The Hindu Business Line : `Control on corporates inevitable'

KOCHI: Mr R.Vasudevan, Regional Director, Department of Company Affairs, has said that a minimum control on corporates is inevitable in the era of liberalisation to protect the interest of minority shareholders, lenders, creditors and other interested parties.

He said that financial statements are the basic documents to analyse a company's performance and hence an audit report should contain all the clauses relating to PF, ESI and other statutory compliances by the company. He pointed out that the new Companies Act would protect the interests of all concerned and it has considered the views of industrialists, corporate houses and professionals.

He was speaking at the one-to-one interaction jointly organised by the Ernakulam branch of the Institute of Chartered Accountants of India, Cochin Chapters of the Institute of Company Secretaries of India, the Institute of Cost and Works Accountants of India and Cochin Chamber of Commerce and Industry here.

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