New Cos Bill to rule out 2nd Satyam episode: Khurshid
Kolkata: 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 India Inc, Minister
of State for Corporate Affairs Salman Khurshid said today.
"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 today.
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 (SFIO) 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
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
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
"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.
More from India
More from World
More from Sports
More from Entertaiment
- What Muslims think about Ram Mandir issue?
- Anti-Romeo squad launched: Has moral policing started in UP?
- Martyrs' Day: Nation remembers Bhagat Singh, Sukhdev and Rajguru for their sacrifice
- London terrorist attack leaves five dead, including police officer
- Do not put unnecessary pressure on police: PM Modi tells UP BJP MPs
- Hukumdev Narain Yadav to be new Vice-President of India?
- 400 Trinamool Congress members including many TMC stalwarts join BJP in Tripura
- Bhagat Singh, Sukhdev, Rajguru were hanged on 23 March 1931 – This is how PM Modi paid tribute today
- Unable to meet educational expenses, Muslim girl writes to PM Narendra Modi – Know what happened next
- Mulayam Singh Yadav's son Prateek, his daughter-in-law Aparna meet UP CM Yogi Adityanath - Know why