The Hindu : Business : Efforts to end barriers for professionals to work overseas

Online edition of India's National Newspaper
Friday, Oct 21, 2005

Business

Business

Efforts to end barriers for professionals to work overseas

Special Correspondent

`CAs, Company Secretaries should be allowed to work overseas'

Preparation of the draft company law at a final stage

— Photo: S. R. Raghunathan

RECOGNISING TALENT: The Secretary to the Government, Ministry of Company Affairs, Komal Anand (second from left), releasing the convention souvenir at the 33rd National Convention of Company Secretaries in Chennai on Thursday. Looking on are: R. Ravi, President, ICSI (left), A. C. Muthiah, Chairman, SPIC group and H. M. Choraria, Vice-President, ICSI (right).

CHENNAI: The Union Government is taking steps for enabling Indian professionals such as chartered accountants and company secretaries to work in foreign countries, according to Company Affairs Secretary Komal Anand.

Inaugurating the three-day national convention of the Institute of Company Secretaries of India (ICSI) here, Ms Anand said the Government had taken up the issue with the World Trade Organisation. It was working with other countries for recognition of Indian qualifications within a "reasonable timeframe.'' It was also impressing upon other countries for removal of limitations and barriers on movement of Indian professionals. Other countries on their part were "eyeing the vast Indian market'' and Indian professionals should not be averse to meeting the challenges arising from such external competition.

To facilitate Indian professionals organising themselves as large entities, the Government was making efforts to amend the relevant statutes so that legal restrictions on growth of Indian professional firms could be removed.

Companies Bill

Pointing out that her Ministry was engaged in making comprehensive amendments to the Companies Act 1956 based on the report of the J. J. Irani Committee, Ms. Anand said the preparation of the draft Company Law was at a final stage. The proposed law would enable the corporate sector to become more competitive. "It will be introduced in Parliament in December (winter session),'' she added.

Later, to a query, the secretary told presspersons that the Government had accepted "most'' of the recommendations of the Irani committee.

Asked whether public sector undertakings would be removed from the purview of the Comptroller and Auditor General in line with the suggestion of the panel, she replied that "it is premature to reply now. Anyway, the Bill will be out in December.''

Globalisation

Delivering the keynote address at the inauguration, A. C. Muthiah, Chairman of Southern Petrochemical Industries Corporation (SPIC), called for simplification of laws, regulations and procedures concerning the corporate sector. The regulatory system for the securities market should be modelled on facilitation, rather than control, with adequate risk management mechanisms to ensure the integrity of the system. The issue of economic reforms at the state level too had not received much attention, except in a few States.

R. Ravi, president of the ICSI, said company secretaries were seeking to reposition themselves as corporate strategic managers and advisers.

The Institute's Vision Plan 2010 provided for a systematic approach for bringing about multi-dimensional change in perceptions, attitudes and actions of its members and students.

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