Leaders Corner
"Ensuring compliant Growth: A Conversation with Payal M Puri, Company Secretary & Sr. VP Group General Counsel"
Payal M Puri’s journey to Company Secretary and Sr. VP Group General Counsel has been a long and remarkable one. When reminiscing about her beginning at the company, she fondly shares that the ‘legal team’ at that time consisted of just one person – her.
As the various businesses under HSIL Limited were demerged and new companies were formed, Somany Impresa Group came into existence.the need for strong legal guidance became increasingly important. Recognizing Payal's expertise, the leadership team tasked her with building a legal team to support the Group's expansion. Payal was one of the key players - when the entire process of mergers and demergers took place that consolidated the businesses to form the corporate powerhouse that the Group is today.
“My role was to get this new entity moving. The shares of these new companies also needed to be listed on the Stock Exchange. We had to meticulously address numerous legal requirements, including brand transfers, dealer and distributor network restructuring. All this had to be done to ensure that the new entity was not just okay from a compliance standpoint, but also sustainable legally.”
Payal reflects on her career journey with a smile. Starting as the Company Secretary of a single company, she has steadily risen to the position of Group Company Secretary. In parallel, she has carefully built and grown the legal team from scratch. Now, with a team of 12 full-time members, she views the department as a crucial function that she is dedicated to nurturing and developing.
As the legal head of a Group as large and diverse as Somany Impresa Group, Payal has the monumental responsibility of ensuring that legal compliance across the companies is followed. Payal attributes the ease of her role to the company's strong leadership, which consistently prioritizes legal compliance.
Payal M Puri
Company Secretary & Sr. VP Group General Counsel
Navigating the role of a legal head in a diverse Group presents both challenges and exciting opportunities. Payal and her team have successfully found a way to balance business objectives with legal requirements. As she explains, "It's a delicate balancing act between pursuing business interests and complying with the laws wherever we operate. Our aim is to create a synergy between business goals and the company's legal obligations. While this can be challenging, it's also incredibly rewarding to see how legal expertise can contribute to the overall success of the business”.
The varied businesses and functions within the Group require a comprehensive compliance framework. To manage this, Payal and her team have leveraged technology and the company's digital transformation to optimize processes and ensure consistent adherence to regulations.
"Digital transformation has been a game-changer for us," Payal enthuses. "Our SOPs and MIS systems, including various dashboards, have revolutionized how we operate. We can now efficiently monitor performance, send requests, and receive reports from across the businesses." The legal team's adoption of contract management software has been equally transformative. This stands in stark contrast to the paper-heavy days of yore when physical contracts were scattered across different offices.
This use of digital and IT tools also extends to managing responses to legal actions, where Payal has a bird’s eye view of the stages of litigation in real time.
Keeping pace with the ever-evolving legal landscape is crucial for any legal professional. Payal shares the strategies her team employs to stay updated on the latest laws and amendments.
"Continuous learning is essential for us all," Payal emphasizes. "It's not just about my growth but also about equipping our top management and senior leadership with a deep understanding of the legal landscape. Beyond mere compliance, grasping the intent behind legislation is crucial. Lawyers can often read between the lines, but it's equally important for business professionals to understand the 'why' behind the law."
When the Companies Act of 2013 was introduced, Payal embraced the opportunity to delve deep into the new regulations. She enthusiastically attended workshops, conducted thorough research, engaged in discussions with legal experts, and even participated in debates to gain a comprehensive understanding of the Act.
Having spent over 13 years with the Group, a standout achievement for Payal is the company's impeccable compliance record.
Her extensive experience in corporate law has equipped her with invaluable insights. Sharing advice for aspiring legal professionals, Payal emphasizes the importance of continuous learning, both academic and practical. She stresses the need to balance legal compliance with business objectives, encouraging creativity and problem-solving.
After managing the legal intricacies that ensure the multiple companies and brands of the Group operate as per the law of the land, Payal likes to unwind by listening to music, exploring new places, spending time with her daughter, practicing yoga, and reading are just some of her favourite decompression activities.
“As a person, I am still discovering myself,” summarizes Payal with a wide smile.