secretaries have been urged to set high standards of business practices
and compliance of existing laws if they want a less regulated corporate
three-day national convention which opened here on Thursday, Mr
Jerry Rao, Chairman & CEO, MphasiS BFL Ltd, said when company secretaries
ensure responsible behaviour of their company boards, it would set
the stage for a more trusting and deregulated legal crime.
taxation and numerous laws are Indian corporate bane. It is time
to have a legal system that induces wealth generation as in Korea
rather than continue with laws that stifle economic growth. In the
process,``Let us not suggest too many laws and changes that may
become a problem later'' having a bare minimum of laws.On the convention
theme - `Developments in cyber and corporate laws' - Mr Rao observed
that often existing laws such as the Contract Act are good enough
for electronic transactions that will be the order of the day.
from his experience with testifying before the US Congress, Mr Rao
said law makers there asked for industry inputs to laws that do
not hold the economy back.
the US, the Centre and the States should refrain from taxing Net
transactions as this will transfer tax havens and physical frauds
such as evasion on to the cyber world, he added.
11, Mr Rao said the role of company secretaries had increased in
ensuring record keeping, disaster recovery and maintaining uninterrupted
Bastian, ED, Vijaya Bank, said good corporate governance should
protect investor interest. As the economy gets increasingly digitalised,
the laws should also change accordingly, he added.
Jaganmohan Rao, the President of the Institute of Company Secretaries
of India, which has organised the meet, released the first Secretarial
Standard on board meetings.