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Companies Bill may suffer delay

business Updated: Feb 10, 2011 21:18 IST
Mahua Venkatesh
Mahua Venkatesh
Hindustan Times
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A slew of policy proposals on corporate regulation, accounting and disclosures may take a little while more to get moving with a new team taking guard at the corporate affairs ministry.

Shortly after Murli Deora took charge as the new corporate affairs minister, D K Mittal assumed charge as the secretary of the ministry, taking over from R Bandhopadhyay who retired on January 31.

R P N Singh is the new minister of state of corporate affairs.

The immediate task for the new team is to get the pending Companies Bill passed in Parliament besides facilitating the implementation of the new accounting norms -International Financial Reporting Standards (IFRS) - from April 1.

The corporate affairs and finance ministries would hold discussions on certain tax issues. The government would also hold further consultations with the corporates and other stakeholders.

"We have a new team in place and the priority would be to get the Companies Bill passed. It may take some time for the corporate affairs ministry to pursue with other key policies as all the faces are new to the ministry and it is natural to take some time for them to settle down," a government source, who did not wish to be quoted told, Hindustan Times .

The source said that the ministry wants consensus on most issues.

"We have decided to hold talks with all parties and stakeholders before taking any steps forward," he said.

The corporate affairs ministry was earlier keen on chalking out a roadmap to facilitate and encourage companies including public sector enterprises to go public to enhance disclosure levels and transparency.