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Corporate governance reforms requiring independent directors, CSR duties, enhanced disclosures and strengthened audit oversight under the new companies law. The Companies Bill, 2011 replaces the Companies Act, 1956 to introduce electronic governance, statutory Corporate Social Responsibility and enhanced board accountability through defined roles and duties for Independent Directors, board committees, vigil mechanisms and promoter liabilities. It strengthens disclosure and audit frameworks-new disclosure norms, consolidated foreign subsidiary accounts, auditor rotation, limits on non audit services, and creation of a National Financial Reporting Authority-while reforming managerial remuneration, facilitating capital raising and mergers for specified classes, protecting minority shareholders, expanding investor safeguards, and vesting statutory powers in the Serious Fraud Investigation Office.
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<h1>Corporate governance reforms requiring independent directors, CSR duties, enhanced disclosures and strengthened audit oversight under the new companies law.</h1> The Companies Bill, 2011 replaces the Companies Act, 1956 to introduce electronic governance, statutory Corporate Social Responsibility and enhanced board accountability through defined roles and duties for Independent Directors, board committees, vigil mechanisms and promoter liabilities. It strengthens disclosure and audit frameworks-new disclosure norms, consolidated foreign subsidiary accounts, auditor rotation, limits on non audit services, and creation of a National Financial Reporting Authority-while reforming managerial remuneration, facilitating capital raising and mergers for specified classes, protecting minority shareholders, expanding investor safeguards, and vesting statutory powers in the Serious Fraud Investigation Office.
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