New Delhi, July 8
THE Ministry of Company Affairs is looking at expediting the formation of the National Company Law Tribunal (NCLT), a body that would replace the Board for Industrial and Financial Reconstruction (BIFR).
The matter is pending before the Supreme Court, which is expected to take up the case on July 18.
The Minister of State for Company Affairs, Mr Prem Chand Gupta, hoped for a quick resolution of the issue so that benches of the tribunal could be created in different cities. Besides looking at revival and rehabilitation of sick companies and the liquidation process, the NCLT will also handle the work of the Company Law Board.
Independent directors: Regarding the contentious issue of independent directors, Mr Gupta said, "We have decided to work closely with the Securities and Exchange Board of India and I have told Mr M. Damodaran to do what he thinks is in the best interest of the stakeholders," said.
He was speaking at the inaugural session of `National conclave on corporate laws, disclosure requirements and the changing face of Schedule VI' jointly organised by Federation of Indian Chambers of Commerce and Industry and the Institute of Chartered Accountants of India.
Competition commission: Later during the day, at a session on `Competition advocacy, policy and law,' Mr Vinod Dhall, Member, Competition Commission of India (CCI), urged the Government to meet the Commission's funding requirements. Pointing out other challenges faced by the CCI, Mr Dhall said, there was a need to promote competition culture, development of economic data sources, and instilling professionalism among competition authorities.