PM stresses on periodical review of corporate laws

Manesar (Haryana), Apr 13 (ANI): Prime Minister Dr. Manmohan Singh on Friday stressed on periodical review of corporate laws, saying new thinking was required in areas of investor education, corporate governance and corporate social responsibility.

Dr. Singh, who was speaking at the inauguration of the new campus of Indian Institute of Corporate Affairs (IICA) here, said: "New thinking is required in important areas such as investor education and protection, corporate governance, corporate social responsibility and competition law.'

He further urged Ministry of Corporate Affairs to develop new oversight structures for small-unlisted companies.

"In view of the increasing importance of small unlisted companies and new formats such as limited liability partnerships, the Ministry needs to develop new oversight structures and enabling frameworks," he said.

Highlighting the tremendous growth achieved in the number of companies since the inception of Company Act, Dr. Singh said the government should provide for a non-cumbersome, customer friendly and transparent regulatory environment to enable the companies to function efficiently and productively.

"It must be our continuous endeavor to provide our companies a non-cumbersome, customer friendly and transparent regulatory environment to enable them to function efficiently and productively, to contribute to our economic development and also to fulfill their social obligations," added Dr. Singh.

The IICA offers education and training to working professionals both in the government and the private sector. The institute also envisages to be in a position to be considered as benchmark by the corporate sector for their organizational capacity building needs. (ANI)