• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Our Bureau

Provisions relating to independent and non-executive directors under the proposed amendments and those mooted by SEBI are counter productive and restrictive, says Mr Shah.

Kochi , Oct. 7

THE Companies Amendment Act 2003, seeking to amend the Companies Act, 1956, was the subject matter of a workshop organised by the Cochin Chamber of Commerce and Industry in association with the Institute of Chartered Accountants and Institute of Company Secretaries.

Leading experts in corporate laws addressed an audience of chartered accountants, company secretaries and top-level executives of companies in the State.

Mr V. Umakanth, Partner with Amarchand and Mangaldas, Suresh and Shrof commenced the session with his presentation by the findings of the Naresh Chandra committee and also highlighted the need to have a holistic approach to Companies Act. Mr Umakanth decried the multiplicity of regulations and regulatory authorities and the cross purposes at which they sometimes operated.

Dr S.B. Israni, leading expert and a practising company secretary and a member of the Naresh Chandra committee, highlighted the hazards of being a director in the context of the Amendment and also pointed out the shift to electronic filing of returns before the appropriate authority. Mr Israni also criticised the futility of having independent directors under the proposed amendments.

Mr R.A. Shah, senior partner with Crawford Bailey and Company, one of the leading law firms in Mumbai, stressed on the positive and negative sides of the proposed amendments.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Wet spell, main weather feature in Kerala

Copyright © 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line