Concerns over sections of new Companies Act to remain till law settles down: ICSI president

Written by fe Bureau | Kolkata | Updated: Aug 24 2014, 08:01am hrs
Company secretaries concerns over interpreting some of the sections of the new Companies Act 2013 will be there till the new law settles down, R Sridharan, president of The Institute of Company Secretaries of India (ICSI), said on Saturday.

The concerns will always be there till the law settles down. It will take some time for the law to settle down because corporates are expecting some changes in the Act. Nirmala Sitharaman also said the government is going to make a few changes in the new Companies Act so that it will be friendly to corporates, Sridharan told FE.

Sitharaman, the Union commerce and industries minister, on Friday said the Centre was planning to amend the new Act to create a conductive industrial and business atmosphere in the country.

Sridharan said that for a few sections under the new Act there were "operational difficulties".

He was talking to FE, the Print Media Partner for the 42nd national convention of company secretaries, on the sidelines of the event. The three-day meeting, where about 1,100 delegates from across the country were present, concluded on Saturday.

The theme of the convention was CS-Change, Challenge and Opportunity as the speakers mainly discussed issues related to challenges and opportunities for the countrys company secretaries after the implementation of the new Companies Act.

Every CS professional who participated in the convocation is aware of the challenges now posed before him/her under the Companies Act, 2013. They understand the seriousness of the law which should be complied by in letter and spirit, Sridharan said.

During the final day of the convention, ICSI released a handbook to make its members aware of how to interpret particular sections under the new Act. This handbook will make them understand better the sections in detail without any difficulty, the president said.

Udit Raj, MP, North-West Delhi, who inaugurated the valedictory session of the convention, said the role of CS professionals was increasing day by day and there was a need to seize this opportunity and help the system get a well governed corporate world.

The profession of CS is extremely important in todays time as company secretaries are indeed required at many places in the corporate world, Raj added.