This is one prospect that keeps developing day by day and it contains a huge bunch of regulations. Corporate Law is bound by five major characteristics which include legal personality of an entity, limited liability, transfer of shares, delegated management under a board structure, and investor ownership. Corporate Law governs the businesses and companies to ensure that there is a legally-guided approach towards the fulfilled achievement of the above-mentioned five characteristics. A company needs to have a proper method of internal control in order to safeguard the shareholders and other stakeholders of the company. Apart from the directors of the Company, only proper regulations can guide the companies in this aspect. There are various statutes which control the mechanism of corporate governance in India. They are as follows:
- The Companies Act, 2013 which contains provisions relating to board constitution, board meetings, board processes, independent directors, general meetings, audit committees, related party transactions, disclosure requirements in financial statements, etc.
- Securities and Exchange Board of India (SEBI) Guidelines: SEBI is a regulatory authority that has jurisdiction over listed companies and it issues regulations, rules and guidelines to companies with regards to ensuring protection of investors.
- Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI): ICAI is an autonomous body, which issues accounting standards providing guidelines for disclosures of financial information.
- Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI): ICSI is an autonomous body, which issues secretarial standards in terms of the provisions of the New Companies Act.
Because it is a complex area of practice, we ensure that the specialization of our associates is complimented with the expertise of many renowned senior professionals from Supreme Court and other courts.