New Delhi, June 1 Presenting its pre-budget memorandum to the government, the Institute of Cost and Work Accountants of India (ICWAI) today made a case for amending Clause 49 of market regulator SEBI, which calls for certain number of independent directors on the company&aposs board.
"It has been observed that the existing provisions of Clause 49 need improvement by enabling attention to prevent business failures,"the ICWAI said in a statement.
The institute said that a governance framework should be composed for accountability of the organisation.
Further, the institute said the government should reduce indirect taxes to trigger manufacturing growth especially in the consumer durable sector.
In the direct taxes, the institute pitched for a relaxation in the limit and reintroduction of standard deduction so as to provide some relief to the salaried employees.
Source: PTI
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