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    Companies Need to Look Beyond Shareholder Value And Make Sustainability a Core Driver of their Strategy – Sachin Pilot Corporate Affairs Minister In...
    Strategic Priorities of the Institute of Chartered Accountants of India
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    Action on Anti-Competitive Agreements by the Competition Commission of India
    Inquiry into Wal-Mart’s Lobbying Activities
    Ministry of Corporate Affairs Taking Necessary Measures to Resolve the Temporary Difficulties in the Ministry’s MCA 21 e-Governance Portal
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    Invitation to the General Public to Furnish Information having a bearing on the Terms of Reference of the Wal-Mart Inquiry Committee
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April 5, 2013
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Sustainability in corporate governance: embedding environmental and social responsibility as a core strategic duty for corporations.
Corporations must adopt sustainability as a central strategic objective, treating economic activity as a trustee-like responsibility toward shareholders, employees, customers, partners, communities and future generations. A Committee's Corporate Governance Policy recommendations-covering Board composition and diversity, selection and onboarding, continuing board training, lead independent director roles, board evaluation, succession planning, risk management, whistle-blowing and investor activism-are under Ministry review to align regulatory practice with sustainability-focused governance.
April 3, 2013
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Corporate social responsibility pro bono audits for micro and small enterprises promoted; volunteer CA panel to be formed.
ICAI will implement a Corporate Social Responsibility-based program to arrange pro bono audits under applicable Generally Accepted Accounting Principles for at least one hundred auditable entities, forming a panel of volunteer Chartered Accountants via Regional and Branch networks to be proposed to the Ministry; beneficiaries will be micro and small enterprises in tribal, remote and rural areas and among underprivileged, disadvantaged and differently abled groups, with modalities to be discussed with the Ministry.
March 15, 2013
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Credit rating agency conflict of interest rules prohibit fee based non rating services and require annual transparency disclosures to preserve independence.
SEBI regulations prohibit a credit rating agency from offering fee based services to rated entities beyond credit ratings and research to avoid conflicts of interest. CRAs must annually disclose total receipts from rating and non rating services, issuer wise percentage share of non rating income relative to revenue from that issuer, and names of rated issuers (with associates) whose contributions reach a material revenue threshold for the CRA and its subsidiaries.
March 4, 2013
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Anti-competitive agreements enforcement led to cease and desist orders and penalties across multiple sectors and parties.
Enforcement against anti-competitive agreements included 14 Cease and Desist Orders and 14 further matters combining Cease and Desist Orders with monetary penalties, demonstrating the use of prohibitory orders together with financial sanctions to address collusive conduct across multiple states.
March 4, 2013
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Inquiry into lobbying activities: committee to examine Wal Mart disclosures and assess possible violations of Indian law.
A fact-finding committee was constituted to inquire into Wal Mart's disclosures about lobbying activities before the US Senate, to assess whether Wal Mart undertook any activities in India in contravention of Indian law, and to consider any related matters; the committee must submit a report within the three-month timeframe specified in the constituting resolution.
February 14, 2013
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Waiver of additional fee for delayed filings due to e governance portal disruption; ministry directs transitional relief and remedial measures.
Ministry implements a waiver of additional fee for delayed statutory filings affected by temporary difficulties in the MCA 21 e Governance portal, communicated via Public Circular (Number 3 of 2013) as interim relief; the portal is transitioning to a new service provider and the Ministry is taking remedial measures while stakeholders follow the Circular for compliance treatment during the transition.
February 7, 2013
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Merger of conservation schemes creates an integrated aquatic ecosystem plan for lakes and wetlands protection and management.
Approval to merge the National Lake Conservation Plan and the National Wetlands Conservation Programme into the National Plan for Conservation of Aquatic Eco-systems (NPCA) creates an integrated Centrally Sponsored Scheme to conserve and manage lakes and wetlands through uniform policy, a common regulatory framework, national inventory and information systems, capacity building, project evaluation, and Central-State cost-sharing arrangements, with aims of water quality enhancement, biodiversity improvement and pollution load reduction.
February 6, 2013
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Inquiry into corporate lobbying solicits public information to assess alleged unlawful activities and compliance with Indian law.
An Inquiry Committee chaired by a retired judge will examine media reports and disclosed lobbying details to determine whether the company undertook activities in India contrary to any Indian law, consider other relevant matters, and submit a report within three months; the Ministry of Corporate Affairs will provide administrative and functional support and the public is invited to furnish information and documents to the Convenor at the specified address or email within a fortnight.
