Kolkata: Corporate Affairs Minister M Veerappa Moily on Monday said he will look into the possibility of issuing a clarification on the role and responsibilities of
independent and non-executive directors to bring clarity and certainty of law.
"I will move on this," Moily said reacting to complaints that companies were finding difficulties in finding independent and non-executive directors on fear of being penalised even for issues not involved in day to day affairs.
Reacting to questions at an interactive session in Calcutta Chamber of Commerce on penalising AMRI directors for a fire accident even for those who were not involved in day to day affairs, he said those not responsible should not be penalised and the new Companies Act aims to bring clarity and certainty of law on such situation.
Moily said there is no such clarity as of now and hence he will look into possibility for issuing a clarification on role and responsibilities of independent and non-executive directors till the new law is enacted.
He said New Competition Policy and New Companies Bill is likely to be placed during budget session of the Parliament.
PTI
First Published: Monday, February 06, 2012, 21:04