Government proposes to modernize corporate Governance

The Government has said that it proposes to modernize corporate Governance through simpler, accountability obligated, transparent and democratic company law. Stating this intention of the Government in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, enumerated the steps taken in this regard and said that the Companies Bill, 2009, has already been introduced in the Lok Sabha. It will come into force after it is passed by Parliament and notified. Further, the Ministry of Corporate Affairs has also released Voluntary Guidelines on ‘Corporate Governance 2009’ which provide corporate India a framework for better governance voluntarily.