The Ministry of Company Affairs is committed to bring basic shift in the approach of governance in the companies from controls, approval and regulation to self-governance with focus on proper disclosure, good corporate governance and effective protection of various stakeholders, especially small investors. This was stated by the Minister of Company Affairs, Shri Prem Chand Gupta while meeting the ‘Forum of Financial Writers’ here late evening yesterday. He said that the committee headed by Dr. J.J.Irani to look into the suggestions received from various quarters on evolving the new Company Bill has submitted its recommendations on 31st May. The recommendations have been generally welcomed by all concerned and the Ministry is now examining the same before drafting the new Companies Bill. Shri Gupta said that hopefully the new Bill would be presented before the Parliament in the winter session.
To drastically improve the quality of delivery of public services, Shri Gupta said that his Ministry had adopted a holistic approach where the Company Act would be revamped and the offices of Registrar of Companies (RoC) would be freed from paperwork so that these offices could perform their assigned roles in a better manner. The Minister further said that the institutional reforms, coupled with the new legal framework, should be in place very soon and the regulatory machinery at the disposal of the Government had to be remodeled for effective implementation of the proposed law.
Speaking on the occasion, Mrs. Komal Anand, Secretary, Company Affairs, said that our company law needs to be internationally competitive so as to attract an ever-increasing number of companies from abroad. Efficient companies who have a choice of locating anywhere should choose India as a destination.
BSC: HK: CK
(Release ID :10178)