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New Companies Bill to curb more Satyams: Khurshid
Thursday, 02 September 2010, 19:57 Hrs
New Delhi: The new Companies Bill, which is likely to be tabled in the Winter Session of Parliament, will contain provisions to rule out a recurrence of the Satyam episode which shattered the confidence of corporate India, Minister of State for Corporate Affairs Salman Khurshid said.
"Handling of the Satyam case has given India a higher standing in the world. Learning from Satyam will be reflected in the Bill," Khurshid said at the National Convention of Company Secretaries here.
Asked later what provisions the Bill would include, he said there would be greater accountability at different levels, strengthening of the Serious Fraud Investigation Office and investigating procedures and putting in place an early warning system.
Khurshid also said the new Bill will contain measures to fix responsibilities in case of criminal acts like the Bhopal gas tragedy.
Khurshid said that even after 26 years, the Bhopal dispute remained unresolved. He said the ministry was concerned about the role of promoter directors, CEOs and independent directors in case of criminal acts.
The ministry has got good guidance from the Standing Committee of Parliament, which will be incorporated in the final draft of the Bill, he said. "We are also waiting for the Supreme Court's view on liability for criminal acts," he said.
Khurshid said the government would see that regulations were in place to bring about transparency in the running of corporate houses. "We do not want to enter the boardroom of corporates.
But they also should be mindful of their responsibilities. We will be happy with little control," Khurshid said.
He said the Companies Bill has been in the pipeline for the last seven or eight years. The Bill is likely to be tabled in the Winter Session of Parliament and positively by the end of the fiscal.
The final draft was getting prepared, he said.
About the voluntary guidelines which were issued by the ministry, Khurshid said, "The government is toying with the idea of what needs to be shifted to make it mandatory and what to keep voluntary."
Ministry of Corporate Affairs Secretary R Banerjee said that as professionals, company secretaries should keep a watchful eye to ensure compliance with regulations.
"Complaints come to us that company secretaries, instead of guiding corporates the right way, are advising them how to bypass the legislations," he regretted.
Source: PTI
"Handling of the Satyam case has given India a higher standing in the world. Learning from Satyam will be reflected in the Bill," Khurshid said at the National Convention of Company Secretaries here.
Asked later what provisions the Bill would include, he said there would be greater accountability at different levels, strengthening of the Serious Fraud Investigation Office and investigating procedures and putting in place an early warning system.
Khurshid also said the new Bill will contain measures to fix responsibilities in case of criminal acts like the Bhopal gas tragedy.
Khurshid said that even after 26 years, the Bhopal dispute remained unresolved. He said the ministry was concerned about the role of promoter directors, CEOs and independent directors in case of criminal acts.
The ministry has got good guidance from the Standing Committee of Parliament, which will be incorporated in the final draft of the Bill, he said. "We are also waiting for the Supreme Court's view on liability for criminal acts," he said.
Khurshid said the government would see that regulations were in place to bring about transparency in the running of corporate houses. "We do not want to enter the boardroom of corporates.
But they also should be mindful of their responsibilities. We will be happy with little control," Khurshid said.
He said the Companies Bill has been in the pipeline for the last seven or eight years. The Bill is likely to be tabled in the Winter Session of Parliament and positively by the end of the fiscal.
The final draft was getting prepared, he said.
About the voluntary guidelines which were issued by the ministry, Khurshid said, "The government is toying with the idea of what needs to be shifted to make it mandatory and what to keep voluntary."
Ministry of Corporate Affairs Secretary R Banerjee said that as professionals, company secretaries should keep a watchful eye to ensure compliance with regulations.
"Complaints come to us that company secretaries, instead of guiding corporates the right way, are advising them how to bypass the legislations," he regretted.
Source: PTI
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Reader's comments (2)
1: Dear Editor
I had been posting comments and making some recommendations that will enhance Indian security and efficiency in civiv life as well
1.The above step by Govt Of India in the right direction.
2.I have seen govt of india realizing the importance of cyber security,telecom security as well as starting an Innovation council.
3.Dear Editor May I please request Govt Of India to tap into our trdaitional strength Mathematics at the core ,I feel we have excellent Faculty,students across a broad spectrum from IITS,,IISCS,BITS,RECS AND good universities like Benaras Hindu University Varanasi,Anna University at Chennai ,Andhra University at Vizag etc and the great Indian Statistical Institute at Kolkata.If govt of india can rope in these talented personnal and encourage them to work on next generation encryption algorithms ,that will be a two pronged approach,one those encryption and decryption algorithms can find way into Indian security in computer networks,we can also market them to friendly countries just like Brahmos cruise missile.
