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Moily: Role of Independent Directors will be Clarified
Monday, 06 February 2012, 19:32 Hrs
Kolkata: Assuaging corporate and industry bodies' concerns following the arrest of several AMRI directors for a massive fire at the hospital, M. Veerappa Moily, Corporate Affair Minister, said he would look into the possibility of issuing a clarification on the role and responsibilities of independent and non-executive directors of a company to bring in clarity of law.
"I will move on this and look into the possibility of issuing clarification on this," Moily said at a programme organized by the Calcutta Chamber of Commerce here.
On the issue of some AMRI directors, who were not involved in day-to-day affairs, being arrested for the fire accident, he said, "I will not speak on a specific incident. But in principle, those who are not responsible (for the incident) should not be penalized."
He said the new Companies Act aimed to bring clarity on such a situation. The minister said he will look into the possibility of issuing a clarification on the role and responsibilities of independent and non-executive directors till the new law comes into effect.
Moily said he was hopeful the new Companies bill will be passed during the budget session of parliament. The new Companies bill was referred to the Parliamentary Standing Committee on Finance in December last year after opposition parties demanded a fresh scrutiny.
Source: IANS
"I will move on this and look into the possibility of issuing clarification on this," Moily said at a programme organized by the Calcutta Chamber of Commerce here.
On the issue of some AMRI directors, who were not involved in day-to-day affairs, being arrested for the fire accident, he said, "I will not speak on a specific incident. But in principle, those who are not responsible (for the incident) should not be penalized."
He said the new Companies Act aimed to bring clarity on such a situation. The minister said he will look into the possibility of issuing a clarification on the role and responsibilities of independent and non-executive directors till the new law comes into effect.
Moily said he was hopeful the new Companies bill will be passed during the budget session of parliament. The new Companies bill was referred to the Parliamentary Standing Committee on Finance in December last year after opposition parties demanded a fresh scrutiny.
Source: IANS
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