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This article was last updated on 15 April 2020.
There have been considerable changes in Company Law in the last few years. And the changes have put more responsibility on the shoulders of Director. A Company has to comply with a lot of procedures as covered under Companies Act. Listing Agreement, SEBI Act and Regulations. Moreover, Corporate Governance is now actively being implemented in various corporate houses and is going to be compulsory by the Government in a phased manner.
It is essential that Directors are aware of existing, new proposed legislation and take the best advice on how to meet its requirements. Director must have access to the best advice on how to meet its requirements. This is important commercially as well as legally. For example, Directors should ensure the Articles of Association reflect not only the Law but also the Company’s needs and best practices. Director must also have the necessary technical assistance to cope with internal reorganizations, buyouts, mergers and acquisitions. Our role is not only to give constructive advice on matters of Company Law but also to ensure that routine but vitally important details are not overlooked. In addition the late filing of Accounts, Annual Return & other documents at Registers of Companies can lead to the imposition of substantial late filing penalties upon a Company and the possibility of criminal action against the Director.
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