HandBook on Companies Bill-2011
Rajkumar Adukia
Dear Professional Colleague,
The Revolution has begun. Just as we move into a new year, the age old Companies Act 1956 is all set to be replaced by the Companies Bill 2011 which was tabled in the Lok Sabha on 14th December 2011.
The new law envisages investor protection, protection to minority shareholders, concept of class action suits, auditing and secretarial standards, mandatory internal audit for specific companies, stringent action against frauds and increased penalty amongst others. The introduction of this basket of measures offers immense opportunities for all professionals also.
India has suffered many corporate frauds and scams in the recent years and the new law proposes to plug the loopholes, smoothen out the wrinkles and speed up the corporate laws reform process.
The Companies Bill 2011, despite its few grey areas promises to be a step in the right direction.
At the time I write this book, the Companies Bill, 2011 is referred to the Standing Committee after an objection was raised against it in Parliament. The Standing Committee is likely to take it up in 2012 and the final Bill is now expected to be taken up in the Budget session. In the meanwhile, a corrigendum to the Companies Bill, 2011 has been issued that contains some changes of a substantive nature.
The qualification, education and experience of Chartered Accountants provides a foundation of knowledge, skills and professional values that enables them to continue to learn and adapt to changes throughout their professional lives. For our Knowledge base to grow there must be a constant flow of information. In the words of the US author Margaret Fuller, “If you have the knowledge let others light their candles in it”. I take this opportunity to encourage members and experts to participate in my desire to expand our Knowledge base by writing useful articles and write ups on topics for professional development. Interested persons who would like to do so and also those interested in presenting papers at seminars and workshops could reach me at rajkumarfca@gmail.com
Happy Reading and Wishing a Very Happy New Year!!!!
CA Rajkumar S. Adukia
B.Com(Hons), FCA, ACS, AICWA, LLB, MBA, DLL&LP, IFRS(UK)
Mob: 09820061049/09323061049
Email: rajku...@gmail.com
Website: www.carajkumarradukia.com
To receive regular updates kindly send test email to rajkumarfc...@yahoogroups.com