S TATUTORY   C OMPLIANCE A STITCH IN TIME SAVES  “FINES”
W HAT  D OES  I T  I MPLY  ? <ul><li>Statutory means &quot;of or related to statutes,&quot; or what we normally call laws ...
T HE  U NDERLYING  O BJECTIVES   <ul><li>Laying down policy and procedures to be followed by locations of the organization...
W HY  A N  O RGANISATION  N EEDS  I T  ? <ul><li>Corporate Governance :   </li></ul><ul><ul><li>The recently amended Claus...
W HY  A N  O RGANISATION  N EEDS  I T? (CONTD…..) <ul><ul><li>On an average, around 120 laws are applicable to an organisa...
W HY  A N  O RGANISATION  N EEDS  I T? (CONTD…..) <ul><ul><li>Core to good corporate governance is compliance with the law...
W HY  A N  O RGANISATION  N EEDS  I T? (CONTD…..) <ul><li>Market Credibility: </li></ul><ul><ul><li>Independent assessment...
H OW  W E  G O  A BOUT  I T ? Identify the locations to be included for legal compliance of your organization Identify   w...
… CONTD Provide a presentation to train the concerned persons about the compliances Provide   the organization the said qu...
… CONTD Issue a compliance certificate duly signed by our firm Conduct periodical reviews of the compliances Update of leg...
W HAT  A RE  T HE  K EY  B ENEFITS ? <ul><li>Fully compliant companies meeting their legal statutory compliance requiremen...
W HAT  W E  P LAN  T O  D O <ul><li>Deliver focused Legal Statutory Compliance to companies and groups of any size. The se...
W HAT  W E  P LAN  T O  D O? (…Contd) <ul><li>Provide a management service on a legal platform through establishing standa...
S ECTORS <ul><li>Advanced Industrial Equipment </li></ul><ul><li>Automobiles </li></ul><ul><li>Chemicals </li></ul><ul><li...
S AMPLE   S TUDY (Food & Beverages Industry) <ul><li>Corporate Compliances </li></ul><ul><li>Tax </li></ul><ul><li>Environ...
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Ppt On Legal Compliances

