STATUTES GOVERNING CORPORATE BODIES

Corporate governance's main role is to make agreements defining the rights and tasks of shareholders and the company. Corporate governance must put everybody together in the event of disputes due to conflicts of interest. It also has the role of setting norms against which it is possible to handle and administer corporate work. Corporate governance refers to the way an organization is governed by it. It is the method that enables businesses to maintain a balance between their internal relations and stakeholders, i.e. shareholders, management, consumers, suppliers, financiers, government and community, etc., to provide their external parties with material and non-material information. By and large, the Indian regulatory structure was in line with the international good corporate governance practices. Broadly speaking, in the following enactments/ regulations/ guidelines/ listing agreement, the corporate governance framework for businesses in India is enumerated:

1. The Companies Act, 2013 requires provisions relating to the constitution of the board, meetings of the board, procedures of the board, independent directors, general meetings, audit committees, transactions of related parties, reporting requirements in annual reports, etc.

2. Securities and Exchange Board of India (SEBI) Guidelines: SEBI is a regulatory authority that has jurisdiction over listed companies and issues companies with legislation, standards, and regulation to ensure investor protection.

3. Standard Listing Agreement of Stock Exchanges: Governs company mechanism, the shares of which are listed on the stock exchanges.

4. Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI): ICAI is an independent body that issues accounting principles that guide financial information disclosure. Among other items, Section 129 of the New Companies Act specifies that the financial statements provide an accurate and fair view of the company or company's state of affairs and comply with the accounting requirements notified according to s 133 of the New Companies Act. Furthermore, it is provided that the things found in such financial statements comply with the accounting principles.

5. Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI): In terms of the provisions of the New Companies Act, ICSI is an autonomous body that issues secretarial standards. The Secretarial Standards on 'Meetings of the Board of Directors' (SS-1) and Secretarial Standards on 'General Meetings' have been issued by the ICSI to date (SS-2). These Secretarial Requirements came into force on 1 July 2015 w.e.f. Section 118(10) of the New Companies Act provides that all companies (other than one company) comply with the secretarial requirements established as such by the ICSI concerning general meetings and meetings of the board.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.