No.1/5/2001-CL.V

Government of India

Ministry of Law, Justice & Company Affairs

Department of Company Affairs

.

Shastri Bhavan, New Delhi – 110 001.

Dated: 15th June, 2001

 

PRESS NOTE NO:4/2001

 

Subject : Constitution of a National Advisory Committee on Accounting Standards

 

 

 

          Section 210A(1) of the Companies Act, 1956 stipulates that the Central Government may constitute an Advisory Committee on Accounting Standards to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the Act.  The composition of the Committee has to be in accordance with Section (2) of Section 210A of the Act.  The Chairperson shall be a person of eminence and well versed in accountancy, finance, business administration, business law, economics or similar discipline.

 

1.        The following persons are nominated as Chairman/Members of the National Advisory Committee on Accounting Standards:

 

          1.   Shri Yezdi H.Malegam, Chartered Accountant, Chairman

 

          2.   Shri N.D. Gupta, President, ICAI, Member

 

3.  Dr. P.V.S. Jagan Mohan Rao, President, ICSI, Member

 

4.  Shri D.C. Bajaj, President, ICWAI, Member

 

5.  Shri A. Ramaswamy, Joint Secretary, Deptt. of Company Affairs, Member

 

6.     Shri C.R. Muralidharan, CGM, RBI, Member

 

7.  Shri A.K. Awasthi, IA&AS, Member

 

8.  Prof.R.M. Goyala, Delhi University, Member

 

9.  Shri G.C. Srivastava, Joint Secretary, CBDT, Member

        

          10. Shri Pratip Kar, Executive Director, SEBI, Member

 

         11. Shri Ravi Sud, Vice President Finance, Hero Honda Motors Ltd., CII nominee, Member

 

         12. Shri Rajendra S. Lodha, FICCI nominee, Member

 

 

2.       This is the first time that a National Advisory Committee on Accounting Standards has been constituted consequent to the amendment of Companies Act, 1956.   The setting of the National Advisory Committee at this juncture has special significance in view of the emerging global trends towards Good Corporate Governance and the coming WTO negotiations.

 

3.       The President of the Institute of Chartered Accountants of India (ICAI) would be the Member Secretary.

 

4.       A copy of this Press Note has been placed at the Web page of the Department of Company Affairs at the Internet Address www.nic.in/dca.

 

 

 

[A. Ramaswamy ]

Joint Secretary to the Govt. of India