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.
Bu hikaye The Citizen dergisinin August 22, 2024 sayısından alınmıştır.
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Bu hikaye The Citizen dergisinin August 22, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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