auditors for five years and introduction of a new clause related to offence of falsely inducing banks for obtaining credit.
First introduced in August 2008, the Bill was withdrawn as the Lok Sabha was dissolved. It was again introduced in Parliament in 2009 and sent to the Standing Committee, which presented its report in August 2010.
Participating in the discussions on Companies Bill, Sanjay Nirupam (Congress) said there should be more clarity on implementing CSR activities by companies.
He noted that intentions of the Serious Fraud Investigation Office (SFIO) should be checked so as to ensure there is no misuse.
Citing the fraud that had come to light at erstwhile Satyam Computer Services, Nirupam wondered why no action has been taken against auditing firm PwC, which had done auditing work for that entity.
Echoing similar views, TMC's Saugata Roy said the government has not imposed any restrictions on PwC following the Satyam fraud even though Satyam's then chairman Ramalinga Raju was punished.
"Corporate governance remains weak in our country," he said.
Shailendra Kumar (SP) emphasised that companies should take care of the interests of labourers and employees.