The Hindu Business Line : `NCLT will benefit company secretaries'

THE National Company Law Tribunal (NCLT) would provide tremendous opportunities for company secretaries, according to Mr S Balasubramanian, Chairman, Company Law Board (CLB).

Inaugurating a national seminar on NCLT organised by the Institute of Company Secretaries of India (ICSI) here on Saturday, he said, "Company secretaries being completely engaged in company law matters would be in a better position to appreciate the facts of a company case than any other professional."

NCLT is a larger version of CLB with the powers of the High Court and the Board for Industrial and Financial Reconstruction (BIFR), said Mr Balasubramanian. He said NCLT would provide a single forum to deal with company matters.

Speaking on the origin of NCLT, Mr Subramanian said it was not something thought of overnight and had been in place since the 1960s."Institutions such has the ICSI have a major role to play in the credibility of NCLT and corporate sector by ensuring continuous evolution of standards and improving the skills of the members," said Mr Jitesh Khosla, Joint Secretary, Department of Company Affairs. On the purpose of the NCLT,Mr Khosla said this forum would look after the interests of stakeholders and address corporate issues. For many years, the relationship between the Government and the corporate sector had been linear but now this was being articulated better, he said.

Agreeing that company secretaries had a larger role to play , Mr Khosla said their role was not just to present facts before the NCLT, but also to provide a complete package considering the interests of all stakeholders. He emphasised on the need for articulation of technical skills and improvement and continuous evolution of standards.

Mr Khosla said globalisation of services provided a huge opportunity for Indian professionals. He also said that to play a bigger role, Indian professionals, particularly those handling corporate issue, must adapt to changing situations.

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