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Sunday, October 17, 2010
Sunday, October 10, 2010
Saturday, October 9, 2010
Role of a Company Director and Company Secretary
Directors are elected at the first annual meeting of shareholders and at each successive annual meeting for one-year terms .
The functions of directors involve a fiduciary duty to the corporation. Directors are in control of others' property and their powers are derived primarily from statute.
Directors are responsible for determining and executing corporate policy. For example, they make decisions regarding supervision of the entire enterprise and regarding products and services.
Liabilities of directors extend to both their individual and joint actions. A director who commits a tort against his or her corporation can be held personally liable.
Directors are bound by certain duties such as the duty to act within the scope of their authority and to exercise due care in the performance of their corporate tasks.
Removal of a director during the course of his or her term may occur for cause by shareholders or by the board itself if there is a provision in the bylaws or articles of incorporation that confers such power upon them. The removal of a director for cause is reviewable by a court. Many jurisdictions have put into effect statutes that concern the removal of directors with or without cause.
Directors are responsible for determining and executing corporate policy. For example, they make decisions regarding supervision of the entire enterprise and regarding products and services.
Liabilities of directors extend to both their individual and joint actions. A director who commits a tort against his or her corporation can be held personally liable.
Directors are bound by certain duties such as the duty to act within the scope of their authority and to exercise due care in the performance of their corporate tasks.
Removal of a director during the course of his or her term may occur for cause by shareholders or by the board itself if there is a provision in the bylaws or articles of incorporation that confers such power upon them. The removal of a director for cause is reviewable by a court. Many jurisdictions have put into effect statutes that concern the removal of directors with or without cause.
Company Secretary Providing advice on corporate governance issues is an increasingly important role for corporate secretaries. Many shareholders, particularly institutional investors, view sound corporate governance as essential to board and company performance. They are quite vocal in encouraging boards to perform frequent corporate governance reviews and to issue written statements of corporate governance principles. The Corporate Secretary is usually the executive to assist directors in these efforts, providing information on the practices of other companies, and helping the board to tailor corporate governance principles and practices to fit the board's needs and expectations of investors. In some companies, the role of the Secretary as corporate governance adviser has been formalized, with a title such as Chief Governance Officer added to their existing title.
The leadership of the Society came up with a list of personal and professional attributes of a successful Corporate Secretary. Among these "core competencies" are: understanding the company's business thoroughly; having a basic knowledge of corporate and securities law; demonstrating a "presence" and being able to back it up with solid communication skills
Thursday, October 7, 2010
Practicing Company Secretary
A member of the ICSI not in any employment is entitled to practice after obtaining a Certificate of Practice from the Institute.
Section 2(45A) of the Companies Act , 1956 defines the term ‘secretary in whole-time practice’ which means a secretay who shall be deemed to be in practice within the meaning of sub-section (2) of section 2 of the Company Secretaries Act, 1980.
Section 2(2) of the Company Secretaries Act, 1980 (hereinafter called the Act) provides that a member of the Institute shall be deemed to be in practice when, individually or in partnership with one or more members of the Institute in practice or in partnership with members of such other recognised professions as may be prescribed, does any of the following in consideration of remuneration received or to be received:
engages himself in the practice of the profession of company secretaries to, or in relation to, any company; or
(b) offers to perform or performs services in relation to the promotion, formation, incorporation, amalgamation, reconstruction, reorganisation or winding up of companies; or
(c) offers to perform or performs such services as may be performed by:
(i) an authorised representative of a company with respect to filing, registering, presenting, attesting or verifying any documents (including forms, applications and returns) by or on behalf of the company,
(ii) a share transfer agent,
(iii) an issue house,
(iv) a share and stock broker, a secretarial auditor or consultant, an advisor to a company on management including any legal or procedural matter falling under the Capital Issues (Control) Act, 1947
** the Industries (Development and Regulation) Act, 1951, the Companies Act, 1956, the Securities Contracts (Regulation) Act, 1956, any of the rules or bye-laws made by a recognised stock exchange, the Monopolies and Restrictive Trade Practices Act, 1969, the Foreign Exchange Regulation Act, 1973*, or under any other law for the time being in force,
(vii) issuing certificates on behalf of or for the purposes of, a company; or
(d) holds himself out to the public as a company secretary in practice; or
(e) renders professional services or assistance with respect to matters of principle or detail relating to the practice of the profession of company secretaries; or renders such other services as, in the opinion of the Council, are or may be rendered by a company secretary in practice
Wednesday, October 6, 2010
Reasons behind success of a person !!
They are willing to learn
They mix with the right people
They are great networkers
They have a dream.
They are great communicators
They are willing to share their knowledge
Main things to avoid
Sexual Temptations.
Faith Doubt/Conflict.
Unwanted Ego
Partners
Tuesday, October 5, 2010
Voluntary work can be fruitful - start a N.G.O.
Non Profitable Organisation
Volunteering for social work helps to cure boredom by utilising idle time constructively. It will also help you relate to peers and gain new perspectives in life due to the interaction with other people.
Volunteering for work helps to develop social skills. Person is forced to interact with other people and so, does not spend all time engaged in self-centric activities. A person who volunteers also get an opportunity to build networking skills.
