Certain reports attributed to the Ministry/Minister for Company Affairs have appeared in media giving impression that the Ministry of Company Affairs is looking into the Volcker Committee Report with a view to see as to whether there has been any violation of the Companies Act, 1956 by the Indian Companies named in it. It is clarified that no such exercise has yet been initiated or contemplated by the Ministry of Company Affairs with reference to Volcker Committee Report. The Minister, Shri Prem Chand Gupta has simply asked his officers to go through the Report and brief him about the contents and their implications.
The Minister, on the contrary, has cautioned all concerned to be careful in their reactions on the subject and not to distort the facts in this regard as any such move may create unnecessary confusion in the minds of the Indian business community and others which is wholly unwarranted.
BY/AN
(Release ID :13209)