The Union Minister for Corporate Affairs Veerappa Moily called upon Corporate Houses to put in place a Self regulatory mechanism to check corporate frauds. 
He was speaking at the national symposium on ‘State of corporate fraud control in India’ organised by trade association ASSOCHAM in Bangalore today.

He said self regulation will help early detection of fraud and help Regulatory body to be set up by the Government to check fraud and gain investors’ confidence. 

The minister informed that an Amended Companies Bill to be presented in the Monsoon session of Parliament, will bring drastic changes in Corporate governance.

He said bill envisages creation of the Serious Fraud Investigation Office, Special courts to deal with corporate offences and establishing business intelligence Unit with its own forensic labs to collect and analyse corporate digital datas.

Mr.Moily further informed that his ministry is planning to overhaul its e-Governance program MCA 21 to check corporate frauds. He said the new version will help early detection of fraud and early prosecution of the defaulting companies.

Corporate Affairs Minister Veerappa Moily has strongly criticised the global rating firms for downgrading India's credit outlook. On the sidelines of a function organised by Assocham, Mr. Moily said, there was no economic tsunami in the country and they should redesign their assessment parameters. Mr. Moily added that agencies have been using political parameters too when they should stick to economic parameters only. Mr. Moily's comments came against the backdrop of Standard & Poor's as well as Fitch downgrading India's credit outlook to negative, citing corruption and lack of reforms.

Finance Minister Pranab Mukherjee today expressed(voiced) concern over impact of a deepening Eurozone crisis on India. He was speaking at an ASSOCHAM conference in Mumbai today.

In his first public address after being nominated as the UPA candidate for the Presidential elections due next month, he said that he is concerned about the Eurozone crisis and the depreciating rupee as nearly 30 per cent of our exports are to Europe. However, Mukherjee said that exporters can take advantage of the depreciating rupee.

On fears expressed by global rating agencies, he said that as Finance Minister he cannot dismiss the economic concerns put forth by credit rating agencies.

The Finance Minister also said that slow growth, high fiscal and current account deficits, inflation and negative sentiments are other factors of concern. He said that the government is taking fiscal measures to ensure that the central finances remain strong in difficult times and expects the RBI to take monetary steps keeping in mind the challenges before the economy. The central bank is slated to announce its mid-term monetary policy on Monday.

The Finance Minister also expressed concerns about Greek elections due tomorrow.