About Legal Compliance Management services offered by P. K. Pandya & Co.
Legal Compliance Management services is a vast subject.
It can be ongoing exercise and normally begins with finding out and preparing applicable laws to organisation.
Definitely it involves team work of people within and outside organisation. People from within organisation includes functional/departmental heads and those who actually implement/ make compliances. People from outside the organisation includes legal professionals from diverse fields like labour consultants, tax consultants, IPR consultants, cyber laws consultant etc.
Today, organisations are adopting compliance management voluntarily and in different mode, suiting to their requirements.
Many listed companies do the legal compliance exercise in phased manner. Normally compliance exercise begins with, restricting it to few laws like SEBI and Company Law. And then make it applicable to all group companies. And then expand it to include other laws. Some of the listed companies have also initiated this exercise as part of risk management and some because of clause 49 (I) (C) (iii) of listing agreement which provides:
The company shall lay down procedures to inform Board members about the risk assessment and minimization procedures. These procedures shall be periodically reviewed to ensure that executive management controls risk through means of a properly defined framework.
We have been associated with one of the world's leading firms and have done legal compliance review for few of the multi national companies in India.
Some of our clients, who are foreign multi-nationals, are availing our service on Legal Compliance Management on an ongoing basis. We have also been involved in legal due diligence in case of takeover and joint venture/Collaboration.
As per direction of Reserve Bank of India (RBI) all Banks in India are required to obtain, for borrowers availing credit facilities from banks in India under consortium / multiple banking / syndicate arrangements, on regular basis, certification by a professional, preferably a Company Secretary, regarding compliance of various statutory prescriptions that are in vogue. This is made mandatory by RBI in consultation with the Indian Banks Association, as concerns were expressed by the Central Vigilance Commission, Government of India.
[RBI notification # UBD.PCB.No. 59 /13.05.000/2008-09 dt. April 9, 2009 read with notification # UBD.PCBNo. 36/13.05.000/2008-09 dt. January 21, 2009; notification # DBOD.No.BP.BC.94 /08.12.001/2008-09 dt. December 8, 2008 and notification # DBOD No.BP.BC.46/08.12.001/2008-09 dt. September 19, 2008].
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