4.I feel with Globalization ever increasing ,the factors that will differentiate candidates seeking jobs will be confluence of skills ,and with hardware ever becomes cheaper and processing speeds increase there will be a demand to tap talent that can program multithreaded,and also takinginto account we only had used less than 5 pecent mathematics algorithms (notable search engine Google),there will be need to tap into Mathematics,to bring out more faster and efficient programs on intelligent devices.
5.Also with Bio,nano looking to take off with genome project ,again mathematics at the core with cutting edge hardware will be at the core.
6.Infosys,Tcs,HCL can be tapped by Govt of India to get domain experts and software engineers for mission critical applications,I think we need to augment more dissemantion of Satellite data to farmers,police and Fisherman.
7.Infosys has instituted a science prize in traditional fields like Physics,Mathematics ,chemistry and Computer science I suggest Govt of India formulate a prize as well at the national level.
8.I suggest to Govt of India to institute a think tank that can gather intelligence very dynamically and can coordinate with Army,Airforce,intelligence and Police.Such a think tank should be highly profficient in Computer science and have adequate knowledge of indias threats ,my recommendation bright young graduates from IITS with IIM Mba .These bright young personnal (may be a size of 10 or 15) can be directly under govt of india ,that will forsee Indias threats ,intercept in a timely manner and act very dynamically and efficiently to stop such threats ,before they can reach our shores(terrortism,infilitration across ourt borders,fake currency,Drugs and other criminal activities).iam sure we have very bright and young Indians who can effectively do the job and help india to be secured.
As India embarks on a growth we have challenges at social level and security ,,both are important social can be addressed by govt(like UIID etc),,but security we need to allocate resources now .
rama anne
syd australia
I had been posting comments and making some recommendations that will enhance Indian security and efficiency in civiv life as well
1.The above step by Govt Of India in the right direction.
2.I have seen govt of india realizing the importance of cyber security,telecom security as well as starting an Innovation council.
3.Dear Editor May I please request Govt Of India to tap into our trdaitional strength Mathematics at the core ,I feel we have excellent Faculty,students across a broad spectrum from IITS,,IISCS,BITS,RECS AND good universities like Benaras Hindu University Varanasi,Anna University at Chennai ,Andhra University at Vizag etc and the great Indian Statistical Institute at Kolkata.If govt of india can rope in these talented personnal and encourage them to work on next generation encryption algorithms ,that will be a two pronged approach,one those encryption and decryption algorithms can find way into Indian security in computer networks,we can also market them to friendly countries just like Brahmos cruise missile.
4.I feel with Globalization ever increasing ,the factors that will differentiate candidates seeking jobs will be confluence of skills ,and with hardware ever becomes cheaper and processing speeds increase there will be a demand to tap talent that can program multithreaded,and also takinginto account we only had used less than 5 pecent mathematics algorithms (notable search engine Google),there will be need to tap into Mathematics,to bring out more faster and efficient programs on intelligent devices.
5.Also with Bio,nano looking to take off with genome project ,again mathematics at the core with cutting edge hardware will be at the core.
6.Infosys,Tcs,HCL can be tapped by Govt of India to get domain experts and software engineers for mission critical applications,I think we need to augment more dissemantion of Satellite data to farmers,police and Fisherman.
7.Infosys has instituted a science prize in traditional fields like Physics,Mathematics ,chemistry and Computer science I suggest Govt of India formulate a prize as well at the national level.
8.I suggest to Govt of India to institute a think tank that can gather intelligence very dynamically and can coordinate with Army,Airforce,intelligence and Police.Such a think tank should be highly profficient in Computer science and have adequate knowledge of indias threats ,my recommendation bright young graduates from IITS with IIM Mba .These bright young personnal (may be a size of 10 or 15) can be directly under govt of india ,that will forsee Indias threats ,intercept in a timely manner and act very dynamically and efficiently to stop such threats ,before they can reach our shores(terrortism,infilitration across ourt borders,fake currency,Drugs and other criminal activities).iam sure we have very bright and young Indians who can effectively do the job and help india to be secured.
As India embarks on a growth we have challenges at social level and security ,,both are important social can be addressed by govt(like UIID etc),,but security we need to allocate resources now .
rama anne
syd australia
Posted by: rama anne - 03 Sep, 2010
2: Hopefully it will put an end to corruption.
Posted by: Kiran - 02 Sep, 2010
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