PMs remarks on CEO pay distorted, says Gupta

New Delhi, Jul 30 | Updated: Jul 31 2007, 04:14am hrs
Ruling out any move to regulate salaries in corporates, minister for corporate affairs Prem Chand Gupta on Monday said Prime Minister Manmohan Singh's remarks on salaries of CEOs were distorted and misinterpreted in the media.

"I went through the (Prime Minister's) address carefully and felt sorry for the way a particular portion of the speech was read and interpreted in isolation...," Gupta said at a CII seminar today. The Prime Minister's statement was "distorted" and seen out of context, he said, adding that media's focus was "towards the letter and not the spirit".

Meanwhile, the industry will have to wait longer for the revised albeit friendly Company Law, with the Ministry of Corporate Affairs still working on the draft Bill and hopes to introduce it by the end of this year. The ministry, which was earlier pushing for introducing the Bill in monsoon session of Parliament, will now table it later this year in the winter session as work on changes in the legislation will take longer.

On the issue of the number of independent directors on a company's board, Gupta said it was the commitment and mindset and not so much the numbers that mattered.