Corporate Governance Services

Impact of Corporate Governance

The positive effect of corporate governance on different stakeholders ultimately is a strengthened economy, and hence good corporate governance is a tool for socio-economic development

Gokhale Bilolikar & Co. as a solicitor firm advices all corporate entities, especially in the field of corporate governance.

It would be noticed that under the Companies' Act itself there are huge number of penalties, offences (minor and major) which a company has to face for even minor lapses.

For example if the Annual Return is not filed within time, there is initially a penalty clause and even if the penalty is not paid, it can culminate into a prosecution.

The Companies' Act itself requires various commitments to be met by the company to the Registrar of Companies and fulfillment of various duties and liabilities.

Gokhale Bilolikar & Co. as a Firm conducts an Annual Legal Audit to ensure that all these commitments have been made by the Company not only so far as the Registrar of Companies is concerned but also with all other statutory bodies such as Provident Fund, Labour Department, Direct and Indirect Taxes and Financial Institutions.

This Legal Audit helps the Company in not attracting any penal or prosecutional provision of law and would save the Directors from any kind of harassment.

Gokhale Bilolikar & Co., uses this method of Corporate Governance to prevent any offences being committed by the company or the Company suffering any penalty or default clauses which may hamper its growth in future.

Gokhale Bilolikar & Co. has qualified personnel who are experts in spotting out the lapses which occur not purposefully but by sheer oversight and these are then set right through the legal process.

It may not be also out of place to mention over here that the Firm takes upon itself to ensure that the share holder access to the company is also made available and their rights and duties are duly protected. This not only goes further in earning the faith and trust of the shareholder but also boosts the name of the company to much higher level.

The legal audit is usually conducted in the month of March and consists of a team of three dedicated lawyers fully qualified in Corporate Law to examine the entire methodology of book keeping, corporate registers and statutory books. The Audit lasts for a period of three days after which a report is submitted to the Board of Directors for necessary action thereof.

It is for the first time that any legal Firm has come with the concept of "Legal Audit".

The entire concept of legal audit is a precautionary measure to see that all companies new, upcoming and old to strictly adhere to statutory compliances under the corporate laws.

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