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Click `Yes' to enter your Company's electronic-board meeting through video conferencing

By Dr arvind, Section Computer Gupshup
Posted on Thu Sep 11, 2008 at 01:43:14 AM EST

Company board meetings could soon turn electronic. In a move that is likely to change the way corporates operate, the government plans to allow companies to conduct board meetings through video conferencing. The proposed move, which is an extension of the government's e-governance initiative, will allow shareholders to vote electronically.

While the ministry of corporate affairs is working out the modalities of the proposal, it is understood that emails would be an accepted means of communication between a company and its shareholders.

The far-reaching proposals which has found mention in the new companies law Bill, is expected to introduce an era of next-generation company management where board meetings could be held at the click of a mouse. Officials say the proposals would ensure that crucial company meetings are not cancelled because of the absence of the requisite number of officials.

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The proposed law aims at introducing self-regulation by companies, with the government loosening its grip on the internal affairs of companies. The ministry of corporate affairs, which has cleared use of electronicallyaccessible company data, plans to take its e-governance initiative to a new level. Under the new scheme, the ministry plans to introduce a system of artificial intelligence that could intercept possible corporate frauds.

The Companies Bill, 2008, was recently cleared by the Cabinet and will soon be introduced in Parliament. With efforts of nearly five years going into the preparation of the draft Bill, the government is expected to introduce the Bill in Rajya Sabha.

Meanwhile, the ministry on Wednesday launched a Website that would provide information about the offices of liquidators and operational details. The Website, which would provide details about status of companies under auction, would bring transparency and effectiveness to the liquidation process, which in several cases drags for decades.

By: Souvik Sanyal From Economic Times, Sep-11-08

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