MCA seek comments by 14th December, 2009 on ICSI Recommendations

MCA seek comments by 14th December, 2009 on ICSI Recommendations to  Strengthen CorporateGovernance Framework to bring out consolidated view  

The Satyam revelations in January, 2009 led to a re-look at the regulatory provisions that exist. The Council of the Institute accordingly constituted a Core Group to analyze the issues and to, inter alia, make suitable recommendations for policy and regulatory changes in the legal framework. 

The Core Group undertook a detailed study of the prevailing corporate governance practices across the world, the recommendations of various committees and corporate governance codes, the best practices adopted by the industry and after benchmarking the best practices that can be mandated, made its recommendations. 

The Council of the Institute approved these recommendations. 

 “ICSI Recommendations to Strengthen Corporate Governance Framework” have been submitted to Mr.  Salman Khursheed, Hon’ble Minister of State (I/C) for Corporate Affairs & Minority Affairs, for consideration. 

Ministry of Corporate Affairs has placed these recommendations on their website www.mca.gov.in .  The Ministry has sought comments by 14th December, 2009 so that Government can take a consolidated view on the recommendations. 

The recommendations are also placed at

http://www.mca.gov.in/Ministry/latestnews/ICSI_Recommendations_Book_8dec2009.pdf