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Law To Regulate Company Secretaries Amended

Written by: Staff
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New Delhi, Mar 28 (UNI) Law to regulate company secretaries has been amended in keeping with changes in India's economic and corporate environments over the years, the Law and Justice Ministry said today.

The Company Secretaries (Amendment) Bill, 2006, signed by President A P J Abdul Kalam, has come into force as Act No 8 of 2006 since March 20, 2006, a Ministry statement said.

The Company Secretaries Act, 1980 was amended taking into account changes in capital markets and dismantling of economic controls and the need for ''good corporate governance,'' the statement said.

The amendments were recommended by a High Level Committee on Corporate Audit and Governance, it said.

The Act provides for faster delivery of justice departmentally and an appellate authority headed by an ex-High Court-judge, it said.

A Quality Review Board with ''outside'' experts will be set up to review the quality of services provided by the members of the Institute of Company Secretaries of India, it said.

The Act provides for transparency in the financial affairs of the Institute, it said.

UNI MJ NK RK1950

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