Will give legal backing to Serious Frauds Investigation Office: Khursheed

[sharmila banu.m]

                        Newly appointed minister of state with independent charge for corporate affairs and minority affairs Salman Khursheed seems to have his task cut out for the UPA's first 100 days. In an interview with Jayant Singh of The Indian Express, Khursheed said he would move the long-pending Companies Bill, give statutory backing to the Serious Frauds Investigation Office and strive for affirmative action by India Inc. Excerpts:

and#149;Do you think there's need for any changes to be introduced to the Companies Bill?

No changes that will delay the Bill going forward to the Cabinet and then from there to Parliament. But in Parliament, while the Companies Bill is being looked at by the standing committee, if there are any suggestions that come forth, these can be incorporated. But the basic structure of the Bill is good. We have anticipated many things that might have emerged out of the Satyam case...

and#149;Like what...?

Independent directors... we have strengthened the regulations as far as their powers are concerned. That was anticipated before this happened. We have strengthened the norms for statutory audit. Of course, if something bigger comes from the report of the Institute of Chartered Accountants of India, we'll take that into account.

and#149;But do you propose to maintain the one-third ratio of independent directors in the Companies Bill?

That's more or less the case. The main thing is that everything that people think should come out of Satyam is there.

and#149;Are you looking at giving the Serious Frauds Investigation Office legislative backing?

They need something. I think it's very difficult to operate in their condition given the personnel strength with which they work. We also need to do a little more to attract good people to come on deputation and we need to give them teeth. We will work on that. Of course, it will be done through statutory intervention.

and#149;The Prime Minister has time and again talked about maintaining sobriety by CEOs while deciding their salaries. How do you propose to tackle this?

It is an issue. Let us see what final view emerges on that. I'm much more interested in redefining and restructuring the role of independent directors. They should be responsible for what they are capable of doing. By the end of the year you'll find all these issues addressed.

and#149;Regarding the Equal Opportunites Commission, what exactly would your draft focus on?

The draft will definitely not focus on individuals, but on structures, systems and groups of people. That's the basic theme of the Equal Opportunities Commission. It is not a Commission for individual grievance. The Commission will, of course, also have the diversity index, which is very important for national understanding of what we are trying to do, why we are trying to do it. It's important to understand what diversity a particular institution has and then use that both as a benchmark and as an aspiration.



SOURCE-  YAHOO NEWS
DATE - 16.06.09