New Delhi, Nov 10: Corporate Affairs Minister Prem Chand Gupta on Monday, Nov 10 called for creating a mechanism through which the Government, regulators and the business sector can work jointly to avoid the global financial crisis currently affecting most parts of the world. Noting that the world is passing through a difficult economic and financial crisis, he said in India the pressure on the financial systems had been considerably reduced due to 'continuous monitoring and timely steps'.
"To avoid such crisis the Government as well as the corporate sector must develop capacity to foresee such crisis and take corrective action well in advance," he said while laying the foundation stone of the Rs 211-crore Indian Institute of Corporate Affairs at Manesar, Haryana, an official release here said.
The Ministry of Corporate Affairs (MCA) has established the Indian Institute of Corporate Affairs as a holistic think tank, capacity building, service delivery institute to help corporate growth, reforms and regulation through synergised knowledge management, global partnerships and real time solutions.
It is expected to be completed by 2010-end. An outlay of Rs 211 crore has been made in the current Five Year Plan for the institute and the IICA building is estimated to cost around Rs 110 crore.
The minister also said his ministry had undertaken various tasks to provide an enabling environment for the corporate sector to drive economic growth. The e-governance programme, MCA-21, ensures 100 per cent filing by corporates electronically on a 24x7 basis.
As regards legislations, the new Companies Bill has been introduced in Parliament which proposes a comprehensive revision of the Companies Act, 1956. Limited Liability Partnership Bill has also been introduced in Parliament, which would enable professional expertise and entrepreneurial initiative to combine, organise and operate in an innovative and efficient manner. The Competition Commission of India will be operational soon, which will enable effective competition regulation.
"The Accounting Standards have already been notified and we are gradually moving towards convergence with International Financial Reporting Standards by 2011," he added.
Haryana Chief Minister Bhupinder Singh Hooda and Corporate Affairs Secretary Anurag Goel and the Director General and Chief Executive Officer of the Institute were also present.
Mr Goel said that IICA was positioned to take the convergence role for the Government, the business sector and the stakeholders.
The institute has already been registered as a Society in Sep 2008. A board of governors has also been constituted by co-opting representatives from Government, professionals and business sector as well.
The institute has also signed MoUs with leading international institutes in its endeavour of global partnerships.