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Legal Compliances

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Ppt On Legal Compliances

  1. 1. S TATUTORY C OMPLIANCE A STITCH IN TIME SAVES “FINES”
  2. 2. W HAT D OES I T I MPLY ? <ul><li>Statutory means &quot;of or related to statutes,&quot; or what we normally call laws or regulations. </li></ul><ul><li>Compliance just means to comply with or adhere to. </li></ul><ul><li>The simple connotation of the term “statutory compliance” is following the laws on a given issue. </li></ul><ul><li>Practically, the term is associated with an organization, which is required to adhere to a plethora of laws applicable to them. </li></ul>
  3. 3. T HE U NDERLYING O BJECTIVES <ul><li>Laying down policy and procedures to be followed by locations of the organization. </li></ul><ul><li>Improving internal processes and systems. </li></ul><ul><li>Training the organization on legal compliance related issues and their implications. </li></ul><ul><li>Ensuring high level of compliance across the organization. </li></ul><ul><li>To facilitate good governance and proactive, accountable management by consolidating, maintaining and continuously improving the legal compliance framework of the organisation. </li></ul>
  4. 4. W HY A N O RGANISATION N EEDS I T ? <ul><li>Corporate Governance : </li></ul><ul><ul><li>The recently amended Clause 49 of the Listing Agreement introduced by SEBI has brought into focus the Board of Directors’ responsibility in ensuring that their company has incorporated a structured Legal Compliance Management (LCM) system. </li></ul></ul><ul><ul><li>As per sub clause 1 (C) (iii) “The Board shall periodically review compliance reports of all laws applicable to the Company, prepared by the Company as well as steps taken by the Company to rectify instances of non - compliances.” </li></ul></ul>
  5. 5. W HY A N O RGANISATION N EEDS I T? (CONTD…..) <ul><ul><li>On an average, around 120 laws are applicable to an organisation. </li></ul></ul><ul><ul><li>In view of the above, each organisation has thousands of compliance tasks to be fulfilled and monitored. </li></ul></ul><ul><ul><li>Putting together the full list of applicable legislations is a very time-consuming and tedious process, and is better entrusted to experts who have sufficiently researched and documented all commercial laws. </li></ul></ul>
  6. 6. W HY A N O RGANISATION N EEDS I T? (CONTD…..) <ul><ul><li>Core to good corporate governance is compliance with the laws of the land. This assists companies in their endeavour towards being a good corporate citizen. </li></ul></ul><ul><ul><li>Corporate governance is a strategy while legal compliance is an operational plan of action. </li></ul></ul>
  7. 7. W HY A N O RGANISATION N EEDS I T? (CONTD…..) <ul><li>Market Credibility: </li></ul><ul><ul><li>Independent assessment of Legal Compliance by third party experts will go a long way in establishing the Company’s credibility. It is carried out to satisfy external clients, especially international clients, who need to adhere to certain procedures for transacting business. For e.g. International retail chains that source from India insist that vendors go through the legal compliance audit and produce a certificate of compliance. International retail chains are touchy about child labour and do not want to be seen as felicitating child labour. </li></ul></ul><ul><li>To clean up the “legal mess” </li></ul>
  8. 8. H OW W E G O A BOUT I T ? Identify the locations to be included for legal compliance of your organization Identify what are the laws; general laws, state laws etc applicable Research on all the relevant acts and prepare checklists of the same Prepare detailed questionnaire in simple formats of all the applicable acts CONTD…
  9. 9. … CONTD Provide a presentation to train the concerned persons about the compliances Provide the organization the said questionnaires Once the questionnaires are filled by various locations conduct audits on quarterly basis In case of non-compliance, try and sort out the non-compliance at the lower level In case of repeated non-compliance to bring it to the notice of the management concerned … CONTD
  10. 10. … CONTD Issue a compliance certificate duly signed by our firm Conduct periodical reviews of the compliances Update of legal provisions as and when required In case of repeated non-compliance to bring it to the notice of the management concerned
  11. 11. W HAT A RE T HE K EY B ENEFITS ? <ul><li>Fully compliant companies meeting their legal statutory compliance requirements. </li></ul><ul><li>Peace of mind - service is offered by specialists that management is able to rely on. </li></ul><ul><li>Costly penalties, interest and the risk of prosecution of officers for late filing are avoided. </li></ul><ul><li>Add value to the organisation. From &quot;overhead&quot; to a cost &quot;saving&quot; function. </li></ul><ul><li>Normally companies are compliant with substantive law but a legal audit tells whether they comply with the procedural law as well. </li></ul><ul><li>It provides a tailored service. </li></ul><ul><li>The Legal Compliance Certification will provide an objective and consistent benchmark across organization and across industries. </li></ul>
  12. 12. W HAT W E P LAN T O D O <ul><li>Deliver focused Legal Statutory Compliance to companies and groups of any size. The services would include: </li></ul><ul><li>Maintaining control of legal statutory compliance filing deadlines </li></ul><ul><li>Handling procedural requirements. </li></ul><ul><li>Maintaining statutory records. </li></ul><ul><li>Suggesting correctional measures in case of breaches. </li></ul>
  13. 13. W HAT W E P LAN T O D O? (…Contd) <ul><li>Provide a management service on a legal platform through establishing standards for systems and processes that ensure compliance </li></ul><ul><li>After the assessment of the organizations current statutory compliance we would enable the organizations to acquire the skill-sets and systems to ensure continued compliance thereby reducing the risk exposure </li></ul><ul><li>Connecting the client’s network to our website (intra –net), by providing them with passwords to access their company details </li></ul><ul><li>Provide regular up dates regarding all laws followed. </li></ul>
  14. 14. S ECTORS <ul><li>Advanced Industrial Equipment </li></ul><ul><li>Automobiles </li></ul><ul><li>Chemicals </li></ul><ul><li>Electronics and Software </li></ul><ul><li>Engineering and Construction </li></ul><ul><li>Financial Services </li></ul><ul><li>Fire-fighting Systems </li></ul><ul><li>Food and Beverages </li></ul><ul><li>Forest Products </li></ul><ul><li>Health Care, Medical Products & Pharmaceuticals </li></ul><ul><li>Media and Entertainment </li></ul><ul><li>Mining and Metals </li></ul><ul><li>Oil and Gas </li></ul><ul><li>Retail and Consumer Goods </li></ul><ul><li>Telecommunications </li></ul><ul><li>Transportation </li></ul><ul><li>Utilities </li></ul>
  15. 15. S AMPLE S TUDY (Food & Beverages Industry) <ul><li>Corporate Compliances </li></ul><ul><li>Tax </li></ul><ul><li>Environmental concerns </li></ul><ul><li>Social conditions of production </li></ul><ul><li>Brand/Reputation management </li></ul><ul><li>Packaging </li></ul><ul><li>Genetically modified organisms </li></ul><ul><li>Food Beverage </li></ul>
  16. 16. Thank You
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