Govt to soon finalise national policy on corp governance: Moily | delhi | Hindustan Times
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Govt to soon finalise national policy on corp governance: Moily

delhi Updated: Sep 26, 2012 17:17 IST

PTI
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Government will soon finalise the national policy on corporate governance after studying the suggestions made by the Adi Godrej panel on the subject.

The panel, headed by industrialist Adi Godrej, was set up by the ministry to prepare a draft policy document on corporate governance.

Speaking to reporters in New Delhi on Wednesday, corporate affairs minister Veerappa Moily said the committee's report is being examined and the "corporate affairs ministry will finalise the national policy on corporate governance soon".

However, specific details were not disclosed.

The committee has come out with 15 to 16 suggestions, including those related to independent directors, to boost overall corporate governance practices in companies.

On the Companies Bill, Moily said its final draft is now before the Cabinet.

The final draft of the Companies Bill 2011,has been prepared after considering recommendations of the Standing Committee and comments from the Finance and Law Ministries as well as the Planning Commission.

"It is expected to be taken up for consideration in the ensuing Parliament session," he said.

Further, the ministry has also circulated the Cabinet note for approval of the draft National Competition Policy.

Moily said the Cabinet note on draft Competition Amendment Bill has been moved after being considered by the Group of Ministers (GoM) headed by the Finance Minister.

Regarding the provision requiring companies to spend two per cent of their average profit for Corporate Social Responsibility (CSR) activities, Moily said the ministry is working on formulation of rules. Govt to soon finalise national policy on corp governance: Moily

New Delhi, Sep 26 (PTI) Government will soon finalise the national policy on corporate governance after studying the suggestions made by the Adi Godrej panel on the subject.

The panel, headed by industrialist Adi Godrej, was set up by the Ministry to prepare a draft policy document on corporate governance.

Speaking to reporters in New Delhi on Wednesday, corporate affairs minister Veerappa Moily said the committee's report is being examined and the "corporate affairs ministry will finalise the national policy on corporate governance soon".

However, specific details were not disclosed.

The committee has come out with 15 to 16 suggestions, including those related to independent directors, to boost overall corporate governance practices in companies.

On the Companies Bill, Moily said its final draft is now before the Cabinet.

The final draft of the Companies Bill 2011,has been prepared after considering recommendations of the Standing Committee and comments from the Finance and Law Ministries as well as the Planning Commission.

"It is expected to be taken up for consideration in the ensuing Parliament session," he said.

Further, the ministry has also circulated the Cabinet note for approval of the draft National Competition Policy.

Moily said the Cabinet note on draft Competition Amendment Bill has been moved after being considered by the Group of Ministers (GoM) headed by the Finance Minister.

Regarding the provision requiring companies to spend two per cent of their average profit for Corporate Social Responsibility (CSR) activities, Moily said the ministry is working on formulation of rules.