MCA in favour of corporate governance index

The Ministry of Corporate Affairs today said it is in favour of introducing a corporate governance index that will offer rankings to companies adopting governance standards.

"I would like to introduce a corporate governance index and am working on an award scheme for corporates," Corporate Affairs Minister Veerappa Moily said today.

The index would offer rankings for corporate houses adopting governance standards.

Moily also said that the ministry is keen to introduce a corporate governance policy to take forward the government's efforts towards better governance in companies.

Speaking on the Competition Policy, he said it had been worked out and the competition law would be revisited and amendments would be introduced soon.

"I want the Competition Policy to be in place from January, 2012," Moily said.

The proposed new Companies Bill is likely to get Cabinet approval soon and Moily expects the Bill to be placed before Parliament in the winter session.

Replying to a question, Moily said the government is waiting for a Direct Taxes Code before the International Financial Reporting Standards is implemented. (Moneycontrol.com)