The Hindu : Andhra Pradesh News : Need for pragmatic company law tribunal stressed

Online edition of India's National Newspaper
Sunday, Apr 11, 2004

Andhra Pradesh

Andhra Pradesh

Need for pragmatic company law tribunal stressed

By Our Staff Reporter

HYDERABAD, APRIL 10. K. Ramaswamy, former Supreme Court judge has said thoughtful and pragmatic composition of the proposed National Company Law Tribunal was essential for it to play its due role.

Speaking after inauguration of a day long seminar on `National Company Law Tribunal— Opportunities and Challenges' organised jointly by the NALSAR University of Law and the Institute of Company Secretaries of India (ICSI) on Saturday, Justice Ramaswamy said that it was necessary to have to have experienced working professionals with honesty, integrity and merit on the panel of the Tribunal. He warned, "This Tribunal should not become a rehabilitation centre for retired people" if it has to discharge its duties properly.

He said that Company Law was regularly abused and misused by industrialists who used various legal and juridical loopholes to siphon off public money. It was important to make this institution dispense real justice to sustain the faith of people in the legal system, he said.

On the occasion, the NALSAR University of Law signed an MoU with ICSI to enable ICSI members to access NALSAR's academic resources, including study programmes.

Speaking about the agreement, ICSI president, Mahesh Anant Athavale said that this would be very useful to the 17,000 members of ICSI to upgrade their skills in the legal sphere. He said that in the present economic context, it was necessary for institutions to collaborate with each other by leveraging their areas of strength.

The ICSI secretary, N.K. Jain, suggested that NALSAR's competence in law and their own strengths in working company law could be utilised to develop courses on corporate governance.

The NALSAR director, Randhir Singh, described the emergence of the institution as one of India's premier centres for law education and said that such collaborations would help them grow further. He stressed the need for high quality education, especially in law, to meet the challenges thrown up by WTO and international trade.

The university offers a five-year combined course in BA-BL, a two-year course in LLM, Ph.D. and various diploma courses. The last date for submitting applications for the forthcoming academic year is April 19.

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