Would like to see Companies Bill sent for Cabinet approval in monsoon session

Yes,we are sending the Bill to the Cabinet. This is the second time we are sending it. The changes suggested by the Standing Committee are not drastic,and I think within a day or two we would be sending it to the finance ministry,commerce ministry and department of public enterprises. Then it will go to the Cabinet. I would like to see that in the monsoon session,when I should introduce the Bill.  

What is the ministrys stand on Corporate Social Responsibility?

After a lot of consultation,ultimately a national consensus has emerged. Public sector has already come forward to make CSR compulsory. We have put this in appropriate forum that reporting should be mandatory. Corporates will have to explain why they could not spend 2 per cent. There is no penalty though.

There has been a climate of gloom for sometime now. As corporate affairs minister,how worried are you?

The Prime Minister has already said he would like to unleash the animal spirit of the economy. Our fundamentals are strong but that is not highlighted. Yes,there were concerns regarding the general anti-avoidance rules and retrospective amendments. But these problems came up only in March. FIIs and FDI in India is mainly coming from Mauritius,Cyprus and Singapore. Certain big corporate started making comments,which reflects on the reputation of the country. I think now some of the Opposition has started supporting FDI in multi-brand retail and civil aviation.

So when do we see progress in FDI in multi-brand retail?

The states which agree; we can start there. Many states have agreed. They can start implementing,notification is only a process. We want everybody on board and that is being done.

Competition Commission of India is being viewed as anti-industry ever since it started levying penalty.

CCI had teeth but it wasnt visible. Now it is visible and it can bite.The one principle companies need to follow is while you perform you need to conform. You conform and nobody will bother you. In the US petroleum price came 50 per cent down because of putting in place a competition establishment. If demand and supply channel is not stretched by anti competitive forces,we need not look at RBI for inflation.

So Corporate Indias fear is misplaced?

They must have worked in a certain manner when the competition law was not in place. Only monopolistic forces were in play. Now,they have to realign themselves with the new culture. That is all. The reform is always painful but it benefits the industry,consumer and country.

What is the status of investigation in Reebok?

We have given SFIO four months for submitting the report. No preliminary findings have come so far.