The Hindu Business Line : Call for discussion on Irani panel report

THE Indo-American Chamber of Commerce (IACC) has called for a thorough discussion on the J.J. Irani Committee Report on company law at various forums of industry and academia.

It has said that such discussions were necessary before the Government took a final decision on the implementation of the recommendations.

In a statement, the IACC National President, Mr Ranjit Sen, underscored the need for a "proactive" company law that addressed the growth impulses of the economy and at the same time created checks and balances to provide for investor protection.

Stating that a new company law cannot operate in a vacuum, the IACC President said that there should be harmony between different statutes and rules if the company law is to function smoothly.

Citing the case of labour reforms, the IACC has contended that foreign and Indian investors have voiced the need for making labour laws in tune with the growth paradigms. "A restrictive labour law would not only inhibit the flow of foreign direct investment into the country, but also hamper creation of employment opportunities. Therefore, simultaneous modifications of other pieces of legislations that impact the economic growth of the country are necessary to leverage the beneficial effect of the new company law," Mr Sen said.

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