Professor Parmi Natesan, CEO of the Institute of Directors in South Africa, says it is a definite move in the right direction, but questions whether it is enough.
The amendment is a direct result of the Commission of Inquiry into State Capture's finding that directors of captured stateowned entities (SOEs) were not held accountable.
Chief Justice Raymond Zondo chaired the inquiry.
It called for an amendment of the Companies Act to extend the period wherein an application for an order declaring someone delinquent can be brought, as it can take years for the facts of delinquency to be uncovered.
The Act amends the Companies Act of 2008, to extend the 24-month time to launch proceedings to 60 months and gives the court the power to extend this period further.
هذه القصة مأخوذة من طبعة August 22, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة August 22, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Unaware passengers' lives hung in the balance for 2 minutes
This is a summary of the Fly Africa's post: On 27 June 2023, Safair flight 268, a Boeing 737-800 (ZS-FGB), took off from Johannesburg to Durban with clear skies ahead – but an invisible storm awaited.
Five questions to help check if you're ready to retire
Retirement is more than just a financial milestone - it's a whole new chapter in life.
England sent packing
CHAMPIONS TROPHY: ZADRAN, OMARZAI KEEP AFGHANISTAN HOPES ALIVE
Book banning is wrong approach to take
Let people read about the world, factual and fictional, writes Dennis Fitzgerald.
DA must play game where it can
Martine Brown, the timing of your letter slamming the DA for inaction was unfortunate because it was printed the day after the DA had scuppered the ANC budget announcement.
Yankees can let their hair down
It's a hair-raising situation, but the New York Yankees have had to face facts, so the club has announced it will change its facial hair policy, allowing players to have “well-groomed beards” in future.
The con in conspiracies
The world has gone crazy. Unless it has always been.
Take-home pay rises
SALARIES: INCREASES SEEN AS SIGNAL TO POSITIVE START TO THE YEAR >> Company profitability improves during 2024.
What Happens in SA Stays in SA
DISPUTE: AMERICA 'WRONG TO ENTERTAIN LOBBY GROUP'
Cape Town pays out R50m for solar
Cape Town's innovative Cash for Power programme has hit a significant milestone, with businesses and households collectively earning over R50 million since its launch in 2022-23.
