Recently, most of union ministries issued e – books on activities and achievements in recent years. This is welcome initiative under leadership of Prime Minister Modi, if it continues for next five years of present government. Presently, these e – books highlights past performances which belongs to mostly congress tenure. The e – book issued by Ministry of Corporate Affairs has no difference.
The total number of active companies as on 31st October 2014 is about 9,97,000 with authorised capital at Rs. 42,70,000 Crore. There was 28,000 LLPs with total contribution about Rs. 12491 Crore.
Unfortunately, this ministry is “Revenue Surplus” Ministry and surplus to expenditure ratio is growing. Yes, I used word “unfortunate”.
This e- book portrays this ministry as a service organisation. There is no mention of regulating companies and promoting governance in companies. There is no specific mention of prosecution of erring companies regarding filing and other non- compliances. Yes, there is limited mention of fraud related cases while discussing SFIO. I also not find any mention of governance advocacy, promotion of governance education, board empowerment and like. There are also a limited mention of investor education which is specific domain of Investor Education and Protection Fund.
Unfortunately, this e – book try to portrays a corporate friendly environment which seems not an investor friendly but promoter friendly only. There is no reference of ease of doing business in this e – book or as usual they may again be confused with less compliance of regulations.
I strongly believe a corporate friendly environment with ease of doing business needs less but stringent compliance and sure legal action against erring promoters.
If I am would be a book critic, there may be single or double star out of five to this book.