Srinagar, Apr 27 (JKNS): A high-level delegation of Chartered Accountants (CAs) and Company Secretaries (CSs) on Monday met Regional Director (Northern Region), Ministry of Corporate Affairs, Ramesh Mishra, and Registrar of Companies (J&K and Ladakh), Syed Hamid Bukhari, to deliberate on key corporate governance and regulatory issues affecting the Union Territory.
A handout said: The delegation—represented by CA Saqib Ali Jan, CS Waseem Jahangir and CS Syed Amir Ali—held detailed discussions focused on strengthening the region’s corporate ecosystem while balancing regulatory compliance, ease of doing business, and investment promotion.
A central issue raised was the need for a special compliance facilitation framework for enterprises operating in geographically challenging and emerging regions like Jammu & Kashmir. The delegation advocated a more facilitation-oriented regulatory approach to support first-generation entrepreneurs and small businesses in meeting requirements under the Companies Act.
Emphasising corporate formalisation as a driver of economic development, the participants called for greater adoption of company and LLP structures across sectors such as tourism, horticulture, handicrafts, renewable energy, and producer enterprises. They noted that formal corporate structures could significantly improve governance standards, investment inflows, and employment generation.
The discussions also underscored the role of strong corporate governance in building investor confidence. The delegation highlighted that regulatory certainty, transparency, and robust governance practices are essential to position Jammu & Kashmir as an emerging investment destination.
Capacity building and institutional collaboration emerged as another key theme, with proposals for joint initiatives involving the Ministry of Corporate Affairs, professional institutes, and industry stakeholders to enhance awareness on company law compliance, startup governance, and board responsibilities.
Concerns were also raised over the migration of startups from the region, with many founders opting to incorporate outside Jammu & Kashmir. The delegation suggested measures to strengthen the local incorporation ecosystem and retain entrepreneurial activity within the Union Territory.
Other issues discussed included MSME stress resolution, insolvency preparedness, increased deployment of CSR towards regional development, and the need for ESG and sustainability readiness among emerging businesses.
The delegation further proposed developing Jammu & Kashmir as a model region for facilitation-led, governance-driven corporate regulation, including the idea of a dedicated Corporate Governance and Ease of Doing Business Roundtable involving regulators, professionals, and industry stakeholders.
The Regional Director and the ROC appreciated the suggestions, emphasising the importance of continuous stakeholder engagement in fostering a robust compliance culture. They encouraged sustained dialogue between regulators and professionals to promote a progressive corporate environment.
“Delegation members described the meeting as productive, reflecting a shared commitment to strengthening corporate governance, enhancing investor confidence, and supporting economic growth in Jammu & Kashmir,” the handout added. (JKNS)