Corporate Governance occupies mind space of the government, regulators, corporates, boards, markets, employees, investors – almost the entire society - as one of the most important business constituents given its all-pervasive characteristic. Across the world, innovative governance practices are evolving in response to the global financial crisis, wave of privatization, activity and integration in the capital markets, rising investment levels, greater stakeholder awareness and the urge to survive and thrive in uncertain times.
Globally, governments and law-makers are endeavouring to legislate good governance while promoting and disseminating the understanding of best practices for voluntary adoption. Regulators are keen to deter non-compliance. Industry and responsible corporates are constantly striving for exemplary corporate behavior by designing corporate governance structures and processes with strong emphasis on risk management, enhanced transparency and greater stakeholder engagement.
CII has been a front-runner in the evolution of corporate governance in India. From the Voluntary Code of Corporate Governance released as early as 1998 to the Report of the CII Task Force in 2009, CII established its position as a front-runner when, in a unique instance, an industry association took the lead in recommending corporate governance practices for its member companies. CII’s Code served as a base for various reports leading to Clause 49, as we know it today.
CII also hosts the National Foundation for Corporate Governance, a Public Private Partnership initiative of the Ministry with the 3 professional institutes – the Institute of Chartered Accountants of India, Institute of Company Secretaries of India, and the Institute of Cost Accountants of India.
CII has also been advocating industry’s concerns on the regulatory front. It has been involved in each stage of development of the Companies Bill, finalization of the merger review process and revision in the SEBI Takeover Code. It has represented industry’s concerns and engaged in constructive dialogue with the government and the regulator for the creation of a conducive regulatory environment for industry’s growth. CII encourages voluntary adoption of best practices and self-regulation by corporates, thus obviating the need for warranting additional regulations. Its comprehensive and sustained policy advocacy is aimed at facilitating the creation of a streamlined and harmonized regulatory environment.
Key Initiatives / Information
Mr S Gopalakrishnan, who has taken over as CII President, offers his views on accelerating growth through innovation, transformation, inclusion and governance in this set of interviews to various newspapers.
Industry associations need to promote ethical best practices. CII's Code of Business Ethics 'breaks the ice', says columnist Professor Nirvikar Singh in The Financial Express column 'Corporate Virtue in India' on 28 Dec 2012.
Provisions restricting the formation of step-down subsidiaries and investment companies in the Companies Bill can lower competitiveness of Indian companies. This article by Mr Chandrajit Banerjee, Director General, CII, appeared in The Economic Times of 28 December 2012 as part of a debate on subsidiaries.
The Ministry issued General Circular No.30/2012 Dated 28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI is extended in following manner without any additional fee
The Ministry of Corporate Affairs (MCA) has been continuously taking various steps towards promoting good corporate governance, investor education and protection & advocacy for adoption of Corporate Social Responsibility (CSR) by companies for inclusive growth of the Corporate Sector. The Ministry received a number of suggestions from the corporate and investors during the “India Corporate and Investor Meet” held in February 2012 in Kolkata, Chennai, Bangalore, Delhi and Mumbai for empowerment of investors.
The business environment, global and Indian economic issues and the regulatory environment are undergoing considerable changes. CFOs, working closely with the CEOs, are the ones who need to understand the impact of these changes on the company. These issues need to be discussed in a forum of CFOs to understand their impact on the industrial front. These deliberations may result in formulating the additional competencies that need to be developed by an organisation. It may also result in developing strategies for a collective intervention with the appropriate authorities.
Corporate responsibility and governance need to be based on principles rather than over-regulation. Companies are subjected to a complex and challenging regulatory environment. This article by Mr Chandrajit Banerjee, Director General (CII) was published in the Business Standard on 13 June, 2012.
IN OUR CONTINUED ENDEAVOR TO ENHANCE THE SERVICES TO STAKEHOLDERS, MCA ANNOUNCES LAUNCH OF UPGRADED LLP REGISTRY FROM 11TH JUNE 2012.
STAKEHOLDERS WILL NOW HAVE FACILITY OF ONLINE PAYMENT FROM ALL BANKS THROUGH NEFT OR USE INTERNET BANKING FROM SIX DESIGNATED BANKS OF MCA21, IN ADDITION TO CREDIT CARD PAYMENT.
An ardent supporter of regional integration, Mr Chandrajit Banerjee, Director General, CII, calls for greater economic and people-to-people ties between India and China. While tariff and non-tariff barriers have been reducing and bilateral trade touched $ 74 billion in 2011, there is scope for further engagement, especially in sectors such as IT and pharmaceuticals.
TO AVOID LAST MINUTE RUSH AND SYSTEM CONGESTION IN MCA21 TOWARDS END OF NOVEMBER 2011, KINDLY EXPEDITE FILING OF ANNUAL RETURN AND BALANCE SHEET WITHOUT WAITING FOR THE LAST DAYS OF THE MONTH.
