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. No part of The Site shall be reproduced or transmitted to or stored in any other website, nor may any of its pages of part thereof be disseminated in any electronic or non-electronic form, nor included in any public or private electronic retrieval system or service without prior written permission of J. K. Gupta & Associates. Pre-certification of forms & Returns required to be filed with Registrar of companies, A Brief Introduction to the Liquidation Process under the IBC, 2016, Compounding Of Certain Offences Under Companies Act, 2013, Presentation on Latest Amendments under Companies Act, 2013 & Introduction of New Forms. Creating articles of association for your corporation that reflect company needs and industry best practices while adhering to federal guidelines. 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. The role of a company secretary (co-sec) depends largely on the size and type of the business. More than 20 years experience of Company Law including Shifting of registered Office, Change of Objects Clause, Change of Name of the company, Public & Rights Issues, Private Placement, Convening & Holding of General Meetings & Board Meetings, Maintenance of all Secretarial records, Compliance of Provisions of Listing Agreement of Stock-Exchanges, S.E.B.I. State laws are responsible for governing corporations, as they are legal business entities created at the state level. If you need help with the importance of corporate law, you can post your legal need on UpCounsel's marketplace. The operation of or conduct of business is regulated by a number of types of law, including corporate law, contract law, intellectual property law, tax law and securities law. ROLE AND DUTIES OF A COMPANY SECRETARY: Companies law requires only a listed company to have a whole time secretary and a single member company (any company that is not a public company) to have a secretary. 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. This area is separate from corporate law although it must work in conjunction with legal regulations to keep your business in compliance. And the changes have put more responsibility on the shoulders of Director. Contract laws that govern legal agreements with other businesses, suppliers, and your clients. There have been considerable changes in company law in the last few years. This area is closely related to the practice areas of contract and commercial law. Along the lines of our analysis we will highlight the core concepts surrounding the directors’ duties. 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. Every Company requires an officer who will be responsible to the Director for securing its compliance with Company Law; this is the Company Secretary. Choosing the right entity type for your company. Zoning laws that govern the use of business property. (a) to report to the Board about compliance with the provisions of this Act, the rules made thereunder and other Laws applicable to the Company; (b) to ensure that the Company complies with the applicable secretarial standards; (c) to discharge such other duties as may be prescribed in rule 10 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, The duties of Company Secretary shall also discharge, the following duties, namely:-. Some examples of issues covered by good corporate governance include regular board of director meetings, strong control of business direction, existing risk management system, and a clear division of labor. Some of the areas in which he or she can offer expertise include: Keep in mind that hundreds of county, city, state, and federal laws will apply to your business. Employment and hiring laws that protect current and potential employees, make it illegal to discriminate based on sex, religion, and race, and regulate employee safety and health. Post Tagged with Consumer protection laws that prevent fraud and the sale of misleading or faulty products or services. The Company Secretary is also Known as KMP in the Companies Act 2013 and his appointment is been mandatory by the Law for the Companies having Paid up Capital of more than Rs. For example, Directors should ensure the Articles of Association reflect not only the Law but also the Company’s needs and best practices. If you own a business, you'll need an attorney and an accountant to make sure you're in … There have been considerable changes in Company Law in the last few years. Negotiating and signing leases, contracts, and other agreements. For a collection of Practical Law's materials most relevant to company secretaries, see Resources for company secretaries . Director must have access to the best advice on how to meet its requirements. Disclaimer: This work has been submitted by a law student. A company has to comply with a lot of procedures as covered under companies Act. The statement demands an extensive analysis of Directors duties in the UK Company law. J. K. Gupta & Associates – Company Secretaries, Firm Certain industries, including but not limited to public transportation and telecommunications, are subject to federal laws, licensing, and regulations. Appointing a company secretary who is responsible for ensuring corporate law compliance and advising the board of directors on recommended changes. Exceptions include cases of fraud and unpaid business taxes. In short, a professional secretary will make sure that you comply with all due diligence, statutory, and jurisdictional requirements. Company Law, Company secretary, importance of Company Law. Common areas within corporate law include: Corporate governance describes the operational policies and procedures established by a business. This article was last updated on 15 April 2020. (1) to provide to the Director of the Company, collectively and individually, such guidance as they may require, with regard to their duties, responsibilities and powers; (2) to facilitate the convening of meetings and attend Board, committee and general meetings and maintain the minutes of these meetings; (3) to obtain approvals from the Board, general meeting, the government and such other authorities as required under the provisions of the Act; (4) to represent before various regulators, and other authorities under the Act in connection with discharge of various duties under the Act; (5) to assist the Board in the conduct of the affairs of the Company; (6) to assist and advise the Board in ensuring good corporate governance and in complying with the corporate governance requirements and best practices; and, (7) to discharge such other duties as have been specified under the Act or rules; and.