Technology Park being developed to facilitate Deep-tech Start-ups: MoS (See 'Corp Brief') PMLA - ED cannot arrest accused without prior approval from Special Court once cognizance is taken, even if ECIR is filed earlier & accused cooperates throughout investigation: HC (See 'Legal Desk') Estee Lauder joins hands with DPIIT to promote women-led startups in beauty products sector (See 'Corp Brief') SARFAESI - Auction purchaser can't be fastened with outstanding liability of dues and taxes, which had accrued and were connected with and were solely attributable to business of erstwhile dealer: HC (See 'Legal Desk') Khadi artisans to receive wage hike from April 01, 2025 (See 'Corp Brief') A&C - Unless there exists error, apparent which goes to root of matter, interference by court with arbitral award is not warranted: HC (See 'Legal Desk') Govt hosts workshop on increasing R&D in pharma-medical tech sector (See 'Corp Brief') Misc - Degree of integrity & probity is expected of Chartered Accountant because of trust posed in him by his clients, and his professional misconduct erodes credibility to Institution of Chartered Accountants: HC (See 'Legal Desk') CCI okays proposed combination via acquisition of Ayana Renewable Power Pvt. Ltd. by ONGC NTPC Green Pvt. Ltd. (See 'Corp Brief') Companies Act - Findings of apex expert body like RBI warrant for issuance of protective ad-interim orders: HC (See 'Legal Desk') CCI okays acquisition of certain shareholding in Greenko Energy Holdings of ORIX Corporation (See 'Corp Brief') IPR - Manufacturer of counterfeit products, for its blatant act of counterfeiting, shall be restrained from selling products under registered brand's trademarks and its logos, and shall pay for damages: HC (See 'Legal Desk') Companies Act 2013 adequately bolsters corporate governance & ensures transparency: MoS (See 'Corp Brief') IBC - AR trying to evade to take up request of financial creditors for replacement of RP and failing to represent interest of financial creditors, violates Sec 25A: IBBI (See 'Legal Desk') Rs 25 Lakh loans, decision in 14 days - Govt moves to enhance credit access for MSMEs (See 'Corp Brief') SEBI - Passing of Settlement Order shall be without prejudice to rights of SEBI, including restoring or initiating of proceedings, if there was discrepancy while arriving at settlement terms: SEBI (See 'Legal Desk') MSME Sector sees continued growth as NPAs fall (See 'Corp Brief') SEBI - By not taking prior approval of audit committee for RPTs, Noticee has violated Regulation 23(2) of LODR Regulations: SEBI (See 'Legal Desk') Natural Products Expo West 2025 - APEDA showcases Indian prowess in organic farming (See 'Corp Brief') IPR - Sporadic use of trademark in India is no ground to assume that said trademark has acquired reputation and goodwill of mark in India: HC (See 'Legal Desk') PMLA - Mere attachment of property does not alter position with regard to ownership or even possession/use of properties which are subject matter of such attachment: SAFEMA (See 'Legal Desk') NHLML, IWAI ink MoU for state-of-art Multi-Modal Logistics Park in Varanasi (See 'Corp Brief') IBC - Prima facie contraventions of regulations, including failure to maximize stakeholder value and non-compliance with auction procedures, justifies initial suspension of registration for two years: IBBI (See 'Legal Desk') Govt announces reward for developing toys fostering learning & child development (See 'Corp Brief') Misc - Case under Negotiable Instrument Act, can't be transferred from one place to another for lack of jurisdiction u/s 406 of CrPC: SC (See 'Legal Desk') Space Technology revolutionizes governance, agriculture & Defence: MoS (See 'Corp Brief') PC Act - Anticipatory bail should only be granted in exceptional cases where there is prima facie indication of false implication or frivolous allegations: SC (See 'Legal Desk') Department of Fisheries hosts Fisheries Startup Conclave 2.0 in Hyderabad (See 'Corp Brief') PMLA - High Court can't direct ED to register ECIR only based on its prima facie finding on predicate offence: SC (See 'Legal Desk') Mandaviya joins in unique Cycle Rally to mark International Women's Day (See 'Corp Brief') Trade Marks Act 1999 - new Trade Mark identical to existing RAPIDO trade mark, warrants cancellation, as it seeks to dishonestly exploit goodwill & reputation of existing Trade Mark holder: HC (See 'Legal Desk') IBC - Section 95 application filed by Respondent No.1 Bank is valid: NCLAT (See 'Legal Desk')

