Govt Looking At Criteria for Fraud Reporting By Auditors

To a query on whether independent directors would be held responsible for decisions taken by the company's board, the minister said: "Section 149(12) of the Act already grants protection to the independent directors from prosecution in matters which had not occurred with their knowledge, consent, connivance or where they had acted diligently".

To a separate question on funds utilised by firms towards Corporate Social Responsibility (CSR), Sitharaman said that the details of the same would be available only after September 2015.

"Details about the funds utilised by the companies under the CSR would be available to the Ministry of Corporate affairs only after the mandatory disclosures of CSR expenditure are made by companies, which would be due within six months after completion of financial a year 2014-15 that is September 2015," Sitharaman said.

READ MORE:
Modi Government Appeasing 'Big Business', Says CPI-M
Indian CEO Team Visiting U.S. To Revitalise Bilateral Economic Ties