The Financial Express -- Expressions

This page contains Editorial and Op-Ed articles

Friday, November 28 1997

Letters to the Editor

I-T Bill 1997: Mission unaccomplished

The Income-Tax Bill 1997 has greatly belied the expectations that the country had from the expert group appointed for carrying out the changes. This is basically due to the fact that the group took upon itself more work than that it could handle within the limited period of 11 months. And instead of making changes, it undertook the onerous task of drafting a new tax code which apparently could not have been accomplished in a befitting manner within the specified period.

Whither opening up?

The government has come up with a number of measures in respect of the insurance sector. No doubt, given the political constraints, North Block cannot venture into difficult areas of reform, specifically opening up the sector to private companies, both foreign and domestic, and one can say that the government will never muster the courage to cross the bridge. But then, even without throwing open the insurance business to private players, the Union finance ministry could have extended what is described as the autonomy package to include a break-up of the monolithic LIC.

Ensuring corporate democracy

One of the essential stipulations to ensure corporate democracy is the involvement of shareholders in decisions having a direct bearing on their rights. The present legal system, as regulated by the Companies Act 1956, provides for passing resolutions by shareholders at the general meetings which necessitates their presence. Of course, proxies can participate in the voting if it takes place through a poll -- which happens rarely.

Whither opening up?

Which way to go?

Importance of being swadeshi

I-T Bill 1997

The Index -- PAL-Peugeot

Ensuring corporate democracy