fiinovationPress Release

The Face of the Companies Act 2013By Fiinovation, May 02, 2014

Speaking at the occasion, K Ravi, Chairman, Corporate Laws, CSR & Capital Markets Committee, FKCCI shared

his view of The Companies Act 2013 being ‘simpler and shorter with all clauses in 309 pages’. He advocated

employing it to for an advantage. Linking corporate social responsibility (CSR) to individual social responsibility,

Mr. K G Raghavan explained it as ‘old wine in new bottle.’

The chief Guest M.R. Bhat, Registrar of Companies

(ROC) for Karnataka explained how the Ministry of

Corporate Aairs is now looking into the ‘deluge of

representations’ received from companies and their

auditors about the new clauses of the law. Clearing

doubts about the prescribed penalties, imprisonments

and sections on the prosecution by special courts,

Mr.Mr. Bhat viewed them as a medium to ‘avert or reduce

corporate scams’.

Addressing the issue of Independent Directors & Women Directors in India, Ms Vasanthi Srinivasan described the

situation as one of ‘shame and altruism’.

Mr.Mr. S. Chakraborty, Fiinovation reiterated for an increased ‘focus on whom instead of what’ while looking at busi-

nesses today when addressing issues around CSR and sustainability. He highlighted the importance of the incor-

porating the perspective of the consumer who should associate with the brand. The need for an equilibrium which

is ‘socialistic capitalism’ is important said Mr Chakraborty who also suggested the role of corporations to be inno-

vative and help devise cost effective, implementation strategies changes on ground’. Lawyers from S.R. Batliboi

& Associates and Amarchand Mangaldas thoroughly examined separate clauses of the Act specifically those re

lated to Accounts & Audits and SFIO.

The seminar helped create a platform for Chartered accountants to understand the Act and its provisions. It also

helped explain the need for CA’s to uphold nancial probity and bring corporate governance on a par with good

global practices.

New Delhi: Fiinovation collaborated with the Federation of

Karnataka Chambers of Commerce & Industry (FKCCI)

and the Institute of Company Secretaries of India (ICSI),

Bangalore Chapter for a seminar on ‘The Companies Act’

on May 2, 2014 at Bangalore. The event was attended by

over 200 participants that included audit professionals and

corporate representatives who remained engrossed

throughthrough the event that was hosted at Hotel Le Meridien.

The inaugural session had office bearers of FKCCI and

ICSI who helped ‘dissect the Companies Act’.

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