MBSL seminar on New Companies Act

Merchant Bank of Sri Lanka PLC (MBSL) has organised an evening Seminar titled "Sharing Practical Experience on Companies Act No. 7 of 2007" which will be held at Grand Ballroom of Galle Face Hotel from 4 p.m onwards on March 25.

Partner of Nithya Partners (Attorneys-at-Law and Notaries Public) Naomal Goonewardena, and Partner of PricewaterhouseCoopers (Chartered Accountants) Sujeewa Mudalige will be the main speakers.

The new Companies Act, which is effective from May 3, 2007, provides benefits to all companies. It has introduced several significant changes to the company legislation such as Single Shareholder Company, Solvency Test, Concept of Major Transactions, Financial Reporting, Buy Back of own shares.

This seminar will focus mainly on practical experience and areas where clarifications are needed on topics of interests under the Companies Act No. 7 of 2007 relating to the subject areas mentioned, followed by an interactive panel discussion at the end of the session.

Some of the key topics of interests such as registrations and re-registrations of companies, discrepancies between Sinhala Act and English Act, capitalisation of reserves and consideration on issue of shares, definition of shareholders in relation to CDS holdings, details in interest register, potential insolvency and serious loss of capital, solvency test, repurchase of shares/redemption of shares and accounting treatment, contents of financial statements, directors remuneration and disclosures under the new Act, will be focused at this seminar by speakers who are well experienced in practical aspects relating to the subject areas.

A panel discussion will be held at the end of the session.

This seminar will provide an excellent opportunity for the participants to share practical experience in respect of some of the provisions in the Companies Act No. 7 of 2007.

This seminar will be of value to directors of companies, managing directors, finance directors, general managers, senior managers, finance managers, audit managers, company secretaries, accountants, lawyers, investment advisors, portfolio managers, members and staff of audit firms, stock broking companies, banks, board of investment approved companies and consultancy firms, undergraduate students and others with special interest in sharing practical experience in respect of the provisions in the Companies Act No. 7 of 2007.