LS takes up Companies Bill for consideration

Dec 18 2012, 21:46 IST
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LS takes up Companies Bill for consideration. (Reuters) LS takes up Companies Bill for consideration. (Reuters)
Summary'The proposed legislation had been finalised after studies on corporate governance in France and Indonesia'

its report in August 2010.

Participating in the discussions on Companies Bill, Sanjay Nirupam (Congress) said there should be more clarity on implementing CSR activities by companies.

He noted that intentions of the Serious Fraud Investigation Office (SFIO) should be checked so as to ensure there is no misuse.

Citing the fraud that had come to light at erstwhile Satyam Computer Services, Nirupam wondered why no action has been taken against auditing firm PwC, which had done auditing work for that entity.

Echoing similar views, TMC's Saugata Roy said the government has not imposed any restrictions on PwC following the Satyam fraud even though Satyam's then chairman Ramalinga Raju was punished.

"Corporate governance remains weak in our country," he said.

Shailendra Kumar (SP) emphasised that companies should take care of the interests of labourers and employees.

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