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Company secretaries will now have formal legal responsibilities regarding the implementation of laws on secretarial audit, liquidation, the valuation of the company and many other areas, according to the Institute of Company Secretaries, as reported in Hindu Business Online.
New era of governance
The Bill, which had already been passed in the lower house of parliament, also introduces rules on corporate social responsibility, auditors, company year ends, numbers of directors and dishonest agreements with banks. Sachin Pilot, the corporate affairs minister, is quoted in News Track India as saying: 'It is a historic day for the country. Companies Bill 2012 will introduce a new era in the corporate governance.'
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