Volume : V, Issue : VIII, August - 2015

The Companies Act 2013:The Coveted Development Tool in Modern Globalised Era

Ms. Madhulika Bhargava

Abstract :

The new Companies Act 2013 is being recognised as “Landmark legislation”. It has been warmly accepted by the modern era organisations and specially those, who have to implement it. The main aim of this new act, almost a 10 year rigorous exercise, is to change the focus on “raising the bar on governance” and in a elaborated form and intend to deal with relevant themes such as investor protection, fraud mitigation, corporate social responsibility, auditor accountability, reporting framework, director responsibility and efficient restructuring. This is expected to make changes in Indian corporate law in the context of the changing economic, social and business environment. In today’s globalised era, this would make Indian corporate environment more transparent, simple and acceptable. The former act being 50 years old was facing hassle in handling challenges of growing industries and the interests of the increasing class of sophisticated stakeholders. The objective of this paper is to highlight the changes, specifically in reporting and auditing practices such as board reports, internal financial control, higher auditor accountability etc. The data for this purpose was collected from secondary resources such as the bare act and other reports. This paper further discusses the practical perspectives of such change in Companies Act with respect to actual implementation.

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Ms. Madhulika Bhargava The Companies Act 2013: The Coveted Development Tool in Modern Globalised Era Indian Journal of Applied Research, Vol.5, Issue : 8 August 2015

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