Company affairs ministry gets more 'corporate'
May 16, 2007 - 7:17:02 PM
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The ministry was also instrumental in establishing the Indian Institute of Corporate Affairs to provide a think tank-type of support to it in partnership with the corporate sector.
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By IANS,
[RxPG] New Delhi, May 16 - The Ministry of Company Affairs has been renamed as Ministry of Corporate Affairs to reflect the larger role it plays today in the area of corporate governance and reforms.
'The new name not merely reflects a change in the form, but also in the vision and approach that drives the initiatives of the ministry,' said Prem Chand Gupta, minister vested with the portfolio.
The ministry has, during the period of last two years, re-oriented itself to meet the expectations of a vibrant corporate sector in its march towards the global competitive environment,' he added.
He was referring to some fresh initiatives like the introduction of a limited liability partnership bill, amendments to the acts governing professional audit institutes and giving operative teeth to the Competition Commission of India.
'The implementation of the e-governance project, a mission mode project under the National e-Governance Plan, has brought about a complete turnaround in the manner of delivery of services to the corporate sector,' said a ministry note.
'The ministry is engaged in a complete revamp of the legal framework for the corporate sector,' it said, adding: 'The Companies Act, 1956, is itself going through a comprehensive revision.'
The ministry was also instrumental in establishing the Indian Institute of Corporate Affairs to provide a think tank-type of support to it in partnership with the corporate sector.
'We look forward to a very meaningful participation of the corporate leadership and professionals through this platform on an on-going basis,' Gupta said.
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