Thursday, May 28, 2009

Corporate Reforms In India In Pipeline

Corporate Reforms in India are in pipeline. The same may improve the corporate scenario in India significantly. However, only “dedicated efforts” can make this dream a reality. The challenges are tremendous and so are the efforts required to streamline corporate affairs. Issues like corporate social responsibility, corporate governance, good competition regime, etc cannot be ignored.

The long-pending Companies Bill, 2008, proposing reforms in the corporate sector, may soon see the light of the day, if the corporate affairs ministry has its way. In a note prepared for its new minister Salman Khursheed, the ministry has suggested clearance to the Bill, albeit with some amendments, as its top priority.The new Companies Bill, which seeks to minimise government’s regulation in all company processes by replacing the existing Companies Act, 1956, was introduced in Parliament in October last year after the parliamentary standing committee cleared it. It, however, lapsed as the 14th Lok Sabha was dissolved for the general elections.“The Companies Bill will have to be presented again. There might be some changes in it when the parliamentary standing committee invites suggestions from various stakeholders,” said a senior official in the corporate affairs ministry.


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