Learn more about the cause
While choosing whom to support, it is better to pick a cause which is close to your heart. If everyone around you is donating to a particular cause, do not blindly follow them and do the same. After choosing your cause, do a little research on it and the organisation you will be donating to. Would you prefer to give your money to a global organisation or are you more passionate about the problems faced by the inhabitants of a particular region?
Volunteer your time
Many of us would love to donate money to a noble cause but we are constrained by our financial position. This does not mean you cannot be charitable. Using your talents and skills can be more fulfilling than simply donating money. It is also a great way to meet new people and actually be able to see how you can change a person's life
Monday, October 4, 2010
Saturday, October 2, 2010
How to become rich
- Start investing early.
- Do not touch the amount for a long time.
- Do not keep jumping from one investment instrument to another.
- Let the power of compounding work for you. It would have worked for your grand-dad, dad and you. If they knew it, great. If they did not, you can start the line. At least your grandchild will praise you for it.
- To see what it would have become over 500 years is fantasy. What it could have become over 150 is Ratan Tata
- Get cracking The key is to make your money work for you. Keeping your money in a savings bank account will not earn you that kind of interest. Despite occasional rises, interest rates in India are on a gradual decline.
So, let your money work for you. Amongst fixed return investments, the Public Provident Fund is a good option; it offers 8% per annum.The younger you are, the more you should invest in stocks because time is on your side to ride the lows of the stock market. Over time, stocks give the highest return when compared to other forms of investment.
How to become rich
- Start investing early.
- Do not touch the amount for a long time.
- Do not keep jumping from one investment instrument to another.
- Let the power of compounding work for you. It would have worked for your grand-dad, dad and you. If they knew it, great. If they did not, you can start the line. At least your grandchild will praise you for it.
- To see what it would have become over 500 years is fantasy. What it could have become over 150 is Ratan Tata
- Get cracking The key is to make your money work for you.
Keeping your money in a savings bank account will not earn you that kind of interest. Despite occasional rises, interest rates in India are on a gradual decline.
So, let your money work for you. Amongst fixed return investments, the Public Provident Fund is a good option; it offers 8% per annum.The younger you are, the more you should invest in stocks because time is on your side to ride the lows of the stock market. Over time, stocks give the highest return when compared to other forms of investment.
Friday, October 1, 2010
Reasons to be your own Financial Adviser?
I cannot afford financial advice
People often have this excuse that they cannot spare much money to save in the first place; affording a separate adviser on top of that is not their cup of tea. As a matter of fact, there are many financial products with which you do not pay anything extra, because you are already paying for their advice even without paying! I am referring to agents here. (Read about Commission agents earn here and here.) They receive commissions on the product by the company you bought or invested in. This goes to the people who often ask the agents only, to suggest any good investment scheme.
And the commission is financed out of the charges you pay for the product. The only advantage that you get with this is that the charges for the advice are split over the life of the product and you do not feel the pain. But actually you are paying. So, better look out for products that do not have huge commission structures built in or shout for a commission rebate. This will be a win-win situation for both you and the Agent (Financial adviser)
I am not wealthy enough to have an adviser
However large or small are the savings that you have, you have to invest wisely. What I think is, the smaller the amount that you have as savings, the safer you should be while investing and making the right financial decisions
while some are totally not as smaller the investment, smaller is the commission they get on the investments. since you cannot afford to make mistakes. Some of the financial advisers are even willing to give time to the smaller clients. Maybe they think that as they grow bigger, they will grow with them
Advisers are just pushy Sales People
Fraud from an adviser is a rare possibility but there are other ways in which an adviser can let you down. The commission system that we talked of in the Point 1 is a less ideal way to pay an adviser who is supposed to have your best interests at heart. What I mean by this is, there are in-built incentives for advisers to recommend products to you that generate commissions rather than those which do not. You benefit from that or not, that is a different story.I will save Money handling my own Finances
Whether you pay fees or your adviser receives commissions, it is true that you have to pay from your hard earned savings to your financial adviser. So, can you save that money by doing this job yourself?Simple way to Be a Better Entrepreneur
Think of a great idea
If a great idea comes to you, evaluate if it is realistic.
Think of cost, manufacturing time, and popularity.
Always be open to different ideas.
Ask and record if people would actually buy the product.
If you don't have an idea yet, it is a good start to think of your target market first.
Then brainstorm a list of things like places they shop, things they like, and things you like.
Narrow the list down to about three items, keeping cost, manufacturing time, and
popularity in mind. Find the easiest, most realistic product.
Or, think of a terrible idea.
Really, you can't tell if a business idea is great or terrible until you try it in a real marketplace.
Years later, the successful ideas are "obviously" good, but when they first began,
most people rejected them. Google is one of the most famous example
If a great idea comes to you, evaluate if it is realistic.
Think of cost, manufacturing time, and popularity.
Always be open to different ideas.
Ask and record if people would actually buy the product.
If you don't have an idea yet, it is a good start to think of your target market first.
Then brainstorm a list of things like places they shop, things they like, and things you like.
Narrow the list down to about three items, keeping cost, manufacturing time, and
popularity in mind. Find the easiest, most realistic product.
Or, think of a terrible idea.
Really, you can't tell if a business idea is great or terrible until you try it in a real marketplace.
Years later, the successful ideas are "obviously" good, but when they first began,
most people rejected them. Google is one of the most famous example
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