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English Release 5-March 2015
Date Month Year
  • President's Secretariat
  • Writers/Artists in Residence Programme 2015 to be held in Rashtrapati Bhavan from MARCH 7 – 21, 2015

  • Closure of Mughal Gardens on account of Holi
  • President’s Holi greetings
  • Vice President's Secretariat
  • Vice President greets citizens on Holi
  • Prime Minister's Office
  • Leander Paes and Martina Hingis call on PM
  • PM's remarks on the occasion of dedication to the nation of Stage 1 of Shree Singaji Thermal Power Plant at Khandwa
  • PM greets the people on the festival of Holi
  • Department of Space
  • Launch of PSLV-C27 with IRNSS-1D postponed
  • Election Commission
  • Biennial Election to Elect 5 Members to the Andhra Pradesh Legislative Council by the Members of the Legislative Assembly
  • Min of Agriculture
  • Sowing Area Under Rabi Rice and Summer Pulses And Oilseeds
  • Min of Chemicals and Fertilizers
  • Sh. Hansraj Gangaram Ahir, Union Minister of State for Chemicals and Fertilizers meets Sh. Radha Mohan Singh, Union Minister for Agriculture to discuss imbalanced use of Urea by Fertilizers
  • Min of Comm. & Information Technology
  • The Auction of Spectrum in 2015 in 2100 MHz, 1800 MHz, 900 MHz And 800 MHz Bands Continue
  • The Auction of Spectrum in 2015 in 2100 MHz, 1800 MHz, 900 MHz and 800 MHz Bands Continues
  • Min of Consumer Affairs, Food & Public Distribution
  • There will be no cut in the coverage of National Food Security Act –Shri Ram Vilas Paswan
  • Min of Defence
  • India Reaches out to Nepal to Help Clear Blocked Runway
  • Ministry of Finance
  • Gross Direct Tax Collection during April-February of the Financial Year 2014-15 is up by 10.67 Percent
  • Min of Health and Family Welfare
  • Health Secretary launches Public Service Advertisement and Poster on Tobacco Control featuring Shri Rahul Dravid
  • Health Ministry to celebrate International Women’s Day as ‘Safe Motherhood Day’: Shri J P Nadda
  • Min of Home Affairs
  • Shri Amarnathji Yatra from 2nd July to 29th August, 2015
  • Min of Human Resource Development
  • Swachh Vidyalaya Abhiyan
  • History of North East in NCERT Curriculum
  • Education to Minorities
  • Min of Law & Justice
  • Press Communique on Appointment of a Judge of the J&K High Court
  • Min of Petroleum & Natural Gas
  • Global crude oil price of Indian Basket was US$ 58.51 per bbl on 04.03.2015
  • Min of Science & Technology
  • Signing of MOA Between NRDC and CCRAS
  • Min of Women and Child Development
  • Railways to implement SOPs for restoration/rehabilitation of helpless children in contact with Railways

Previous Date

 
Ministry of Corporate Affairs12-September, 2012 15:43 IST
Dr. M. Veerappa Moily Launches a Legal Compliance Manual Aimed at Increasing Compliance among Companies

 

              Union  Corporate Affairs Minister Dr. M. Veerappa Moily today launched a Legal Compliance Manual (LCM) here in New Delhi. The objective of this manual is to ensure the compliance of Central and State Laws and follow the norms of good Corporate Governance. The LCM is jointly developed by the Indian Institute of Corporate Affairs (IICA) in association with Intel Technology India Pvt. Ltd (Intel India). This Legal Compliance Manual (LCM) will be available on IICA website, and could be used as a Reference Manual to help organizations remain compliant with applicable laws.

              The Minister also released a compendium titled State of Corporate Governance in India- Policies to Reality” on this occasion. To compile this compendium the IICA had collaborated with the Thought Arbitrage Research Institute (TARI) and Indian Institute of Management, Calcutta (IIMC) had in 2011 for a collaborative arrangement to conduct a comprehensive study on the state of Corporate Governance in India covering four fundamental aspects of governance in India using quantitative and empirical research techniques.

              Speaking on the occasion Dr. Moily said the concept of corporate governance is at a threshold in our nation where norms require a constant state of refinement to build a balance between voluntary and mandatory approaches. In an uncertain global scenario, it becomes pivotal to have a robust legal and compliance framework. The minister hoped that this initiative will provide a platform to small & large organizations to understand the importance of compliance and the significant role it plays in both strategic plans as well as their service quality. He applauded IICA and Intel India for this innovative approach.

              The comprehensive Legal Compliance Manual is divided into key areas of business. Keeping in mind, the complex set of laws a business has to comply with at Central and State  government level, the LCM can be used as a reference guide to  solve 4 of the 5 impediments to compliance identified by IICA; the high risk of noncompliance, lack of knowledge of the laws, lack of systems within enterprises to monitor legal compliance, perception of compliance as an unnecessary burden and lack of uniform enforcement. This is a highly innovative Project consisting of numerous compliance obligations organized into chapters and states for easy reference for first time users. This is also the first time a multinational corporation like Intel has taken its own internal compliance framework and developed a generic version for public use.

              The compendium, ”State of Corporate Governance in India- Policies to Reality” has extensively used empirical and quantitative data of over 5-7 years, which was supplemented by qualitative inputs, interviews and consultations.

              The initial results were discussed in a comprehensive stakeholder consultation held in Delhi and hosted on the IICA website for over 3 months for public comments. The findings were subject to peer review by eminent experts, scholars and practitioners.

              Corporate governance rules and mechanisms as they stand today in India has its genesis in the Anglo-Saxon model, which may not be wholly suited to Indian conditions. This series of papers analyses empirical data to test hypotheses on various topics of corporate governance and  aims to contribute to improving the quality of business and regulatory decisions by basing them on researched facts rather than on anecdotal narratives. The study has 5 papers.

·         Paper  1: Corporate Governance in India: Tracing the journey

·         Paper 2: Effectiveness of RBI as a gatekeepers of corporate governance

·         Paper 3: Effective ness of SEBI as a gatekeeper

·         Paper 4: Auditors as gate keepers of Corporate Governance

·         Paper 5: Relationship between earnings management and corporate governance characteristics in the Indian context

 

              The results give sufficient grounds to believe that Indian Companies with better corporate governance characteristics as shown above would have lesser incentives for earnings management, thus strengthening the case for implementation of robust corporate governance norms.

              IICA has been established by the Ministry of Corporate Affairs   for capacity building and training in various subjects and matters relevant to corporate regulation and governance such as corporate and competition law, accounting and auditing issues, compliance management, corporate governance, business sustainability through environmental sensitivity and social responsibility, e-Governance and enforcement etc.

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              ST/-


(Release ID :87708)

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