With an aim to discuss the relevance of the new Company Act law, FICCI and ICSI held a conference recently in the Capital. The topic was on the Companies Act, 2013: A New law for a New Era.
Sachin Pilot, Minister of Corporate Affairs, Government of India, highlighted the important features of the new law which focuses on the global best practices and meeting the legitimate expectations of all stakeholders.
It’s not only investment friendly but would also allow freedom to small investors like craftsman and villagers to get the credit facility and other facilities by forming a legal entity.
On the draft rules which have been placed at the website of the Ministry, Pilot invited suggestions to have best rules in place and assured that every suggestion would be given due consideration. Sidharth Birla, senior vice president, FICCI and chairman, Xpro India limited said: “In an anxiety to provide enhanced protection for minority investors, there’re some conflicts with time-tested principles of majority rights. A majority must be held accountable if there is a collateral agenda to hurt minority; but there can be no logic or sanctity in forcing minority over majority. In essence, it’s vital that noise doesn’t drown reason. MCA and SEBI need to look at this issue objectively and in sync, before judicial challenge or a no-confidence vote by serious investors hurts us.”
SN Anathasubramanian, president council of the ICSI in his speech appreciated the extraordinary stewardship of Ministry officials which has lead to fructification in the form of notification of the new Company law. He expressed that the new legislation is innovative, self regulatory, contemporary and transformative in nature which is expected to erase the culture of cynicism. He related the historical day of August 8, 1942 when Mahatma Gandhi gave a call for ‘Quit India Movement’ with August 8, 2013 on which date Sachin Pilot gave a call for ‘Quit Command and Control Regime’.
Dr A Didar Singh, secretary general, FICCI Vijaya Sampath, chairperson, FICCI’s Corporate law Committee and senior partner, lakshmi Kumaran and Sridharan were also present at the occasion.