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In last few days while studying the Companies Act, 2013, I realized that the act can be read by different people in different manner. They interpret differently and look for different things from the same act.
Why can’t we see the same things with different angles.
What are the different points of view by which we can interpret the New Act or new legislator changes.
Lets see what are these different points of view? And during the study process, lets try to look the act from different perspectives.
- Auditor’ Perspective, Executives – How are we going to check this? What is the impact on my area of work?
- Senior Auditors and Partners – What are the opportunities? (Examples – Advisory to Directors for adhering to responsibilities, advisory to independent directors for making them understand their responsibilities, valuation advisory, etc.)
- Economist: – How does it matter to the economy and benefit economy or harm the economy?
- Business Man: – How does it affect my business? Does this means extra money for compliances? KHARCHA KITNA KARNA PADEGA?
- Investor Community: How is it going to affect Capital Market? Foreign investors will be attracted or not?
- Foreign Investors: How the Corporate Environment will be benefited and groomed.
- Society: What is the impact on Society?How we will benefit?
- Salaried Class, Employees: Are we going to be impacted (in any manner) by the new act. Is this going to burden us with more work?
- Impact on Professional Communities: CS, CWA, Registered Valuers. Are they going to get new opportunities for anything? (Of course, when business people are spending for implementation of new act, somebody is going to gain out of it). Are they going to loose on any opportunities. (for e.g. no certification required if below particular level of capital or similar criteria)
- Software Programmers: What are the aspects relating to which programs are needed? (Just like we chartered accountants see opportunities, they also see opportunities)
Let’s look for what we can.
(Written By CA Rajesh Pabari. Contacts carajeshpabari@gmail.com for feedback and sharing your views.)
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Author Bio
The Companies Act, 2013 is one of the worst piece of legislation which has been promulgated to harm the interest of Indian corporate sector and hamper their global competitiveness. By delegating such wide powers to make rules to MCA, the entire business community and professionals have been put at the mercy of few babus of MCA. Most of the restrictions placed on closely held companies are illogical and have no justification. The new government should throw this horrible piece of legislation to dustbin as soon as possible.