Published On : Sat, May 2nd, 2015

“Companies Act-2013 has far reaching consequences- CA. B.K. Agrawal


With applicability of Companies Act 2013, many challenges are ahead in front of professionals. Companies Act- 1956 use to contain every provision in itself, whereas Companies Act-2013 is now governed by Rules & notifications. Significant changes like rotation of auditors, rotation of directors  are welcome step said CA. B. K. Agrawal, Senior Chartered Accountant from city while speaking on the occasion of Full day Seminar on Companies Act- 2013. He said that maximum 20 companies can be audited by  a practicing CA Mandatory  role of  lady Director is new avenue which has certain its own limitations like taking active part in the business of company. Practically now there is no difference between private and public companies. Companies Act-2013 focus on international & global standards level, which every private company cannot follow, as it has its own practical limitations, he further added.

CA. Julfesh Shah, Regional Council Member in his address said that Companies Act -2013 newly enacted is landmark legislation & is likely to have far reaching consequences on all companies operating in India. It almost took 10 years to draft this legislation & finally passed. The Act was to make changes in Indian, Corporate law in the contest of changing economy and making business environment, more transparent, simple & globally acceptable.

CA. Kirti Agrawal, Chairman of Nagpur Branch in her welcome address said that

keeping in the changing economic environment as well as the growth of our economy the companies act 2013 was enacted to improve corporate governance and to further strengthen regulations for the companies. The act has introduced new concepts which are remarkable and are also setting a tone for making law at par with international standards. She informed members about various forthcoming programs of Branch. She added, Paper copy of circulation will be minimized no plastic use to take part in Swach Bharat Abhiyaan.

In the technical Session CS. Tushar Pahade, Nagpur presented the paper on “Directors:- Appointment, Responsibility, Rotation and Meetings”, CS. Amit Pandey  Nagpur presented paper on “Acceptance of Deposits, Loans & Advances including intercorporate loans” & CA. Abhay Arolkar, Mumbai presented his paper on “Accounts of Companies, Audit Auditors Appointment, Role and Responsibility, new CARO report”.

CA. Swapnil Agrawal, Past Chairman co-ordinated the inaugural session & CA. Sandeep Jotwani, Secretary proposed formal vote of thanks.

Prominently present on the occasion were, CA. Swapnil Ghate, CA. Kirit Kalyani, CA. Abhijit Kelkar, CA. Aniruddha Shenwai, CA. Atul Deshmukh, CA. Krishna Sarda and more than 150 members.