India's Minister of Corporate Affairs assures USIBC India is "open for business"
TheU.S.-India Business Council (USIBC) warmly welcomed India's Minister of Corporate Affairs, the Honorable M. Veerappa Moily to Washington, D.C. today. U.S. Industry assembled to engage the Minister in a lively and informative roundtable discussion. Minister Moily and USIBC member companies discussed such issues as India's Draft National Competition Policy, merger and acquisition activity in India, rules related to audits in India, the Competition Commission of India (CCI), and other significant issues related to corporate activities in India.
The Honorable M. Veerappa Moily assumed office as Minister of Corporate Affairs in July 2011, having previously served as the Minister of Law and Justice for the Government of India as well as the Chief Minister of Karnataka. In addition, Minister Moily has chaired a number of important Commissions in India including the Tax Reform Commission and the Revenue Reform Commission.
In his capacity as Minister of Corporate Affairs, the Honorable M. Veerappa Moily administers acts and laws that regulate the corporate sector in India. The Ministry of Corporate Affairs oversees corporate public filings, accounting standards and practices, investor rules, and anti-trust and anti-competitive investigations within the CCI. The Ministry of Corporate Affairs is also involved with corporate governance reforms and developing emerging legal framework for corporate affairs.
"India's competition policy is of great interest to American investors," said USIBC President Ron Somers. "The competition policy will affect the business climate in India, and, if properly calibrated and balanced, can serve as a tremendous impetus to growth. USIBC looks forward to working with the Ministry of Corporate Affairs to ensure India's adoption of international best practices and pro-growth, job-creating polices."
Following the roundtable, USIBC member companies and friends of India attended a reception in the Minister's honor. The roundtable and reception were sponsored by New York Life, a global insurance company that is a Fortune 100 company and the oldest and one of the largest mutual life insurance companies in America. New York Life maintains operations in all 50 states and several markets in Asia and Latin America.
The U.S.-India Business Council (USIBC) was formed in 1975 at the request of the United States and Indian governments to advance two-way trade and deepen commercial ties. Today, USIBC is the premier business advocacy association comprised of nearly 400 of America's and India's top companies dedicated to greater two-way investment and a more robust trading relationship. Harold McGraw III, Chairman, President, and CEO of The McGraw Hill Companies serves as chairman of USIBC.
www.usibc.com
Contacts:
U.S.-India Business Council
Kathryn Van Dyken, 202-463-5768
kvandyken@uschamber.com