Importance Of Company Law
There have been considerable changes in company law in the last few years. And the changes have put more responsibility on the shoulders of Directors. 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. Directors 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 Articles of Association reflect not only the law but also the company’s needs and best practice. Directors 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 directors.
Now the question arises, is the Company Secretary important? Every company requires an officer who will be responsible to the directors for securing its compliance with company law; this is the Company Secretary. He should be available to the Board for day to day advice on such matters. Both the importance of the Company Secretary and the level of his or her responsibilities are increasing as a result of the new law and the emphasis being placed on upon Corporate Governance. As a result all companies should have access to a qualified company secretary. Very large companies may be able to fully justify the employment of a full time Company Secretary but by using our services any company can obtain the best advice on all aspects of company law and company secretarial practice whenever it is needed.
The secretary is the main administrator of the company; s/he ensures that all regulatory and mandatory documents are timely filed either with the Registrar of Companies or the Registry in the location where your company is registered. In short, a professional secretary will make sure that you comply with all due diligence, statutory, and jurisdictional requirements.
The company secretary manages and informs directors about all matters regarding the development, changes, implementing of company legislation, regulations and best practice in the jurisdiction where the company is registered. The secretary will also advise on the effects to the director(s) of any legislative changes.