By IANS,
Mumbai, Dec 17 (IANS) The revised Companies Bill will be tabled in parliament in the coming budget session, Minister of State for Corporate Affairs Salman Khurshid said here Friday.
“Views of many stakeholders will be taken into consideration, including those of various committees. We will introduce a corporate and people friendly bill in the next budget session,” Khurshid said at the sixth Corporate Governance Summit organised by the Confederation of Indian Industry (CII).
The revised Companies Bill is aimed to plug the loopholes brought to the fore by recent corporate scandals.
Khurshid emphasised the need for improving mutual trust between corporates and the government.
“The government must trust corporates and corporates need to trust the government. You cannot get a society that moves fast and grows unless you have mutual trust. Sadly as it stands, trust is lacking,” he said at the summit organised under the aegis of the India Corporate Week 2010.
“You have to provide for an honest mistake if you trust each other. Defaults must be accounted for in a transparent manner, but somewhere there must be a clear dividing line between an honest mistake and a default,” he added.
Khurshid said the government and the public should not be cynical about the corporates as they play a very significant role in the growth and development.
“You got to convert something that is seemingly bad, into something good. That is what corporate governance is all about and the ministry is there to help,” Khurshid said.
“Everything that you use in your life comes from the corporate sector. So, to be cynical about it is to be hypocritical and is a great disservice to the country,” he said.