A Seminar on the recent changes in the Companies Act 2013 was held in the Visakhapatnam Chapter of ICSI on 15th October, 2016 at 11 am. The Chief guest and honorable speaker was Shri N. Krushnamoorthy, ROC- Hyderabad.
Mr. N, Krishnamoorthy started the seminar by explaining the dynamic nature of the societys requirement thereby leading to changes and amendments in the acts, laws and legislations. he mentioned that one such dynamic change is the recent advent of Companies Act, 2013
Further, he explained the predominant feature of the new Companies Act, 2013 i.e subordinate legislation\delegation of legislation which means that whenever there is a change or modification to be brought into force, we need not wait till it is completely amended by the Central Govt rather it can be done by the regular notifications, circulars, rules which are being circulated from time to time depending upon the changes and requirements of the stakeholders.
He also mentioned how globalisation is in its peak stages and everything is being globalised thereby leading to the requirement of Uniformity of law. Companies act 2013 is a public international law and therefore it needs to be in line with the provisions of the other nations laws also. hence the singapore, Australian and London corporate laws have been referred while formulating the provisions of Companies Act, 2013.
thereafter, he Explained about the role of NCLT which is majorily formulated for easy and speedy disposal of Liquidation cases. the roles of CLB, SICA, BIFR, etc, have been consolidated and brought under a single platform that is the NCLT which would be regulated by private liquidators and members comprising of professional groups of CA, CS or any person having relevant experience and knowledge. he also mentioned that mediation and conciliation is the best way to resolve issues.
thereafter, he emphasized on the Governance aspect to be maintained by not only the corporates but also every individual. he also mentioned about each individuals responsibility towards the society and thereby explained the importance of the provision of Corporate Social Responsibility.
he mentioned how professional ethics, integrity and accountability are the utmost important aspects of every professionals conduct as it will lead every individual and in turn every company in which he is dealing to be transparent and a good governance company.
to conclude the session he mentioned about few proposals that were being made by the Central Government like:
Finally, he wished all the success to all the members present in the seminar and concluded his session.