Following the prime minister's reported call to his Cabinet colleagues to stay away from any business interests, Corporate Affairs Minister Salman Khurshid on Thursday suggested that ministers should hand over their businesses to a trust, as is being practised in the United States.
Union Law and Minorities Affairs Minister Salman Khurshid on Wednesday said a National Wakf Development Corporation will be constituted to improve the financial condition and smooth running of Wakf Boards.
Corporate affairs minister also rules out private sector job quota.
Corporate Affairs Minister Salman Khurshid on Friday said that he is not surprised that B Ramalinga Raju has retracted his infamous January, 2009, confession of perpetrating accounting fraud at Satyam.
Amid the raging storm over the Niira Radia tapes, Corporate Affairs Minister Salman Khurshid on Wednesday said his ministry would hold discussions with other ministries to regulate corporate lobbying.
Amid the ongoing debate, Corporate Affairs Minister Salman Khurshid on Tuesday said that lobbying and public relations are part of a democratic set-up but cautioned against their use to subvert corporate governance.
The government on Friday said it has asked companies for suggestions to incentivise corporate India's contribution to social and environmental programmes.
The corporate affairs ministry on Monday told the Rajya Sabha that companies can pay higher salaries to the top brasses after getting approval from the government under the existing Act.
The Corporate Affairs Minister Salman Khurshid said on Friday investigations into the multi-crore accounting fraud in Satyam Computers is almost complete and a final report from the Enforcement Directorate and the Internal Revenue Services is awaited.
Corporate Affairs Minister Salman Khurshid on Wednesday downplayed fears that investors would lose confidence due to the row between SEBI and IRDA over market-linked insurance policies, as the issue will be resolved in favour of either one regulator or the other by the courts.
"During this month, the SFIO will begin the prosecution on those or those areas of company laws that the SFIO is expected to and have been authorised to proceed with," Corporate Affairs Minister Salman Khurshid told a press conference in New Delhi.
The issue regarding remuneration of company CEOs will be debated by the parliamentary standing committee.
The government has set up an early warning system to detect Satyam-like corporate frauds on a pilot basis by keeping the accounts and activities of 50 identified companies under the scanner.
Khurshid said that display of wealth and opulence is unacceptable in the present scenario.
The high-voltage battle between the Ambani siblings -- Mukesh and Anil -- has put under stress the legacy of their father Dhirubhai Ambani, Corporate Affairs Minister Salman Khurshid said on Tuesday.
There is no duplication in simultaneous investigations being done by CBI and Enforcement Directorate into the multi-crore Satyam Computer scam, Corporate Affairs Minister Salman Khurshid said on Thursday.
Khurshid said SFIO's investigation was limited to alleged corporate law violations by Satyam founder B Ramalinga Raju, and others.
The Institute of Chartered Accountants of India has written to 150 firms seeking information on various issues including on agreement or contract for usage of name of multinational entity, Corporate Affairs minister Salman Khurshid said in the Lok Sabha.
Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
The salaries that Indian CEOs get is just about okay by international standards. But it is the promoters who take the biggest packages.
The Enemy Property Act has turned two senior cabinet ministers into adversaries. Salman Khurshid, minister for corporate affairs and minority issues, directly targeted Home Minister P Chidambaram during the Union Cabinet meeting on Wednesday.
Corporate Affairs Minister Salman Khurshid on Wednesday said that the bail granted to B Ramalinga Raju, the tainted founder of Satyam Computer Services, will not hamper investigations.
The government on Wednesday said that the Securities and Exchange Board of India (Sebi) guidelines which require listed companies to meet corporate governance norms for best practices in management may now be extended to unlisted companies as well.
Corporate Affairs Minister Salman Khurshid on Tuesday said there is no cause for worry about the possibility of US market regulator SEC slapping a penalty on Mahindra Satyam, related to the multi-crore fraud at the erstwhile Satyam Computer.
The government on Monday clarified that accounting regulator ICAI hasn't reported any irregularity in the account books of some Indian Premier League teams. 'The Institute of Chartered Accountants of India (ICAI) has not reported any irregularities in the accounts and violations of auditing norms by some Indian Premier League (IPL) teams,' Corporate Affairs Minister Salman Khurshid told the Rajya Sabha.
The government is awaiting reports from the ED and the US agency before deciding whether or not accounts of the Ramalinga Raju family-promoted Maytas firms need restating.
Corporate India on Monday warned the government that any regulation of CEOs' pay may lead to flight of talent and capital from the country and said salaries are best decided by the industry.
Corporate Affairs Minister Salman Khurshid on said the government will consider strategic sale of Maytas Infra if the company board decides to do so.
The Government has found company law violations by all 10 franchisees of the Indian Premier League and has asked the Registrar of Companies to take penal action wherever necessary, the Rajya Sabha was informed on Thursday.
"The government has taken several steps to protect interests of investors. The Companies Bill, 2009, which is before the Parliamentary Standing Committee, has allowed Class Action Suit for the first time in the country," corporate affairs minister Salman Khurshid said in the Lok Sabha.
Trade unions on Tuesday went one step ahead of Corporate Affairs Minister Salman Khurshid on the issue of CEOs' salaries suggesting their remuneration must be regulated by law as 'self-regulation is no remedy'.
The two also met corporate affairs minister Salman Khurshid, who asked them to keep his ministry in the loop.
The role of independent directors on the board of Indian companies will be clarified in the new Companies Bill and their responsibilities will be made finite in terms of what they are answerable for, said Union Corporate Affairs Minister Salman Khurshid.
Amid strong public reaction to the judgement in the Union Carbide case, the government is understood to be looking at legal position to check if Carbide India's non executive Chairman Keshub Mahindra could be barred from taking directorship in any company.
Commenting on the deal, revenue secretary Sunil Mitra said, "I am proud India is going out and doing great things in the world sphere. I am proud as an Indian."
The government on Thursday said it has prosecuted over 13,000 companies during the three years ending 2008-09 for not following the provisions of the Companies Act.
The Company Law Board earlier this year, extended the deadline for filing of restated accounts from December 2009 to June 30, 2010.
The G-20 meeting of finance ministers and central bank governors at London recently discussed the issue of high salary and bonuses.
He however hinted that the corporate executives should think as responsible citizens before deciding on huge salaries.
The government decided to withdraw its two nominees from the Maytas Infra board following the Company Law Board order handing over the reins of Maytas Infra, promoted by kins of disgraced founder of Saytam, R Ramalinga Raju, to IL&FS.
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