‘After NCLT’s constitution, scope of CS has increased manifold’ | Vadodara News
VADODARA: The scope for company secretaries (CS) has increased tremendously since the formation of National Company Law Tribunal (NCLT) in June last year.
“There are 60,000 cases filed in a year with NCLT while 3.5 lakh cases are pending with the tribunal. In all major cases, the role of CS has become important as they are the ones who have to issue legal notices to recover funds, look into operation mismanagement, file petition in court and act as liquidator as well,” Prakash Pandya, chairman of Western India Regional Council (WIRC) of The Institute of Company Secretaries of India (ICSI), said here on Sunday.
Pandya was in the city to take part in a seminar on the theme of ‘Dimensional role of CS in economic reforms under GST, SEBI and Company Laws’ organized by Vadodara chapter of WIRC of ICSI.
He said the institute has more than 3.5 lakh students enrolled in the CS programme across the country while around 300 students become CS every year.
“As an institute, which has nearly 50,000 CS registered as members, our challenge is to provide them better skills as the role of CS is changing,” he said.
ICSI, which has already formulated secretarial standards for conducting board meeting and general meetings, is now setting new secretarial standards for declaration of dividends.
“Companies follow diverse secretarial practices and therefore there is a need to integrate, harmonize and standardize such practices so as to promote uniformity and consistency,” he said, adding that the secretarial standards for declaration of dividends are meant to avoid the prevalent practice of insider trading among others.
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