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Partners column

February 5, 2014

Dear Friends,

I wish you a Happy, prosperous and fulfilling New Year 2014.

As the year 2013 came to an end, so also my tenure as the Chairman of ICSI-Hyderabad Chapter on 18th January, 2014. Looking back, I with all the modesty, have the utmost satisfaction of having served my community in this honourable post. I must admit that this could be achieved only with the support of team R & A. I take this opportunity to place on record my sincere gratitude to all the members of R & A Family who have extended their whole hearted support and cooperation.

India’s failing regulators – is the terrible fact raised recently by the world regulators across various sectors. The US regulator downgraded the aviation industry for its poor safety norms. Small Indian cars have failed to meet the safety tests of European New Car Assessment Program. Adding to this, the US healthcare regulators have banned another pharma plant of Indian Drug major. All these setbacks definitely call for the government to rethink on the need for stricter regulations and its implementation in true spit. While the new Companies Act, 2013 is an outcome of the various Committee recommendations, the new act should not only be more simplified and compact but should also revolutionise itself to the changes taking place in the national and international scenario. This can be achieved only when the complete ecosystem is conducive to conduct business across the border.

The profession of Company Secretary is on the verge of a big turnaround and going to be a game changer. The Companies Act, 2013 has completely redefined the roles, responsibilities, duties of the Companies Secretary apart from his or her position in the Company. Keeping in view the enlarged role, the ICSI has initiated the process to rechristen its members as “governance professionals”. It calls for honing up our knowledge and skills of the new law in order to provide the best professional services and meet the expectation of the industry, regulator and all the stakeholders connected with the corporate.

In a democratic country like ours, “right to vote” is a powerful weapon which can make or break the governments. We have witnessed this in the recent Delhi elections. AAP assuming power is historic and signifies the importance our power to vote. So, as an Indian, we are duty bound to participate in elections and dictate the dictum for the future of India so that we all can witness India as a super power by 2020.

With warm regards
Cs R. Ramakrishna Gupta
Partner.
3rd February, 2013.

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