We have been informed by the Ministry of Corporate Affairs on preferred dates for filing of Balance Sheet and Annual Return.
As you are aware, the last date for filing of your company’s balance sheet and annual return for the current year is falling due soon. To avoid last minute rush and system congestion in MCA21 due to heavy filing in last 10 days of the months of October and November 2011, it is requested that filing of balance sheet and annual return may preferably be done in the following order:-
Confederation of Indian Industry (CII) and United States-India Educational Foundation (USIEF) announce the Fulbright-Nehru-CII Fellowships for Leadership in Management Program for the academic year 2012-2013. Indian business managers, whose employers would be willing to bear 50% (US$ 18,400) of the total cost (US$ 36,800), may compete to attend this specially designed management program at the Carnegie Mellon University’s Tepper School of Business in Pittsburgh from May 23 to July 31, 2012. Aimed to broaden overall perspectives and to strengthen strategic, functional and leadership skills in global business, this program combines classes with group work, industry visits, and networking.
Complete announcement matter and application materials are available at USIEF website www.usief.org.in.
November 15, 2011 is the application deadline.
With most global MNCs and big Indian companies operating across continents, many of the M&A deals require efficient structuring and knowledge of the complex regulatory environment prevailing in different countries. The conference on ‘Tax Issues in Cross Border Transactions: M&A and Transfer Pricing’ held on 2 June in Mumbai examined the multiple tax issues faced in the domain of M&A and transfer pricing. It is an area which requires special attention, especially in the backdrop of efforts to curb black money outflow.
First communication from the CII President to all members after assuming the office of CII, President.
It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. The Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the existing, (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. The said Taxonomy is being hosted on the website of the Ministry at www.mca.gov.in shortly. The Frequently Asked Questions ( FAQs ) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders.
CII News Update
Confederation on Indian Industry (CII) in partnership with Organisation for Economic Cooperation and Development (OECD) organized the first of its kind seminar in India on ‘Fighting bribery in Business Transactions’ today. The discussion aimed at helping Indian companies effectively ...
CII Projects GDP Growth of 6 – 6.4% for 2013-14 CII to focus on accelerating Economic Growth through Innovation, Transformation, Inclusion and Governance Proposes Task Forces to Monitor Projects, Suggest Easier Business Regulations Confederation of Indian Industry (CII) ...
More than 500 delegates will convene for the Business for Environment (B4E) Global Summit on 15-16 April in New Delhi, India to find solutions for a sustainable future. The event, being co-hosted by the Confederation of Indian Industry (CII), Global Initiatives and the Club of Rome, will cover ...
Amendments will ease internal restructuring CII has welcomed amendments to the Combination Regulations announced by the Competition Commission of India on 4th April 2013. ‘The amendment exempting intra-group mergers was much awaited as there is no change in the ultimate identity and ...
Good Governance vital enabler for growth: CII "The share that the lowest strata of the society gets from growth and development in a state, indicates the level of governance", said Mr Bhupinder S Hooda, CM, Haryana while addressing the Confederation of Indian Industry (CII) ...
We need to create our own model of development based on affordability, scalability and sustainability: Sam Pitroda India holds tremendous growth potential, we can increase our per capita income through innovations propelled by infrastructure, information technology and inclusive growth: S ...
Mr R Mukundan is elected as the Chairman of the Confederation of Indian Industry (CII) Western Region for 2013-14. Mr R Mukundan is the Managing Director of Tata Chemicals Limited. He joined Tata Administrative Service in 1990, after completing his MBA from FMS, Delhi University. He is an Engineer ...
Lean Six Sigma – A Key Mantra for Business Transformation Continuous Change and Improvement is the key driver for overall growth of the Organisation said by Dr Krishan Kumar, Former Director, Maruti Centre of Excellence (MACE) in his special address at the 4th Lean Six Sigma Summit ...
Mr Ninad Karpe, CEO & Managing Director, Aptech Ltd is elected as the Chairman of CII Maharashtra State Council for the year 2013- 14. He succeeds Mr Satish Jamdar, Managing Director, Blue Star Ltd. Mr Ashwini Malhotra, Managing Director,Weikfield Foods Pvt Ltd was elected the Vice Chairman. ...
Commenting on the Union Budget at CII's exclusive Session on Budget Impact Analysis in Financial Capital of India – in Mumbai today, Mr Arun Nanda, Past Chairman CII WR and Director, Mahindra & Mahindra said, "All the populist schemes announced by the Finance Minister have either a job creation ...
CII Awards & Recognitions
CII and Export Import Bank of India have, in 1994, jointly established the CII-EXIM Bank Award for Business Excellence, with the aim of enhancing the Competitiveness of India Inc. The Award is based on the internationally recognized EFQM Excellence Model.