Visakhapatnam: The
Companies Act 2013 provides the framework and structure in which a company should be managed, said corporate
lawyer LVV Iyer, while delivering the keynote address on 'Changing Dimensions of Corporate Law in 21st Century India' at the Platinum Jubilee Seminar Hall at AU on Saturday.
He said the
Act provides guidance on issues concerning appointment, remuneration, inter-party transactions, disclosure of interests, removal, vacation of office and personal liability of directors.
He said there was emphasis on new concepts and compliances introduced by the Companies Act 2013, such as independent directors, audit committee, nomination and remuneration committee and corporate social responsibility committee.
Iyer said the new Act has increased the scope for entrepreneurship and stake holding and financial base for private limited companies.