Create new class of private liquidators: ICSI chief

Capitalising on New Companies Bill provision to put in place an efficient system for insolvency practices, the president of Institute of Company Secretaries of India (ICSI) Preeti Malhotra plans to create a new class of “private liquidators”. She is the first woman to be elected president of any premier professional body.

Speaking to The Indian Express on her first day as president of the 20,000-member institute, Malhotra said, “ICSI would soon start special training course for its existing members to meet the foreseen demand of private liquidators.” Once Parliament approves the New Companies Bill, the liquidation period of companies would reduce to two years from 10-12 years today.

“That’s when private liquidators will be needed.”

Malhotra has high expectations from the Limited Liability Bill, which is most likely to be approved by Parliament during the coming Budget session. She thinks this legislation would help India become a knowledge-based economy.