India first to make secretarial audit imperative for some companies
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India is set to become the first country in the world to make This system of
The measure is looked upon as a part of the government’s initiative to inspire confidence in foreign investors by improving governance and transparency.
The government has implemented a fine ranging from Rs. 1 lakh to Rs. 5 lakhs in cases of non-compliance.
The recently issued secretarial standards also makes it companies to send a seven day notice for board meetings to ensure there are no last minute changes in agenda. The new provisions also require a meeting every quarter.
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(Image credit: Indiatimes)
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