New Companies Act to give impetus to growth, says Gowda

The new Companies Act will give an impetus to country's growth momentum by ushering in a regime of "less regulations and more compliance", Union Law Minister Sadananda Gowda today said.
Gowda said that the focus of the Companies Act 2013 is to enhance transparency and ensure fewer regulations, self reporting and disclosure which shall outline the positivity in the economy.
"The new company law gives an impetus to the country's growth momentum by ushering in a regime of less regulation and more compliance.
"The focus of the Act is to enhance transparency and ensure fewer regulations, self reporting and disclosure which shall outline the positivity in the economy," Gowda said while speaking at the presentation ceremony of 14th ICSI National Awards for Excellence in corporate governance.

The Companies Act, 2013 which was cleared by Parliament last year, came into effect from April 1 this year.
The Companies Act (Amendment) Bill, 2014 seeking to remove "oppressive provisions" in Companies law and to align it with international practises was also approved recently by Lok Sabha.

Gowda said that a privilege of self-regulating status has been granted to a profession under Companies Act 2013 in order to serve the public interest.
He said that a key expectation from members of self-governing professions is that they accept legal and ethical responsibility for their work and hold the interest of the public and society as "paramount".

"Company secretary is looked upon by the regulators as ethical and trustworthy professional whose professional judgement and competence has made a mark in the corporate sector.
"A dynamic movement is desired to promote a value revolution with deeper conviction and creative consciousness leading us to be good professionals," he said.
He said that for sustainable survival and development, the corporates need to play a crucial role in addressing the the economic challenge of inequality.