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Indian Committees

Indian Committees

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Published by m_dattaias

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Published by: m_dattaias on Jan 24, 2010
Copyright:Attribution Non-commercial


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Indian Committees andIndian Committees andGuidelinesGuidelines
Deficiencies of Companies ActDeficiencies of Companies Act
The Companies Act, 1956 came intoThe Companies Act, 1956 came intoexistence in an environment of Licenseexistence in an environment of Licenseand Permit Rajs. Over two dozenand Permit Rajs. Over two dozenamendments to the Act have not beenamendments to the Act have not beenfound adequate to tackle the present-dayfound adequate to tackle the present-daycorporate frauds; their enforcement havecorporate frauds; their enforcement haveremained weak and inefficient. Some of remained weak and inefficient. Some of the deficiencies could be noted as:the deficiencies could be noted as:
Non-executive directors have very littleNon-executive directors have very littleformal roles to playformal roles to play
Non-executive directors are ornamentalNon-executive directors are ornamentalpositions they could be on the boards of positions they could be on the boards of 20 companies20 companies
In regard to financial reporting theIn regard to financial reporting theact contains only provisions thatact contains only provisions thatare rule-based and ritualistic butare rule-based and ritualistic butnot driving transparencynot driving transparency4. No formal qualifications for a4. No formal qualifications for adirector of the companydirector of the company5. Though auditors are supposedly5. Though auditors are supposedlyappointed by the shareholders, theappointed by the shareholders, thelatter have very little interactionlatter have very little interactionwith the former – malpractices arewith the former – malpractices arethe result of collusion with auditorsthe result of collusion with auditorsand managementand management

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