Happy with my new portfolio: Moily

Veerappa Moily, who on Tuesday expressed displeasure and claimed that “vested interests” were behind his move from the Law Ministry to Corporate Affairs as part of the Cabinet reshuffle, on Wednesday sought to clear the air.

Last Updated: Jul 13, 2011, 09:57 AM IST

Zeenews Bureau

New Delhi: Veerappa Moily, who on Tuesday expressed displeasure and claimed that “vested interests” were behind his move from the Law Ministry to Corporate Affairs as part of the Cabinet reshuffle, on Wednesday sought to clear the air.

Moily this morning said he was happy with his new post and was also thankful to PM Manmohan Singh and Sonia Gandhi.

"I am very happy with the Prime Minister and Congress president. They have something in mind. They know I am a reformist. That is why I have been assigned this portfolio. Let me settle down."

He made the remarks after taking charge of his new portfolio as the Corporate Affairs Minister. Moily said the passage of a new Bill to replace the 55-year-old Companies Act and issues of corporate governance were his top priorities.

"This (Corporate Affairs) ministry is not new to me. As law minister, I used to get several references from this ministry," Moily said, in his first comments after taking charge at his new office at `C` Wing of Shastri Bhavan here.

"There is an altogether new Bill for companies that has been drafted. My priority is to see it through. It is a state-of-the-art legislation. This is a major challenge," the minister said, adding he will also focus on corporate governance.

Moily said it was his firm belief that Corporate Affairs Ministry was crucial for the development of India and that it was with this in mind that he will work on his newly assigned portfolio.