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Volume : III, Issue : XII, January - 2014

COMPANIES ACT, 2013 – A NEW WAVE IN CORPORATE GOVERNANCE

Saumya Jain, Narander Kumar Nigam

By : Laxmi Book Publication

Abstract :

It has been a long time since theoriginal Act regulating the companies , Companies Act,1956 was passed in India. There are close to one million registered companies in the country today which are increasingly looking beyond domestic boundaries to access pools of financial and human capital and forge alliances with foreign companies .Foreign investors are looking towards India as an attractive investment destination. In such a situation, it becomes the responsibility of the government to provide an effective legal structure for corporates. The financial development of any nation depends on strong investor protection and good governance. It is with spirit the government introduced the landmark legislation-Companies Act, 2013 .The new Companies Act intends to bring governance standards on par with those in developed nations through several key provisions, such as composition and function of Board of directors, code for independent directors, performance evaluation of independent directors, class action suits, auditor rotation and independence, and establishment of Serious Fraud Investigation Office. The present paper traces the history of corporate governance regulations in the country and examines the corporate governance reforms brought in by the new Companies Act , 2013and their implication.

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    Cite This Article :

    Saumya Jain, Narander Kumar Nigam(2014). COMPANIES ACT, 2013 – A NEW WAVE IN CORPORATE GOVERNANCE. Indian Streams Research Journal, Vol. III, Issue. XII, http://isrj.org/UploadedData/4040.pdf

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