• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Advertisement
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Governance

Provisions for Good corporate governance in Companies Act, 2013

March 23, 2021
in Governance
Reading Time: 2 mins read
0
Provisions for Good corporate governance in Companies Act, 2013
279
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook
image_pdfMake PDF

Key provisions: The Companies Act, 2013 (Act) contains adequate provisions to promote good corporate governance and protect interest of investors including minority shareholders, they are:

  • Greater accountability on companies provided including through appointment of Key Managerial Personnel (KMPs), role of audit committee(s), independent audit, stricter regulation of related party transactions and restriction on layers of companies.
  • Enhanced disclosures mandated including through board’s report, financial statements as well as filings with Registrar of Companies to ensure that all relevant information is available to investors and regulatory agencies; disclosures in respect of significant beneficial ownership also provided
  • Deposits :Stricter regulation provided with regard to acceptance of deposits by companies.
  • Disciplined financial regulation through audit and oversight mechanisms provided. More accountable role for auditors provided. 
  • Independence of auditors: Stringent provisions with regard to independence of auditors provided. Cost audit and secretariat audit provided for specified classes of companies. 
  • National Financial Reporting Authority established to oversee the quality of service of the Accounting and auditing profession and take action against misconduct in certain cases.
  • More effective role for Board of Directors and Committees of Directors provided. 
  • The requirements of appointment of Independent directors and woman directors provided for prescribed classes of companies. 
  • Provisions for Vigil mechanism (whistle blowing) provided for prescribed classes of companies.
  • Stringent enforcement action through inspection, inquiry and investigation provided so that non compliances are taken seriously and necessary action taken.
  • Serious Fraud Investigation Office recognized in the Companies Act, 2013 with adequate powers including powers to arrest. Term “Fraud” defined and stringent punishment provided thereto.
  • Auditors (including cost auditor and secretarial auditor) required to report fraud noticed by them to the Central Government/audit committee/Board.

Under what circumstances, investigation into the affairs of a company is assigned to SFIO by the Government?

As per Section 212 (1) of the Companies Act, 2013, the Central Govt. may assign the investigation into the affairs of a company to the Serious Fraud Investigation Office –

(a) on receipt of report of the Registrar or Inspector under section 208

(b) on intimation of a special resolution passed by a company requesting an investigation into its affairs

(c) in public interest

(d) on the request of any Department of Central Government or State Government

image_pdfMake PDF
Source: PIB
Tags: PIBPrelims

Related Posts

BHASHINI – India’s AI led language translation platform

BHASHINI – India’s AI led language translation platform

May 25, 2022
Foreign Investment Facilitation Portal (FIF)

Foreign Investment Facilitation Portal (FIF)

May 25, 2022
World Bank’s World Governance Indicators

World Bank’s World Governance Indicators

May 20, 2022
GatiShakti Sanchar portal

GatiShakti Sanchar portal

May 18, 2022
NITI Aayog’s  National Data & Analytics Platform (NDAP)

NITI Aayog’s National Data & Analytics Platform (NDAP)

May 14, 2022
PM-WANI scheme

PM-WANI scheme

May 12, 2022
PRAAPTI portal

PRAAPTI portal

May 11, 2022
Adivasi Grants Management System (ADIGRAMS)

Adivasi Grants Management System (ADIGRAMS)

May 2, 2022
Prime Minister’s Awards for Excellence in Public Administration

Prime Minister’s Awards for Excellence in Public Administration

April 19, 2022
e-BCAS project

e-BCAS project

April 15, 2022
Please login to join discussion

Our Offline Classroom Student

PRELIMS 2021 POLITY QUESTIONS ANALYSED

https://youtu.be/5q8hBcRGhAs

PRELIMS 2021 HISTORY QUESTIONS ANALYSED

https://youtu.be/v0SIZ7SUybg

CONGRATULATIONS TO 2020 TOPPERS !!!

Rank 25 Vaibhav Rawat 

Rank 218 Kankanala Rahul Reddy
Rank 385 Sagar A Wadi
Rank 504 Malashree MV
Rank 573 Shridevi B V
Rank 707 Mamatha G

COURSES OFFERED

PRELIMS SURESHOTS

May 2022
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
3031 
« Apr    

Browse by Category

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tags

AIR BBC Business Standard CNN Deccan Herald DownToEarth Down to Earth DTE Economic Times ET GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express India today Indiatoday Kurukshetra LiveMint Mains News News Paper Newspaper PIB PIB & The Hindu pre Prelims PRS India RSTV Science Reporter Survey The Hindu The Hindustan Times The India Express The Indian Express The New Indian Express Times of India TOI TOPPERS UNDP website Wikipedia Yojana
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tag

AIR BBC Business Standard CNN Deccan Herald DownToEarth Down to Earth DTE Economic Times ET GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express India today Indiatoday Kurukshetra LiveMint Mains News News Paper Newspaper PIB PIB & The Hindu pre Prelims PRS India RSTV Science Reporter Survey The Hindu The Hindustan Times The India Express The Indian Express The New Indian Express Times of India TOI TOPPERS UNDP website Wikipedia Yojana

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In