Union Corporate Affairs Minister Dr. M. Veerappa Moily on Monday said the Company Bill is only a skeleton and stressed the need to develop a mechanism, which will help to maintain transparency and fix accountability among corporate firms.

Dr. Moily said effective corporate governance requires proficient, accountable and responsive processes.

"Company Bill, you know, is only a skeleton ultimately, flesh and blood will have to be added by evolving systems, by evolving mechanisms, strategies, processes. This is what is required if you really want the corporate world to grow," said Dr. Moily on the sidelines of a national conference on 'State of Corporate Fraud Control in India.

"And also in the process, you know, we should also work out such systems which will definitely facilitate to build not to destroy," he added.

The Union Cabinet had approved a new Companies Bill in November last year in a bid to improve transparency and regulation of business houses in Asia's third-largest economy. (ANI)