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PHD Chamber Seeks Fairer & Transparent Corporate Governance Practices To Enable India Attract FDIs In MSME Also

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President, PHD Chamber of Commerce and Industry, Mr. appealed to the government to put in a fairer and completely transparent regulation in place to enable attract a larger and diversified basket of foreign investments especially in MSME segment from countries such as France, Germany, and the like.

According to him, time has matured for and Inc. to come out clean on its practices as these have been tainted in recent past, resulting into restricted FDIs in to the country especially in its MSME sector, particularly from countries such as France, Germany, and the like in which these nations follow stringent norms.

Mr.

Khaitan pointed out that in the last two years, witnessed an increase of over 45% in corporate frauds which spoiled its reputation in terms of attracting global investments from host of economies of scale.

Mr. in his address informed that an intensive research work is going on in the on shell, bogus and dormant companies and the initial findings of this research has concluded that needed to indulge into policy tightening front so that possibilities of corporate frauds in future are plugged for good and such companies are not allowed to function whose objectives and intention are mala-fide.

Mr. in his observations warned the Inc. that all electronic and any other such kinds of transactions of all companies are being strictly monitored by the relevant departments and urged the companies to better stay on to the right side of the law as corporate functioning with mala fide intend would invite severe penalties and punishment in case corporate frauds are detected under the new laws and dispensation.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 12 2018. 10:29 IST
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