The government is to set up an Indian Institute of Corporate Affairs to serve as an independent think tank to suggest corporate social responsibility (CSR), it was announced Monday.
“The government will set up (the institute) to look at various aspects of corporate affairs, including CSR, holistically,” Anurag Goel, Secretary in the Ministry of Corporate Affairs, said here.
He was speaking at a conference organised jointly by his ministry, the Confederation of Indian Industry (CII) and the National Foundation for Corporate Governance (NFCG).
Thinktank
“Industry could partner with the government in social issues and provide effective delivery systems,” Mr Goel said. He added that the institute would act as an “autonomous think tank” with representation from the government, corporates, institutions and organisations.
According to GE India President & CEO Tejpreet Chopra “CSR is far bigger than just giving back to society; it is a way to understand the needs of the people.”
“CSR attracts good people who understand the values of the company and so helps build leadership for the future. Finally, it is useful in developing brand image,” he added.
NEW COMPANY LAW BILL SOON
New Delhi, pti:
The much-awaited new Company Law Bill will be introduced in the next session of Parliament, a senior government official said on Monday.
“The new Company Law Bill will be introduced in the monsoon session of Parliament although we wanted it to be done in the ongoing session,” Corporate Affairs Secretary Anurag Goel said at a CII event here.
He said there were a lot of complications in the bill that were being worked upon.
“The bill is with a the Law Ministry and they (law ministry) are tweaking the bill to give it a final touch,” he said.
The new bill will replace the existing Company Act 1956. According to Corporate Affairs Minister Prem Chand Gupta, the new law will promote good corporate governance and lead to effective protection of investors.
