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Co Secys Bill gets Presidential nod
Our Bureau
New Delhi
,
March 28
The Company Secretaries (Amendment) Bill, 2006 has been enacted. The President, Mr A.P.J. Abdul Kalam, has given his assent to the Bill, an official release said.
The need to amend the Company Secretaries Act, 1980 arose on account of changes in the country's economic and corporate environments over the years.
The changes include the development in the capital markets, their growth, and the dismantling of system of economic controls and the need to enable development of an institution to focus on good corporate governance practices by training qualified professionals serving in the corporate sector.
The amendments in the Company Secretaries Act have been prepared on the basis of experience gained in the administration of the Act and the recommendations of the High Level Committee on Corporate Audit and Governance. The Act provides for faster delivery of justice departmentally.
There is also provision for an appellate authority headed by an ex-judge of a High Court to deal with appeals arising from decisions of the disciplinary authorities.
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