New Co bill to check Indian corporate corruption?

New Delhi, Sep 3: Government is preparing a new Company bill, which will check out several other companies such as Satyam, said Minister of State for Corporate Affairs Salman Khurshid.

Khurshid clearly stated that government with the new bill does not want to dominate the country's industries but they just want to pull back corruption from Indian industries.

"We do not want to enter the boardroom of corporates, but they also should be mindful of their responsibilities. We will be happy with little control," said the minister.

Mentioning about the Bhopal gas row, Khurshid said that the government is concerned about the role of promoter directors, CEOs and independent directors in case of criminal acts.

The Company Bill, which is expected to be presented before the Parliament in the winter session in 2010, will contain some reflection from Satyam incident.

"Handling of the Satyam case has given India a higher standing in the world. Learning from Satyam will be reflected in the Bill," stated Khurshid.

OneIndia News