Interviews
New Company Law Bill to be introduced in ensuing Budget Session
18 Feb '08
3 min read
He urged corporates to “look at these regulations with an open and positive mind as no law can be evaluated on the presumption of 'lack of good faith' and that too before it is actually implemented.”
The Minister said a major problem area relating to corporate functioning was the slow liquidation process. Today, it takes 10 years on an average for a company to be liquidated. In this process, the value of the assets gets eroded.
The issue is now being addressed in the new law, he said, the approach being based on the general principles adopted by the United Nations Commission on International Trade Law.
Mr. Gupta said, an important aspect of the competition law relates to the protection of consumers' interests. “In our zeal and enthusiasm of immediate gains, we should not ignore the fact that long-term and sustainable prosperity our trade and industry is very much dependent on the welfare of the consumers,” he pointed out.
Earlier, Mr. Habil Khorakiwala, President, FICCI, said, the need of the hour was to mitigate the problems faced by corporates in facing competition in global markets and wondered whether the threat of monopolies in India was real. The question nagging corporates, he said, was whether this is the right time for such legislation.
The Minister said a major problem area relating to corporate functioning was the slow liquidation process. Today, it takes 10 years on an average for a company to be liquidated. In this process, the value of the assets gets eroded.
The issue is now being addressed in the new law, he said, the approach being based on the general principles adopted by the United Nations Commission on International Trade Law.
Mr. Gupta said, an important aspect of the competition law relates to the protection of consumers' interests. “In our zeal and enthusiasm of immediate gains, we should not ignore the fact that long-term and sustainable prosperity our trade and industry is very much dependent on the welfare of the consumers,” he pointed out.
Earlier, Mr. Habil Khorakiwala, President, FICCI, said, the need of the hour was to mitigate the problems faced by corporates in facing competition in global markets and wondered whether the threat of monopolies in India was real. The question nagging corporates, he said, was whether this is the right time for such legislation.
Federation of Indian Chambers of Commerce and Industry
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