ICSI examining concept of LLCR by practising company secys

New Delhi, Aug 21 (UNI) The Institute of Company Secretaries of India is examining the concept of Labour Laws Compliance Report (LLCR) by practising company secretaries for corporate entities, corporate Affairs Minister Prem Chand Gupta told the Rajya Sabha in a written reply today to a question raised by Mr Jai Parkash Aggarwal.

Under this concept, a periodical compliance report of labour laws by a professional practising company secretary could be made to the Board of Directors/shareholders of a company for taking appropriate steps and making disclosures.

If found operationally feasible and reasonable in terms of compliance costs, suitable amendments in respective labour laws, where such a requirement is warranted, would be required, he added.

In reply to another question raised by Mr C Ramachandraiah, Mr Gupta informed that the Ministry of Corporate Affairs proposes to set up an Indian Institute of Corporate Affairs during the Eleventh Five Year Plan period.

The institute would start its' operations only after the detailed Project Report has been prepared and the requisite financial sanctions issued.

The proposal submitted to the Planning Commission contained an estimate of Rs 211 crore for setting up of the institute. An amount of Rs 47 crore has been allocated during the current financial year for this purpose.

The broad objectives of the institute include capacity building/training for the Indian Company Law Service (ICLS) and subordinate cadres, provision of value added services with the implementation of MCA21 e-Governance Project and service delivery in areas like investor education/awareness, Corporate Governance etc.

The institute is also envisaged to serve as a think-tank for the Ministry to provide for a dynamic response to the ever changing business environment and support the Ministry in taking up initiatives that are responsive to the expectations of the stakeholders in general and the corporate sector in particular, the Minister said.

UNI