi,Chairman,CorporateLaws,CSR&CapitalMarketsCommittee,FKCCIshared
hisviewofTheCompaniesAct2013being‘simplerandshorterwithallclausesin309pages’.Headvocated
employingittoforanadvantage.Linkingcorporatesocialresponsibility(CSR)toindividualsocialresponsibility,
Mr.KGRaghavanexplaineditas‘oldwineinnewbottle.’
ThechiefGuestM.R.Bhat,RegistrarofCompanies
(ROC)forKarnatakaexplainedhow theMinistryof
CorporateAairsisnow lookingintothe‘delugeof
representations’receivedfrom companiesandtheir
auditorsaboutthenewclausesofthelaw.Clearing
doubtsabouttheprescribedpenalties,imprisonments
andsectionsontheprosecutionbyspecialcourts,
Mr.Mr.Bhatviewedthemasamediumto‘avertorreduce
corporatescams’.
AddressingtheissueofIndependentDirectors&WomenDirectorsinIndia,MsVasanthiSrinivasandescribedthe
situationasoneof‘shameandaltruism’.
Mr.Mr.S.Chakraborty,Fiinovationreiteratedforanincreased‘focusonwhominsteadofwhat’whilelookingatbusi-
nessestodaywhenaddressingissuesaroundCSRandsustainability.Hehighlightedtheimportanceoftheincor-
poratingtheperspectiveoftheconsumerwhoshouldassociatewiththebrand.Theneedforanequilibriumwhich
is‘socialisticcapitalism’isimportantsaidMrChakrabortywhoalsosuggestedtheroleofcorporationstobeinno-
vativeandhelpdevisecosteffective,implementationstrategieschangesonground’.Lawyersfrom S.R.Batliboi
&AssociatesandAmarchandMangaldasthoroughlyexaminedseparateclausesoftheActspecificallythosere
latedtoAccounts&AuditsandSFIO.
Theseminarhelpedcreateaplatform forCharteredaccountantstounderstandtheActanditsprovisions.Italso
helpedexplaintheneedforCA’stoupholdfinancialprobityandbringcorporategovernanceonaparwithgood
globalpractices.
NewDelhi:FiinovationcollaboratedwiththeFederationof
KarnatakaChambersofCommerce& Industry(FKCCI)
andtheInstituteofCompanySecretariesofIndia(ICSI),
BangaloreChapterforaseminaron‘TheCompaniesAct’
onMay2,2014atBangalore.Theeventwasattendedby
over200participantsthatincludedauditprofessionalsand
corporate representatives who remained engrossed
throughthroughtheeventthatwashostedatHotelLeMeridien.
TheinauguralsessionhadofficebearersofFKCCIand
ICSIwhohelped‘dissecttheCompaniesAct’.
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