Newly appointed minister of state with independent charge for corporate affairs and minority affairs Salman Khursheed seems to have his task cut out for the UPA’s first 100 days. In an interview with Jayant Singh of The Indian Express, Khursheed said he would move the long-pending Companies Bill, give statutory backing to the Serious Frauds Investigation Office and strive for affirmative action by India Inc. Excerpts:

•Do you think there’s need for any changes to be introduced to the Companies Bill?

No changes that will delay the Bill going forward to the Cabinet and then from there to Parliament. But in Parliament, while the Companies Bill is being looked at by the standing committee, if there are any suggestions that come forth, these can be incorporated. But the basic structure of the Bill is good. We have anticipated many things that might have emerged out of the Satyam case…

•Like what…?

Independent directors… we have strengthened the regulations as far as their powers are concerned. That was anticipated before this happened. We have strengthened the norms for statutory audit. Of course, if something bigger comes from the report of the Institute of Chartered Accountants of India, we’ll take that into account.

•But do you propose to maintain the one-third ratio of independent directors in the Companies Bill?

That’s more or less the case. The main thing is that everything that people think should come out of Satyam is there.

•Are you looking at giving the Serious Frauds Investigation Office legislative backing?

... contd.