'Winter Session to be crucial'

The upcoming Winter Session of the Parliament will be crucial for India Inc as three important bills, including the Company Law, Competition Policy and others are to tabled.

The other important policy on public procurement will also be tabled during the session which will bring down corruption by 50 per cent, said Corporate Affairs Minister M Veerappa Moily.

Speaking on the sidelines of a students’ festival organised by the Institute of Cost and Works Accountants of India, the minister said, “We have to restore our credibility which had taken a beating by the recent scams and scandals among investors.”

Towards this, the ministry is planning to take steps, including bringing out a set of new policies and laws for the corporate sector.

As the present company law is outdated, New Company Law of 2011 will respond to new challenges. The bill has already gone to Cabinet and will be placed in the Session by December 2011 it will become a law. “It will have a proper system and mechanism which will prohibit corruption and there will be a lot of accountability and transparency,” said the minister.

This will be followed by the Competition Policy which is expected to be finalised in November 2011 and by December 2012 it will become a law. “Once this comes into effect, at any point, inflation will not go beyond 4-5 per cent and GDP will witness another 4 per cent growth.” The ministry also working on a national corporate governance policy and may come out with national corporate governance policy in six months, said the minister.

The other important one will be Public Procurement Policy and a Law. At present, the Centre procures materials worth Rs 11 lakh crore. But, there is no proper policy.

“With this, 50 per cent of corruption will end,” said the minister.

On the merger or amalgamation cases, the corporate affairs minister said, at present even the cases go up to 10-15 years. “We want to make sure this will not go beyond one year,” said the minister.