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English Release 26-November 2014
Date Month Year
  • President's Secretariat
  • Quality-oriented education can transform India into one of the leading nations of the world, says President
  • Speech by the President of India, Shri Pranab Mukherjee at the Eleventh Convocation of Symbiosis International University
  • Deepen private sector involvement in education, says President
  • President of India condoles the passing away of Sitara Devi
  • Prime Minister's Office
  • PM's bilateral engagements on the sidelines of the SAARC Summit
  • Speech by the Prime Minister at the SAARC Summit
  • 26/11: PM salutes the bravery of security personnel who laid down their lives and reaffirms commitment to combat terrorism
  • Department of Space
  • Commercial Application of Space Technology
  • Achievements in Space Science
  • Min for Develop. of North-East Region
  • Balance of Trade in North-Eastern Region
  • Min of Commerce & Industry
  • Implementation of National Design Polic
  • Extension Of Validity Of Industrial Licences By DIP
  • Steps Taken To Improve Position In Business Index
  • Schemes for Promotion and Modernization Of Industrial Unit
  • Implementation of National Manufacturing Polic
  • Push To Manufacturing Sector
  • Doubling India's Share in Global Trade
  • Boosting Industrial Production
  • Signing Of FTAs
  • New Foreign Trade Policy to address slowdown concerns of exporters: Commerce Secretary
  • Min of Earth Science
  • Forecasting of Natural Calamities
  • Global Warming
  • Min of Health and Family Welfare
  • ‘Delhi Declaration’ at closing of PPD International Conference focuses on Youth to harness Demographic Dividend
  • Min of Home Affairs
  • West Bengal Protection of Interest of Depositors in Financial Establishment Bill for Presidential Assent
  • Releasing of Undertrials who have Served Half of Maximum Sentence
  • NSG HUBS
  • Identifying Citizens While Preparing NPR
  • Hoisting of National Flag Permanently in Connaught Place, Delhi
  • Floods in Jammu and Kashmir
  • Crimes Against Women and Children in Delhi and NCR
  • Rise in Overstay of Pakistani Nationals
  • No Output on ISIS trying to Gain Ground in Kashmir
  • Decline in Terrorism and Infiltration
  • Compensation to Victims of 1984 Anti-Sikh Riots
  • No Cap for receiving contribution under FCRA
  • Min of Human Resource Development
  • Improving Learning Outcome in the Country
  • Gender Sensitization on Campuses Across the Country
  • Providing Quality Literacy to All
  • Re-Structuring of UGC
  • Min of Information & Broadcasting
  • IDPA signs a 5-year contract with DD National to showcase documentary films from across the country
  • Directorial debut ‘ Ek Hazarachi Note’ enters competition category of IFFI, 2014
  • Role of Changing Technology in Cinema: A Discussion
  • Songs of the Bards of Bengal: The Bauls and Fakirs: An Attempt to Preserve the Tradition
  • Bodhon: An Experiment to Define Motherhood
  • Justice C.K.Prasad, Retd. Judge of the Supreme Court of India appointed as Chairman Press Council of India
  • Rituals can create an ‘Experiential sphere’ different from conventional audio-visual theatre says the award winning Sinhalese director IndikaFerdinando
  • Candles in the Wind: Struggle of Women
  • Film is a tool of Social Reform: Sabyasachi Mohapatra
  • Min of Micro,Small & Medium Enterprises
  • KVIC Exhibitions Outside India
  • Investment in MSME Run by Small Entrepreneurs
  • Cooperation with Cote D’ivoire in Sme Sector
  • Khadi Gramodyog
  • Min of Mines
  • Study for Exploration of Rare Earth Element
  • Mines and Minerals (Development and Regulation) Bill
  • Min of New and Renewable Energy
  • Balance of Trade in North-Eastern Region
  • Min of Overseas Indian Affairs
  • Rehabilitation Package for Migrant Indians
  • Emigration Fee
  • Min of Personnel, Public Grievances & Pensions
  • Public Grievance
  • Procedure for Communication
  • Representation of OBC/SC/ST in Higher Officer
  • Amending Rules for Safeguarding Women
  • Appointment of SPG Director
  • Min of Petroleum & Natural Gas
  • Increasing CNG Filling Stations in Delhi
  • Setting Up of Refinery in Rajasthan
  • LPG Connections in Rural Areas
  • Digitization of Files and Data
  • Global crude oil price of Indian Basket was US$ 76.91 per bbl on 25.11.2014
  • Ministry of Railways
  • Railways to Run Six Special Trains to Clear Extra Rush for Mahaparinibban Divas
  • Min of Science & Technology
  • Academy of Scientific and Innovative Research
  • Extension in Retirement Age of Scientists
  • Environment Friendly Technologies
  • Min of Shipping
  • Workshop on Integrated National Waterways Transportation Grid Inaugurated
  • New Mechanism of Collection of Light Dues for Container Ships
  • Min of Social Justice & Empowerment
  • Development of Persons with Disabilities
  • Benefits to Disabled
  • Development of Persons with Disabilities
  • Ramp Facility for Physically Challenged
  • Data on Mentally Retarded Persons
  • Min of Steel
  • Measures to Increase Steel Production
  • Mines Allotted to KIOCL in Karnataka
  • Min of Tribal Affairs
  • Jual Oram inaugurates Tribal Art and Crafts Mela Aadishilp
  • Min of Urban Development
  • Shri M.Venkaiah Naidu approves enhancement of Ground Coverage and FAR in Delhi
  • DMRC’s Revenues Exceed Budget Targets
  • Ministry of Water Resources
  • Uma Bharti will Review the Working of her Ministry on Weekly Basis
  • Min of Skill Development, Entrepreneurship, Youth Affairs and Sports
  • Text of Speech of Sarbanand Sonowal
  • Boxer Sarita Devi issue Discussed
  • Sarbananda Sonowal confers Arjuna Award 2014 to Boxer Manoj Kumar

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.

*****

              ST/-


(Release ID :87708)

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