Shri Salman Khurshid asks his Ministry to be responsive to the institutional and socio-economic changes taking place in the business environment
The Ministry of Corporate Affairs held the “2009 All India Registrars of Companies Conference” here on October 1, 2009. It was attended by the Regional Directors and all the Registrars of Companies of the country. In his address Shri Salman Khurshid, Minister for Corporate Affairs, said that the Ministry needs to be responsive to the institutional and socio-economic changes taking place in the global and Indian business environment where the field offices face a challenge of achieving a fine balance between the regulation, facilitation and development. He further stated that the Ministry has a much bigger responsibility towards the development of corporate sector ever since it reinvented itself as the Ministry of Corporate Affairs. He advised the officers to work with the Corporate India with a sense of partnership that is based on ‘trust but verify’ principle. He also asked the Ministry to develop capability for intensive use of information technology tools as aids for enforcement work where symptoms in the form of early alerts are carefully examined to check the maladies in the functioning of corporate entities.
On this occasion, Shri R. Bandyopadhyay, Secretary, Corporate Affairs, stated that while the field offices function as eyes and ears of the Ministry, they need to simultaneously assume the responsibility of being the arms and the face to the Ministry before a diverse set of stakeholders. He asked the field offices to undertake public outreach activities so that functioning of the Corporate India can be demystified before the common man. During the conference, a number of issues related to enhancement of enforcement capabilities, developing regulatory practices in a partnership mode and upgradation of the physical infrastructure of the field offices were discussed so as to enable the Ministry and its field offices work more efficiently and effectively.