Cos Bill will set right anomalies, says Moily

Written by fe Bureau | Bangalore | Updated: Jun 30 2012, 08:34am hrs
Union corporate affairs minister M Veerappa Moily on Friday sought to put the blame on the Opposition for the delay in big-ticket economic reforms, stating that they were stalling some of the key Bills in Parliament. We have put in a number of policies. It is a question of enforcement but everything is on hold, said Moily while interacting with mediapersons on the sidelines of a seminar here on Friday. The minister said that there was no policy paralysis in the government.

He said multiple Bills related to pension, insurance, provident fund, multi-brand retail have not yet been passed in Parliament due to stiff opposition from different political parties. He also remarked that corporate leaders like NR Narayana Murthy and Azim Premji should lobby with the Opposition for the passage of these Bills.

Moily hoped some of the key Bills, including the Companies Bill, would be passed during the forthcoming Monsoon Session of Parliament. We have to put a system of competition and governance in place to bring back the credibility, he added.

Moily said that the new Companies Bill will set right many anomalies affecting corporate India and hoped it would be passed in Parliament session. He said the SFIO would given greater statutory powers under the new bill to ensure speedier investigation of the various frauds.

On the controversy surrounding General Anti Avoidance Rule, Moily said that the government has put it on hold till 2013 but it has still led to certain misunderstanding with investors.