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Section 134(5) - Pains and gains for Indian Companies

Sec 134(5) increases focus on Corporate Governance and compliance, besides risk and internal controls. Under section 134(5)(f), director’s need to certify that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively

Cost of Non Compliance

What is the worst case scenario, purely in terms of penalties imposed by the Ministry on non compliance of the section.
A very rough estimate and no way can anyone determine the true answer.

Top 20 compliance management Software

Riskpro conducted a survey to develop a list of top 20 compliance management software. Specifically, our goal was to put together the list of top 20 compliance tools in India.

Our results were quite alarming. We were expecting large IT global firms to feature on the list. But to our surprise this was not so. The main reason is that these global IT firms do not have a full understanding of local regulations and their IT systems are not populated with local acts and regulations.
This prevents users from deriving maximum benefit of the global system.

Best compliance management software

All of us would like to know which is the best compliance management software in India. Naturally, the answer depends on the maturity of compliance management at your organisation and what is the expectation from a software.

But if we have to identify the best compliance software, then we can measure it on the following rating parameters.

Risks in the Food Industry

Apart from the risk from "Metrology" red-dot, green-dot on food, + weights & measurements calibration risk, that you have brought up, there are several other Food & safety risks following the "Maggi" problem, "ingredients" that is not being addressed by firms on which the state and central governments are cracking down.

Legal Metrology Audits

There are 2 possibilities. One is if the client is a manufacturer of measuring devices. Then the audit takes a different direction as they need to adhere to a lot of controls to ensure only accurate measuring devices are sent. Clients are also required to do verification and certification of such devices annually.

Take Risks - That's what is the natural thing in life

A few more to inspire you.

If things seem under control, you are just not going fast enough. Mario Andretti

Life is inherently risky. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing. Denis Waitley

Finally, if you don't take risks, we will be out of business.

Fight against Black money - Indian Anti Money Laundering Initiatives

Black money or undisclosed money causes harm to the society. It is unfair to the people who pay proper taxes. It needs to be dealt with appropriately. At the same time, there should be fairness in the law so that unintended violations are not punished severely.

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