Resources for Sarbanes-Oxley (SOX)

It's time to repair the crumbling Companies Act

www.business-standard.com

Looking back on 2007, an earlier column on English company law which has been constantly evolving to keep pace with policy changes, came to my mind.

While India projects itself as an emerging economy, nothing has moved since 2001 except online filing. Our Companies Act 1956 (Act) is badly in need of a revamp. At fifty plus, it has undergone several piecemeal, inconsistent amendments, creaking under the burden of poor referencing and redundancy.

The Act was amended in quick succession in 1998 and 2001 to introduce the basics of corporate governance, unshackling government control in indoor management affairs, and removing dead-wood such as the concept of Managing Agent.

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