January 24, 2013
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Competition compliance promoted as integral to corporate governance, urging internal compliance committees and regulatory coordination.
The Competition Commission of India promoted competition compliance as integral to corporate governance, advised monitoring of anti competitive indicators, and reported ongoing legislative amendments to the Competition Act with stakeholder consultation; it recommended corporates establish high level Competition Compliance Committees and sought regulatory coordination to incorporate competition compliance into listing obligations.
January 21, 2013
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Anti-competitive agreements: association directed to cease pressuring distributors for settlements following finding of unlawful coordination under competition law.
The Competition Commission found that NIMPA pressured distributors to settle monetary disputes with its members, contravening provisions on anti-competitive agreements, and directed NIMPA to cease and desist from that conduct and to file an undertaking of compliance within thirty days, while declining to repeat prior directions on articles and to impose a penalty.
January 21, 2013
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Election of professional body leadership: President and Vice President appointed at ICSI, reflecting governance and sector engagement.
Election of leadership at the Institute of Company Secretaries of India: Shri S. N. Ananthasubramanian elected as President and Shri Harish K. Vaid as Vice President, both Fellows, with professional and governance credentials including regional ICSI leadership, participation in ICSI NSE collaboration on a Corporate Governance Module, Council committee membership, industry committee involvement on corporate laws, and board directorships.
January 18, 2013
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Competition promotion: advocacy and due diligence recommendations to strengthen market competition and merger review practice.
Promotion of a competition culture is urged, with the Commission advised to advocate with government bodies and sectoral regulators, study competition effects of government policies, increase media visibility about the Competition Act, and require competition due diligence reports in merger and acquisition filings. The advisory group also recommended that the Commission review sectoral regulator orders from a competition perspective and balance advocacy with antitrust enforcement and merger control timelines.
January 17, 2013
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National Investment Fund to finance share subscriptions and recapitalisation to preserve government majority ownership in public enterprises.
The CCEA directed that future disinvestment proceeds be credited to the National Investment Fund in the public account until utilized; the NIF will fund government subscription to CPSE equity on a rights basis to preserve government majority ownership, enable preferential allotments under SEBI rules for fresh equity raised for capex, and finance recapitalization of public sector banks and insurance companies, with current fund managers discharged upon transfer of funds and accrued interest.
January 9, 2013
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Companies law reform: Bill text published online and draft rules to be posted for stakeholder comments after parliamentary consideration.
The Companies Bill has been published on the Ministry of Corporate Affairs website following passage by one House and is scheduled for consideration by the other House; draft rules under the new legislation will be posted online after parliamentary consideration, inviting stakeholder comments and suggestions.
January 8, 2013
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Restructuring of Coal India Limited to assess governance, legal compliance, competition and a practicable transition roadmap.
Invitation for consultancy to study and prepare a Road Map for the restructuring of Coal India Limited, including examination of committee and Planning Commission recommendations; assessment of current management structures against the Articles of Association; evaluation of restructuring needs in light of monopolistic risks and compliance with company law, SEBI regulations and tax laws; measures to enhance competition, production and marketing; review of administrative structures for capability enhancement; and analysis of financial strength and investment options to support the transition.
January 3, 2013
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Abuse of dominance in standard buyer agreements corrected by order mandating removal of one sided, unfair contractual terms.
The Competition Commission directed amendments to a developer's Apartment Buyers Agreement to remove one sided, abusive and unfair terms, having reviewed modified terms submitted by the parties and taken into account mandatory housing development regulations the developer had not followed, framing the required changes as fair and reasonable and addressing the interests of both the developer and purchasers.
January 1, 2013
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Appointment of institute officers: new Secretary and Chief Executive assume leadership at the Institute of Company Secretaries.
Shri M. S. Sahoo has assumed office as Secretary of the ICSI and Shri Sutanu Sinha has taken over as Chief Executive; both are Fellow Members of the Institute. Shri Sahoo brings over three decades of experience across self employment, private and public sectors, regulatory and government roles, including prior service as a Whole Time Member of the securities regulator. Shri Sinha was heading the Academics & Professional Development Directorate of the ICSI and has over twenty five years' experience in company secretarial and corporate functions.

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