JJ irani committee.pptx

jj Irani Committee

1. J.J IRANI COMMITTEE Subject: Ethics and Corporate Social Responsibility Submitted by: Shobhit Nautiyal Submitted to:

2. About this Committee Government had undertaken an exercise to comprehensively revise the Companies Act, 1956 to enable a simplified compact law to replace the existing Act, that would address the changes taking place in the national and global economic scenario, enable adoption of internationally best practices as well as provide adequate flexibility for timely evolution of new arrangements to meet the requirements of the corporate sector in India. The Government of India constituted an expert committee on company law on 2 December 2004 under the chairmanship of Dr J.J.

3. Recommendation made by J.J Irani committee Accordingly, on August 4, 2004 the Ministry of Company Affairs had published a Concept Paper on Company Law on its website to enable a broad-based examination of various Company Law issues requiring revision. A large number of comments and suggestions were received on the Concept Paper. Later, on December 2, 2004, the Government constituted an Expert Committee on Company Law under the Chairmanship of Dr. J.J. Irani to make recommendations on : a. Issues arising from the revision of the Companies Act, 1956. b. Responses received from various stakeholders on the Concept Paper. c. Bringing about compactness by reducing the size of the Act and removing redundant provisions; d. Enabling easy and unambiguous interpretation by recasting the provisions of the law;e . Providing greater flexibility in rule making to enable timely response to ever-evolving business models; f. Protecting the interests of stakeholders and investors, including small investors. g. Any other issue related, or incidental, to the above.

4. some others recommendations Various effective measures to be taken for protecting the interest of stakeholders and investors basis for sound corporate governance practices. Self regulation: A proper framework for Responsibilities, self regulations with clear accountability should be there in the company if such system work effectively implemented it would be great benefit for shareholders as well as the company. Non filing or incorrect disclose: the committee has strongly recommended that companies indulging in non filling of document or incorrect discloser should be dealt with strict actions. Such as heavy penalty Make a check: to check on this there should be random security of filing of corporate which should be done out by registration authority. Name change: the committee wants that authority should clear carefully review the whole system for change of name. Directors- details, change in directors Board of directors- Appropriate framework- legalities, and laws

5. Thank you