IICA inaugurates 3-Day Directors' Certification Master Class in Ooty

Published: Jul 12, 2024

By TIOLCorplaws News Service

NEW DELHI, JULY 12, 2024: THE Indian Institute of Corporate Affairs (IICA), the apex think tank of the Ministry of Corporate Affairs, Government of India, inaugurated its industry-leading Directors' Certification Master Class in Ooty, Tamil Nadu, on 10th July 2024. The Master Class, held from 10 to 12 July 2024, brings together over 50 participants representing the boards of leading organizations across India to enhance their corporate governance acumen.

The inaugural session was attended by Dr. Ajay Bhushan Pandey, Chairman of the National Financial Reporting Authority (NFRA) and the Director General & CEO of IICA; Neera Saggi, Independent Director on the boards of multiple companies including Tata Steel and GE Power; Mr. Shailesh Haribhakti, Board Chairman, Audit Committee Chair, and Independent Director in several leading organisations.

During the inaugural session, Dr. Pandey also highlighted a new collaborative initiative between IICA and NFRA to launch specialized training modules aimed at enhancing the skills and knowledge of accounting professionals, auditors, and independent directors. "Sound corporate governance is the bedrock of a robust corporate sector," he stated, stressing its crucial contribution to sustainable growth.

In his keynote address, Dr. Ajay Bhushan Pandey highlighted the essential role of corporate governance in today's economy and society and emphasised the importance of audit committees and independent auditors in maintaining corporate integrity and sustainability. He referred to  historical cases like Kreuger & Toll and McKesson & Robbins to illustrate the evolution of regulatory frameworks.

Dr. Pandey outlined five key defences in corporate governance: management, audit committees and independent directors, financial reporting frameworks and auditors, investors/shareholders and lenders, and independent regulators like NFRA. He urged audit committees to engage deeply with key audit standards and review NFRA disciplinary orders regularly.

Additionally, he emphasised the importance of Key Audit Matters (KAM) and Emphasis of Matters (EOMs), advocating for active engagement with auditors to ensure transparent reporting.

Dr. Pandey concluded by underscoring the primary responsibility of corporate boards to protect shareholders' interests and ensure good governance. He recommended directors to familiarise themselves with NFRA's review reports and disciplinary orders. Quoting Healy and Palepu from Harvard Business School, he suggested evolving audit committees into 'transparency committees' to give investors a clearer understanding of a company's economic reality.

These courses, which will count towards the continuing professional learning requirements for chartered accountants, are designed to prepare auditors and independent directors to manage large companies with diverse shareholder bases and meet global standards. The training modules will include nine-month courses for auditors and accountants, with online classes held two to three days a week, and shorter courses for independent directors lasting three to six months. Developed with input from top industry experts, these courses aim to provide practical and valuable learning experiences.

The Directors' Certification Master Class continues over the next two days, featuring sessions led by distinguished speakers and industry experts. Notable speakers include Mr. Nawshir Mirza, Independent Director at Thermax Ltd; Mr. Vivek Talwar, Former Chief Sustainability Officer at Tata Group; Mr. Puneet Gupta, Managing Director at Protiviti India; Dr. Anil Kumar, Independent Director at LIC of India; CA Mohan R. Lavi, Board Advisor; and Dr. Mahendra Chouhan, Former Chairman of Fino Payments Bank; Mr. Nagendra Rao, Past President of ICSI and Mr. PS Jayakumar, Former MD & CEO of Bank of Baroda.

Fostering an environment of learning and collaboration, equipping participants with the knowledge and skills necessary to excel in their roles as directors and governance professionals - this three-day program is led by Dr. Niraj Gupta, Head of the School of Corporate Governance & Public Policy (SoCGPP) at IICA, and supported by Mr. Manoj Singh and Mr. Mathew John, Chief Program Executives at IICA.

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