Press Esc to close

'Web firms not being under Companies Act a concern'

Bangalore, Oct 8, 2013, DHNS: 22:19 IST
While there are many laudable features in the new Companies Act, the absence of any provision to bring Internet-based companies based out of India within the ambit of the Act is a drawback, according to company secretary V Sreedharan, who was speaking at a meet organised by the FKCCI on Tuesday.

Sreedharan said that such instances have cheated the public in the past and managed to remain untraced. This is an issue that needs to be addressed, he said.

On the government tightening section 25 of the Act, he said that it was due to misuse of the section by certain companies. On the whole, he said that the focus on self-regulation, reducing number of approvals, were welcome from a business perspective.

On the role of auditors, he said that it is difficult to define “material fraud” as there is no index to indicate it.

Go to Top

Photo Gallery
Afternoon light fades behind the warmly lit royal crematorium and funeral complex for the late...

Afternoon light fades behind the warmly lit royal crematorium and funeral complex for the late...

In this image from video made available by NASA, astronaut Joe Acaba performs a spacewalk outside...

In this image from video made available by NASA, astronaut Joe Acaba performs a spacewalk outside...

Bollywood actor Salman Khan along with his father Salim Khan, brother Arbaz Khan are seen as...

Bollywood actor Salman Khan along with his father Salim Khan, brother Arbaz Khan are seen as...

Prime Minister Narendra Modi offering prayers at Kedarnath in Uttarakhand on Friday...

Prime Minister Narendra Modi offering prayers at Kedarnath in Uttarakhand on Friday...

Women constables of Border Security Force (BSF) light candles along the border fence to celebrate...

Women constables of Border Security Force (BSF) light candles along the border fence to celebrate...

Nihang or Sikh religious warriors display their skills as they ride on a pair of horses during...

Nihang or Sikh religious warriors display their skills as they ride on a pair of horses during...

India's cricket team captain Virat Kohli with teammates during a practice session ahead of their...

India's cricket team captain Virat Kohli with teammates during a practice session ahead of their...

Wrestlers in action during a wrestling competition in Mirzapur on the occasion of Govardhan...

Wrestlers in action during a wrestling competition in Mirzapur on the occasion of Govardhan...

People watch cracker druing Diwali festival in Kolkata on Thursday evening...

People watch cracker druing Diwali festival in Kolkata on Thursday evening...

First lady Melania Trump donates her inaugural gown, designed by Herve Pierre, to the First...

First lady Melania Trump donates her inaugural gown, designed by Herve Pierre, to the First...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.