The Hindu Business Line : `Company Affairs Ministry to be computerised'

The Union Minister for Company Affairs, Mr P.C. Gupta (second right), at the inauguration of the workshop `Corporate governance: The changing landscape' in Bangalore on Monday. Also seen are (from left): Mr Anant R. Koppar, President, Bangalore Chamber of Industry and Commerce; Mr S. Babu, President, FKCCI, and Mr Mahendra K. Sanghi, President, Assocham (right). - K. Gopinathan

Bangalore , July 18

THE Union Minister for Company Affairs, Mr P.C. Gupta, today said his Ministry would be fully computerised by the middle of next year and would provide online accessibility to companies on aspects of company law and procedures.

The e-governance project has been awarded to Tata Consultancy Services, he said, adding that it would improve the Ministry's efficiency.

Addressing a conference on `Corporate Governance: The Changing Landscape' organised jointly by the Bangalore Chamber of Industry and Commerce (BCIC) and Associated Chambers of Commerce and Industry (Assocham) here on Monday, Mr Gupta touched on various issues, including the reform of Companies Act 1956, based on the J.J. Irani Committee's report.

He said that a wider debate on the recommendations of the report was in order before preparing a draft Bill . The objective of the Ministry was to have a simplified law and he hoped the Bill would be introduced in the Parliament by the end of the year, he added.

On the exit offer for defunct companies, Mr Gupta ruled out extension of the July 31 deadline. He regretted that the response was poor.

On the differing propositions on induction of independent directors into the companies' boards, he felt that the Chambers should arrive at a consensus.

Some had preferred 33 per cent representation, while a few stuck to 25 per cent, he pointed out.

The President of BCIC, Mr Anent Kopper, said that the Irani Report has ushered in concepts that were both progressive and visionary.

There were uphill challenges in traversing the distance from such concepts to the reality of legislating such ideas into a legal framework.

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