The Hindu : National : ICSI hopes new law will strengthen role of Company Secretaries

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Thursday, Sep 20, 2007
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ICSI hopes new law will strengthen role of Company Secretaries

Special Correspondent

It is expected to rationalise and simplify procedures for capital reduction and restructuring

JAIPUR: The Institute of Company Secretaries of India (ICSI) on Wednesday expressed the hope that the new company law would strengthen the role of Company Secretaries as the key managerial personnel along with CEOs in the corporate sector. This, it felt, would ensure sound development of companies in the context of globalisation of economy.

ICSI president Preeti Malhotra told reporters here that professionalising the work of insolvency and liquidation of companies would make the role of Company Secretaries important.

“The new company law should enable a regime where company administrator or liquidator is appointed by the Tribunal from a panel of professionals,” she said.

The ICSI was actively involved in preparation of the J.J. Irani Committee report on new company law, which is expected to rationalise and simplify procedures for capital reduction and restructuring. Ms. Malhotra said the recognition to contractual mergers would expand the work profile of Company Secretaries.

Ms. Malhotra said the new company law would also ensure appointment of Company Secretaries as inspectors for scrutiny and investigation, operating either individually or in teams.

The ICSI, which is engaged in improving the skills of Company Secretaries for acting as specialist insolvency practitioners, will organise the 35th national convention of Company Secretaries here from September 20 to 22 on the theme of “Excellence through business value addition”.

Union Railway Minister Lalu Prasad will inaugurate the convention, while Union Corporate Affairs Minister Prem Chand Gupta will be the guest of honour. Company Law Board Chairman S. Balasubramanian and Union Corporate Affairs Secretary Anurag Goel are also expected to attend.

Ms. Malhotra said the convention would cover subjects such as business excellence, corporate compliance management, calibrating competence for professional excellence and the global dimensions of business value.

The ICSI has approached the Commerce Ministry to agitate at the WTO Forum for inclusion of a new head for corporate governance and company secretarial services in the WTO’s services sectoral classification list. Ms. Malhotra said the ICSI was developing country-specific knowledge and skills among its members to enable them to work globally.

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