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Coming soon: People-friendly corporate bill

Corporate Affairs minister Salman Khurshid on Friday said the government was fashioning a corporate law that would be friendly to companies and people alike.

business Updated: Dec 17, 2010 22:16 IST

Corporate Affairs minister Salman Khurshid on Friday said the government was fashioning a corporate law that would be friendly to companies and people alike.

“Views of many stakeholders will be taken into consideration including that of various committees. We will introduce a corporate and people-friendly bill in the next budget session,” said Khurshid at a function organised by industry chamber CII.

“The government must trust corporates and corporates need to trust government. You cannot get a society that moves fast and grows unless you have mutual trust. Sadly as it stands, trust is lacking. You have to provide for an honest mistake if you trust each other. Defaults must be accounted for in a transparent manner, but somewhere there must be a clear dividing line between honest mistake and a default,” said Khurshid.

He also said that if there is any intrinsic link between corruption and lobbying then it should be broken either by regulation or legislation. “In case there is any intrinsic link between corruption and lobbying, then it should be broken and stopped. And this can be done either by regulation or legislation.