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Corporate Lawyer on the need to review corporate governance • Corporate Governance is an instrument for regulating and controlling the market and market forces by the government of There are many factors like globalisation, technology, open market operation and population are responsible for the frequent changes and fickleness in the market and it is the dire need that government must take serious initiatives to avoid Satyam like episodes.India.
To averse the negative impact of corporate activities on society and market there is a need to review the Companies Act 2013. Stakeholders have raised concerns over various provisions of the new legislation and the Corporate Affairs Ministry has also held discussions with them to address the concerns.
"Section 462 of the Act envisages relaxations in the form of not applying some provisions or applying them with exceptions or modifications to specific class/classes of companies"- India is bit slow in establishing corporate governance principles. The Companies Bill includes a number of new provisions aimed at improving the governance of public companies. The foundation of the Indian corporate governance model is influenced by the UK's governance model. Despite significant differences in the corporate structure of the two countries why India adopted the UK model is really a big concern.
The Securities and Exchange Board of India (SEBI), recently issued a consultative paper on the review of Corporate Governance. SEBI goes on to propose making radical changes like the appointment of independent directors by minority shareholders and he/she must receive compulsory training and must pass a qualifying examinations and the adoption of principle based approach.
"There is a need for appropriate training in a market as the nature of Indian economy remained closed for decades. To maintain transparency in the market and to invite foreign investors. No one would like to take interest in the instable and uncontrolled market, here forth a regulated and universal corporate governance model is the demand of current and evolving market. The recent SEBI proposals that he adoption of a corporate governance model should not be based on UK's model as the UK-based concepts should be adopted cautiously given the radical nature of certain proposals." - Kislay Pandey- Corporate Lawyer, the Supreme court of India.
