The Hindu Business Line : No move to halt SFIO’s Satyam probe: Khursheed

Mr Salman Khursheed, Minister of State for Corporate Affairs, told newspersons on the sidelines of the 37th national convention of the Institute of Company Secretaries of India (ICSI) here on Thursday that the SFIO could investigate issues related to violations of company laws.

“It couldn’t probe funds flow abroad,” he said, denying reports that the Government had directed the SFIO to stop the investigation. He said the SFIO had nearly completed its investigations. “The probe is in its final stages. There are some minor issues,” he said.

CEO salaries

Earlier, addressing the gathering after inaugurating the conference, he reiterated that shareholders should have a say in deciding the salaries of CEOs.

Asking CEOs to emulate Mr Mukesh Ambani, who had voluntarily cut his salary, he said the new Company Law Bill would have no cap on salaries.

The present law capped CEO salaries at 11 per cent of the annual profit. Advocating shareholders’ rights to decide on the issue, he asked CEOs to take a call on their remuneration. “Because, there is a need,” he said.

“The issue is before the Parliamentary panel. No one had asked to remove the cap. The law would decide on the manner in which the shareholders would decide.”

Govt role

Referring to the US Government’s restrictions on the perks of some executives in the banks in which it invested heavily after the meltdown, he said the Government might have to intervene. But that did not mean control, he added. “The age of control is gone but we should be equal partners,” he cautioned.

On Maytas, he said the Government was trying to sort out some issues. “It is a little problematic in getting their liquidity problems solved,” he added.

Early warning system

Clarifying on the early warning system the Government launched in the wake of the Satyam crisis, he said it would have 10-15 parameters to identify unfolding problems.

“Those who performed well will be commended,” the Minister said.

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