India to implement corporate code of conduct

Some 7000 publicly listed companies may have to follow a 'voluntary" corporate governance code being drafted by the Ministry of Corporate Affairs, in addition to the mandatory code prescribed by India's Securities and Exchange Board.

The code will treat with aspects of corporate governance issues, conduct and the receiving of gifts which will be shared with industry associations in December 2009. The Corporate Affairs Ministry of India is keen on strengthening the regulations set out by the Securities and Exchange Board.

Once the code is accepted by the company, the company will have to comply will its provisions and repsort any deviations to the Corporate Affairs Ministry. The code will also cover provisions for the voluntary disclosure of corporate social responsibility activities and initiatives.

This drives for greater transoarency and corporate governance measures comes after the biggest scandal in the corporate history of India which broke earlier in 2009 involving Satyam Computers- a leading Indian outsourcing company which services one third of the Fortune 500 companies- had falsified its accounts to the tune of $1.04 billion the company listed in bank loans and assets, were non-existent. Some of the comapnies major clients are General Electric, Nestle, the US Government and General Motors.

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