Indian cos not required to disclose lobbying details: Pilot
Indian companies are not required to make any disclosures regarding their lobbying activities and the country's regulations have no provision as yet in this regard, the government said today.
New Delhi: Indian companies are not required to make any disclosures regarding their lobbying activities and the country's regulations have no provision as yet in this regard, the government said today.
A panel, appointed by the government, is already looking into Wal-Mart's lobbying activities in the US to check whether there have been any irregularities related to the retailer's entry into India. "Lobbying in foreign countries is regulated by the laws of the country concerned.
"In the Companies Act, 1956, there is no provision relating to lobbying and Indian companies are not required under the Companies Act to make disclosures concerning this subject," Corporate Affairs Minister Sachin Pilot said in a written reply to the Rajya Sabha.
He was responding to queries on whether Indian companies are allowed to pay in foreign exchange for lobbying overseas and whether there is any limit on such payments. Besides, there were queries on total amount of foreign exchange used by Indian companies for lobbying and the names of firms that have used foreign exchange for lobbying overseas.
In December, Pilot had said that he favoured disclosures by companies and industry bodies about their representations to the government on specific policy issues. "I think that time has come to define what is acceptable and what is not. What is legal and what is not legal. I think, in most countries we have that definition, but in India, it is pretty vague. It is wrong to assume that lobbying means bribery, but some people allege that it is bribery," Pilot had told PTI in an interview.
Meanwhile, the one-member inquiry panel looking into Wal-Mart's lobbying activities in the US is expected to submit its report to the government next month. The committee is headed by former Chief Justice of Punjab & Haryana High Court Justice Mukul Mudgal.
Following reports about Wal-Mart's lobbying activities among the US lawmakers since 2008 for facilitating its entry into the Indian market, the government had set up the panel. The terms of reference of the committee include inquiring into "media reports on disclosures of Wal-Mart before the US Senate regarding their lobbying activities and details thereof."
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
'Look forward to working with you,' tweets Modi after Biden, Harris inauguaration; Johnson, Netanyahu offer greetings
Congratulating Biden for being sworn in as the President of the United States, Modi said he was committed to working with him to take the India-US partnership to greater heights
Addressing the valedictory function of the second National Youth Parliament Festival, Modi urged youths to join politics, saying the 'poison of dynastic politics' will continue to weaken democracy unless they join the fray
Day before hearing, AIKSCC says Supreme Court does not have any role in resolving 'political deadlock'
The All India Kisan Sangharsh Coordination Committee also accused the BJP-led government at the Centre of "shirking political responsibility" of resolving the crisis