Reliance comes under RoC scanner

Company Affairs Minister Premchand Gupta today said that the registrar of companies was collecting information on the Reliance group following complaints by its vice-chairman and managing director Anil Ambani.

"The government has to do its job. We are concerned over the developments in the group. We have received complaints from Anil Ambani," Gupta said, after inaugurating the e-learning initiative of the Institute of Cost and Work Accountants of India (ICWAI).

"We are not sleeping over the matter. We know what we have to," Gupta said, referring to developments including charges of violation of corporate governance and disclosure norms levelled by Ambani.

"Any destabilisation in the group is a matter of concern for the government as it involves the interests of millions of investors and can also affect the health of the economy," he added.

Speaking on the Bills to amend legislation governing the three professional bodies "" Institute of Chartered Accountants of India, Institute of Companies Secretaries of India and the ICWAI Gupta said, a common appellate council headed by a sitting or retired judge of a High Court would be set up to hear appeals against complaints not resolved at the institute level.

"We will ensure parity between the institutes in all matters. We have broadly accepted the recommendations of the parliamentary standing committee on the Bills," Gupta said.

On the proposed amendments to the Competition Act, 2002, Gupta said the ministry of company affairs would send its proposals to the Cabinet in the next one week.

The company affairs ministry is also expected to appoint two more members to the Company Law Board which at present has only three members against the sanctioned strength of nine.

The new members will be based in Mumbai and Kolkata.The minister said that the Irani Committee looking into changes to the Companies Act, 1956 is expected to submit its report on May 31.

Using the e-initiative, students pursuing the cost accountancy course from ICWAI can look forward to submitting their assignments as part of their eligibility requirements through the Internet.

The ICWAI members will gain by sharing the latest developments in the field of cost accountancy in an interactive manner through the portal.