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Corporate Sector News

Consolidated statements: Govt might give firms one more year
Govt plans to bring more clarity to related-party deals.
Corporate Affairs Ministry asks companies to make filings well in time.
Government makes changes to CSR spending norms under the new companies law.
Ministry Cuts Estimate of Cos' CSR Spend by Half.

Center for Corporate Law and Regulations

Center for Corporate Law RegulationsThe Centre for Corporate Law & Regulation is designed to bring government policy makers, regulators and stakeholders together in a dialogue to enable optimal response to regulatory concerns and implementation of corporate laws and harmonization various legal and regulatory jurisdictions.

Indian Corporate Laws, including statutes such as The Companies Act, 1956, The LLP Act 2008, The Securities Exchange Board of India Act 1992, The Partnerships Act 1932, The Competition Act 2002, etc. provide a detailed and elaborate system of regulation of corporate and business entities in India. However, corporate regulation can be effective only when there is harmony in application of the diverse legislations constituting the statutory framework.

The Indian regulatory system recognizes a diversity of regulators. Specialized activities of various entities are regulated by sectoral regulators such as those for capital markets, banking, insurance, electricity, telecom etc. Regulation of the activities of an entity is seen as distinct from its structure and governance. This approach is also important in defining regulatory jurisdictions.

Corporate regulation is effective when there is harmony in application of diverse legislations effectively addressing and overcoming regulatory gaps or conflicts of jurisdiction. In addition, the setting of standards for assessing an entity's performance and regulating the conduct of professionals, including the relevant professional bodies, needs to be periodically reviewed so that the relevance and effectiveness of standards is maintained.

Compliance Management:

Compliance with Company Law is essential not only to make the regulatory system more effective but also to enable uniformity, predictability and credibility of corporate operations and disclosures. Ideally, compliance should take place through modalities which encourage self-regulation and self-compliance while detecting and punishing willful default and fraud. Compliance with Corporate Law, in the context of the Indian statutory framework, is a combination of proper articulation of the shareholders' democracy with articulation and assertion of the rights of minority shareholders, disclosure of corporate information to stakeholders combined with ease of access, attestation and certification of company information, particularly financial information, through professionals who themselves are subject to regulation and discipline for misconduct, detection of default and fraud through a system of inspections and investigations, incentives for timely compliance, a structure of civil and criminal liability with associated penalties and imprisonment where necessary, and much more.

It is essential, however, to fine tune all aspects of compliance through a comprehensive system of compliance management that is not only clear and unambiguous but also appropriate to the nature of offence. This requires continuous research and evaluation of company data to detect unusual or abnormal behavior that could be the result of fraud or manipulation. Policy and legislative interventions in compliance management have to be based on careful research into the behavior of companies along with in response to regulation and law enforcement so that regulatory options keep pace with the changing scenarios.