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All co to devise proper system to ensure legal compliance

Co Act 2013 646 views 1 replies

P C Agrawal

Registered independent director Past Ch

8229 Points Joined March 2007

Section 134(5)(f) of CA 2013 requires that Directors' Responsibility Statement in Board's report will also state that:

"the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively."

Hence all companies - whether private or public - will have to ensure compliance of all legal provisions. Many legal compliance software are also available in the market. Looking to this provision, bigger companies may have to go for that.

Thanks

Replies (1)

naiju

auditor

22 Points Joined October 2015

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The Companies Act 2013, now categorically spells that it is one of the functions of the company secretary who is responsible for the compliance of all other LAWS. The responsibility and the role of company secretary stands enlarged now, he needs to track, manage and report compliances to the Management.

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