Union Minister of State for Corporate Affairs Sachin Pilot on Friday said the new Companies Bill was aimed at improved corporate governance. Addressing the valedictory session of the annual convention of Kerala Management Association here, the minister said the intention of the Bill was to prevent fraud, with thrust on corporate social responsibility.
The corporates should be careful about spending the CSR account. Sponsoring music shows should not be considered part of CSR, he said.
The minister said the government acknowledges the readiness of private companies to contribute to the development of the country.
A national policy on competition would be announced soon with a view to harnessing potential from the private sector.
He called upon employees working across the country in sectors such as IT to create something of global significance, which every Indian could be proud of. He underlined the need for upgrading skills of those youth who are not employable despite having earned qualifications in respective streams. He also called for measures to improve India’s ranking in the World Bank’s index.
D. Sivakumar, president of All India management Association, Shyam Srinivasan, Managing Director of Federal Bank, S.R. Nair, president of KMA, and others spoke.
