New Delhi, July 02: Former minister for department of company affairs Arun Jaitley has said there is a need for expediting the various economic bills pending in parliament. Soon after demitting office as law minister Jailtey, who is now BJP's spokesperson, told reporters" expediting the various economic bills should be the agenda at present."

On his experience as minister Jaitley said "this was a changing phase of corporate governance in the country, when several outdated laws were eased out or amended."

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Several laws still needed a relook, he said, adding "there should be a 'nexus' between violation and penalties." Over a dozen economic bills, including competition bill, companies act (amendment) bill, convergence of cooperatives bill and insolvency bill, were pending before the standing committee of parliament.

During his tenure, a particular schedule in the companies act was amended to facilitate speedy disinvestment in certain sectors by putting coal, minerals, petroleum products and petrochemcials outside the scope of the act. At present there are around 25 public sector companies put on the block for disinvestment.

The investor protection and education fund was also set up during his tenure.
Bureau Report