Ministry of Corporate affair to bring out a mandatory corporate governance code after one year
By admin at 9 March, 2010, 10:15 am
Western India Regional Council of ICSI organized a one day seminar on MCA voluntary guideline on Corporate Governance at Landmark. The seminar was conducted by eminent faculties which included Hon’ Ble Roc, Joint Director (Technical) and Authorities, MCA ; Shri B L Tapadia, Executive Director, Ambuja Cement; Shri K Sethuraman, Group Company Secretary, Reliance Industries; Shri A Anjeneiyan, Company Secretary, Tata Steel and Shri K Subharaman, Company Secretary, Unichem Lab.
The eminent faculties discussed the MCA voluntary guideline on Corporate Governance during the seminar. They mentioned that according to the Ministry of Corporate Affair, they will be bringing out a mandatory corporate governance code after one year, which would be a mix of corporate governance voluntary guidelines – 2009 and recommendations of India Inc. The ‘Corporate Governance -Voluntary Guidelines 2009′, being proposed for voluntary adoption by the Corporate Sector have taken into account the recommendations of the Task Force set up by Confederation of Indian Industry (CII) under chairmanship of Shri Naresh Chandra in February, 2009 to recommend ways to further improve corporate governance standards and practices and the recommendations of the Institute of Company Secretaries of India for strengthening corporate governance framework. The recommendations of this Task Force were placed on the Ministry’s website for wide stakeholders consultations. They also quoted an Example of a significant change according to the draft. They said that an Iindividual may not remain an independent director in a company for more than six years, though currently, no such limit exists for independent directors under the Company’s Act, 1956.
source : India PR Wire
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