Murli Deora, the newly appointed Corporate Affairs Minister, today said that his priority would be to ensure enactment of the new company law in the forthcoming Budget session.
"I am very sure to get the new Companies Bill through in Parliament in the Budget session," Deora told reporters soon after being named as the new Corporate Affairs Minister.
Deora is replacing Salman Khurshid, who has been elevated as a Cabinet Minister and will now take charge of the Water Resources Ministry, with an additional charge of Minority Affairs.
When asked if appointment to the new ministry disappoints him, he said, "no, I am not disappointed. It was a record that no one was at Petroleum Ministry for five years... I take everything as a challenge. I'm a businessman, an industrialist. I know what is Corporate Affairs... Thoda gyaan hai, baki lelenge (I have some knowledge about Corporate Affairs, rest I will acquire)," Deora said.
In his new portfolio, Deora would have the responsibility to first ensure that the Companies Bill 2009 is brought before Parliament for consideration and passage.
The new Companies Bill, which seeks to fix greater responsibility on independent directors, came against the backdrop of the multi-crore accounting fraud in Satyam Computer Services, exposing gaping holes in the existing corporate governance norms and highlighted the need for stricter rules.
The Bill also seeks to protect the rights of minority shareholders, bring about responsible self-regulation with adequate disclosure and accountability, and lesser government control over internal corporate processes.
Companies Bill 2009, which lapsed with the dissolution of the 14th Lok Sabha, was reintroduced in the Lok Sabha in August 2009.
Subsequently, in August 2010 the Parliamentary Standing Committee on Finance gave its report after examining the provisions of the law.
The Ministry is also yet to notify the key provisions of the Competition Act 2002 that would give competition watchdog CCI the power to vet high voltage mergers and acquisitions.
Enactment of New Company Law My Priority: Deora
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