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Classroom Series on New Act
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Top Fifty Points on Secretarial Standard on Meetings of The Board of Directors

In terms of the requirement of section 118 of the Companies Act 2013, every company is required to comply with the Secretarial Standards issued by ICSI with the approval of the Central Government. In the said respect, ICSI has issued a Secretarial Standards on board meetings (SS-1) and general meetings (SS-2).

In order to provide a crisp view of the SS-1, we have summarized below the top fifty points which we feel are important and necessary for an overall understanding.

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Cost records and audit

After 3 months of notification of section 148 dealing with cost audit, the Government has finally notified that Companies (Cost records and audit) Rules 2014 on 30th June 2014. The final cost records and audit rules are mostly on the lines of draft rules issued earlier.
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Liability of Auditors - More Accountability

Auditors are required to protect the interest of stakeholders, presenting an objective report and unveil the defaults by the companies they serve. Several instances have come to light where it was found that auditors connived with the management to evade adverse remarks and also failed to report defaults by the company. 
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Deposits

To protect the depositor’s interest and to curb the malpractices adopted by Companies accepting deposits with intent to defraud the immaculate depositors, the Companies Act, 2013 has introduced new Legal framework for acceptance of deposits by Companies.
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CSR-Understanding & its impact

An ideal business environment has long been  understood to be one where the businesses interact with the society and both  serve the needs of one another. Thus corporates also have to act socially  responsible, and contribute to the social good. Corporate Social Responsibility  is about integrating economic, environmental and social objectives with a  company’s operations and growth.
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Private Placement - much needed overhaul

For any corporate, when it comes to fund raising, Private Placements are one of the most favored modes used by companies. The main reason behind this favouratism is the ease available to companies and their managements, in terms of less legal hassles, choice available for selecting the allottees or amounts to be raised etc.
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Decoding The New Act



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