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ICSI hails new Companies Act


OST Bureau

Bhubaneswar, Sep 2:

Describing the new Companies Act, 2013 a ‘growth-oriented’ law, chairman of the Bhubaneswar Stock Exchange Limited GC Nanda said it would ensure better corporate governance and more corporate social responsibility (CSR) activities.

“The concept of one-person company introduced in the new Act would protect the interest of small investors and open more opportunities for company secretaries”, he said while inaugurating a seminar on ‘Companies Bill-2012’ organized by the Institute of Company Secretaries of India (ISCI) Bhubaneswar Chapter here on Sunday.

In his introductory address, chairman of ICSI Bhubaneswar Chapter Arabinda Acharya said the new Act would facilitate corporates to manage their affairs in a more transparent way and ensure mandatory CSR activities requiring companies to spend 2 per cent of their profit annually. “Besides, the Act also provides for opportunities of women directors on the Board”, Acharya pointed out.

Eminent speakers from New Delhi, Mumbai and Kolkata addressed the technical sessions.