The document summarizes a seminar held on May 2, 2014 in Bangalore on "The Companies Act". Speakers at the event discussed various aspects of the new Companies Act 2013, which was described as "simpler and shorter" than the previous act. The Registrar of Companies for Karnataka explained how the Ministry of Corporate Affairs is examining representations from companies about the new clauses. Lawyers from two firms examined clauses related to accounts and audits. The seminar helped chartered accountants understand the new act and provisions regarding corporate governance. Over 200 professionals and corporate representatives attended the engaged event.

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’.
ConnectWithUs
SubscribetoDnoteXpress