Government may harmonise corporate governance norms with new Companies Act

by Tax Guru, March 12, 2010.

The government today said it will try to harmonise the voluntary corporate governance norms with the new Companies Act and is open to make the existing guidelines more effective.

“We are open to redoing and reevaluating the voluntary corporate governance code next year… We will (also) try to harmonise the code with the new Companies Act and other related law,” Corporate Affairs Secretary R Bandyopadhyay said at Scope conference on corporate governance here.

He said the ministry is doing a follow-up of how much companies are complying with the voluntary guidelines introduced in December last year.

The code was drawn based on recommendations of the Naresh Chandra Committee, which was formed to suggest the government on a variety of corporate governance issues including the roles and responsibilities of independent directors, auditors, regulatory agencies, besides institutional investors and the press…(continue reading)

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