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Govt unveils amnesty scheme for companies

The Indian government Thursday launched the Millennium Year Company Law Settlement Scheme 2000, offering one-time amnesty to about 500,000 companies in a bid to create a healthy investment climate in the country.

The amnesty scheme, which will be in operation for three months, was inaugurated by Minister of State for Company Affairs O Rajagopal, an official release said.

Rajagopal said the scheme was innovative and intended to herald an era of trust, confidence and a healthy partnership between the government and the corporate sector. It would also facilitate working of the corporate sector in a smooth and transparent manner. If successful, the scheme would obviate the need for about 500,000 prosecutions.

Company affairs secretary P L Sanjeev Reddy launched the scheme at Bombay.

UNI

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