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Corporate Jul 4, 2012

Moily rules out further consultation on Cos Bill

By Firstbiz Staff

Corporate Affairs Minister Veerappa Moily today ruled out the need for fresh stakeholder consultations on the Companies Bill, adding that limited consultation on the bill was needed with the Finance Ministry.

The minister also said talks were underway on linking corporate loan interest rates to government securities yields.

He further added that he will rationalise liabilities of auditors in the Companies Bill, adding that he will define private placement in the bill.

Agencies

While Corporate Social Responsibility will not to be made mandatory in the bill, the provision for it will be made more forceful.

Moily said he was working on a new formula for executive pay disclosure, adding that there was a need for UK-like policy on the matter.

The UK today proposed to ask companies to disclose their top executives' figure pay.

Moily said the government may decide on four key bills - Insurance, Pension, Procurement & Companies Bills - soon.

Talking about the growing disappointment with the government, he said there was no policy paralysis at the Centre, emphasising on the need for cooperation from all parties.

by Firstbiz Staff

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