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The new Companies Bill is being ‘fine-tuned’ to enforce mandatory rotation of statutory auditors every five years, the Corporate Affairs Minister, Mr Veerappa Moily, said here on Friday.
“A company cannot go with two-three auditors. Those who are (doing) business overseas should not face inconvenience,” he said on the sidelines of the two-day Business Responsibility Summit being hosted by the All India Management Association (AIMA) here.
The Companies Bill (2008), which lapsed with the dissolution of the 14th Lok Sabha, was reintroduced in the Lok Sabha in August 2009. In August 2010, the Parliamentary Standing Committee on Finance gave its report after examining the provisions of the law.
Mr Moily, who delivered the inaugural address at the summit, said that sustainability should be the top priority for businesses, corporates, governance and people. “Businesses should be channelised to work together with communities to bring about sustainable future,” he added.
He said the widening trust deficit between people and corporates and the Government needed to be eliminated.
Later, the Minister awarded certificates of merit to representatives of the top three performers -- Bosch Ltd, Larsen and Toubro and Jindal Steel — of the AIMA Corporate Social Responsibility contest.
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