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Regulatory Requirements
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Once an entrepreneur has taken all the important decisions
relating to starting a business, he/she has to take into account the basic
regulatory requirements which are to be followed for setting up the
organisation. The most important regulation is the Companies Act,1956, which
regulates all the affairs of a company. It contains provisions relating to
the formation of a company, powers and responsibilities of the directors and
managers, raising of capital, holding company meetings, maintenance and audit
of company accounts, powers of inspection and investigation of company
affairs, reconstruction and amalgamation of a company and even winding up of
a company. The Ministry of Corporate Affairs, earlier known as Department of
Corporate Affairs under Ministry of Finance, is primarily concerned with
administration of this Act as well as other allied Acts and rules &
regulations framed there-under.
The next important regulation relates to environment. The
environmental regulatory requirements envisage a wide legislative framework
covering every aspect of environment protection like air, water, noise,
forest conservation, wildlife protection, etc. Also, separate set of laws and
rules for emission of hazardous wastes have been enacted. The Ministry of
Environment and Forests (MoEF), is the nodal agency for regulating all such
environmental aspects. It undertakes conservation & survey of flora,
fauna, forests and wildlife; prevention & control of pollution;
afforestation & regeneration of degraded areas. Every industry has to
abide by all such guidelines and parameters for environmental protection
because only this will ensure its sustainable progress and growth.
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Sunday, October 20, 2013
Regulatory Requirements
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