Winter Session to be crucial for industry

The upcoming Winter Session in the Parliament will be crucial for Indian 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 an event 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 several 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 As the present company law is outdated, New Company Law of 2011 will respond to new challenges.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,” he said.