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Clause 49, when it was first added, was intended to introduce some basic corporate governance practices in Indian companies and brought in a number of key changes in governance and disclosures (many of which we take for granted today). It specified the minimum number of independent directors required on the board of a company.
As per Section 2(51) of the Companies Act 2013, Company Secretaries are a company's Key Managerial Personnel (KMP). [5] Other KMPs in a company include the Chief Executive Officer, the managing director, the Whole-time Director, the Chief Financial Officer, and such other officers designated by the Board as KMP but are not more than one level below the directors in whole-time employment. [5]
The Indian Institute of Corporate Affairs (IICA) was established by the Central Government in 2008 as an Institute under the administrative control of Ministry of Corporate Affairs, Government of India to function as a think tank, carry out action research, service delivery and capacity building support to the Central Government, corporate sector, professionals and related stakeholders.
The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other regulations administered by the Ministry of Corporate Affairs (MCA), [1] which has two branches: the Regional Director (RD) and the Registrar of Companies (ROC).
The Ministry of Corporate Affairs thereafter published a notification exempting private companies from the ambit of various sections under the act. [ 4 ] The Act increased the responsibilities of corporate executives in the information technology sector, increasing India's safeguards against organised cybercrime by allowing CEOs and CTOs to be ...
"Corporate governance" may be defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions that appear purpose-specific.
Created in the year 1967 as a service to administer the Companies Act, 1956 as the Company Law Service, it was renamed as Indian Company Law Service in the year 2002. The service functioned under Ministry of Finance (Department of Company Affairs) till 2004, after which an independent ministry by the name Ministry of Corporate Affairs was created to administer the Corporate Sector in India.
In August 2013, The Companies Act, 2013 was passed to regulate corporations by increasing responsibilities of corporate executives and is intended to avoid the accounting scandals such as the Satyam scandal which have plagued India. [2] It replaces The Companies Act, 1956 which has proven outmoded in terms of handling 21st century problems. [3]