Regulating the PPP Model
The ASSOCHAM organized 'New India Confluence for Public and Private Enterprises- Governance, Risk and Compliance' on December 15,2017.
The objective of the confluence was to discuss and deliberate upon the primacy of corporate governance, approaches to transform next-generation risks into opportunities, drive exceptional business performance, and thereby enabling the public and private sector organizations to stay ahead by effectively allaying the regulatory compliance requirements under the changing dynamics.
The chief guest of the confluence was Dr. Mukulita Vijayawargiya, Whole Time Member, Insolvency and Bankruptcy Board of India and the eminent speakers to talk on the subject and enlighten the participants included Dr. U. D. Choubey, Director General, Standing Conference of Public Enterprises (SCOPE), CMA Sanjay Gupta, President The Institute of Cost Accountants of India, Mr. Rajiv Bajaj, Council Member, The Institute of Company Secretaries of India, and others. Ceneral, Mr. D. ASSOCHAM S. Rawat, Secretary in his. address at the inaugural session welcomed the august gathering ofaround 180participants which included representatives from PSUs, Law firms, Corporates, Banking & amp; Financial Institutions, Startups, Advisory firms, Electronic & amp; Print media.
Addressing the audience, Dr. Mukulita Vijayawargiya,said that Insolvency and Bankruptcy Code, 2016,is a game changer in the insolvency and bankruptcy regime in India. However, it being at its nascent stage, there are some interpretational issues which need to be settled. One such part is the one which deals with personal guarantors. The governing body of !BBI is expected to finalise broad contours for dealing with personal guarantors of defaulting-entities at a meeting on Dec 19. She also sought special regulatory regime for Public Private Partnerships (PPP) models. "Till a law is enacted to govern Public Private Partnerships (PPP), the industry must step in with professionalism", she added. Dr. U. D. Chou bey, Director General, SCOPE while addressing the ASSOCHAM conference, highlighted that
India needs a structured ownership policy for Public Sector Enterprises.
Addressing the conference, CMA Sanjay Gupta, President, Institute of Cost Accountants of India (ICAI) said Cost of compliance may be higher, but Insolvency & Bankruptcy Code has made doing business easier.
Globally there is increasing scrutiny by regulators, companies, therefore, need robust processes around risk, governance & compliance, said Mr. Harpreet Singh, Partner & Leader, PGRC, PwC
Mr. Singh further added that given this complex environment, companies need tobuild adequate safeguards in the form of robust processes around Governance, Risk and Compliance (GRC). , "Traditionally, we have seen that these programmes are run in silos hence companies are not necessarily able to derive the desired benefits, There is a need to take a holistic and integrated view of these programmes. A fully optimised and integrated GRC framework that employs tactics and tools such as continuous risk assessment and predictive analytics can alert stakeholders to potential risk related issues in a timely manner."
On the occasion, a publication jointly prepared by ASSOCHAM and PwC India titled, "Enabling business performance through a well defined GRC programme" was also released.
Chief Guest, Dr. Mukulita Vijayawargiya, Whole Time Member, Insolvency and Bankruptcy Board of India addressing the audience.
Chief Guest Dr. Mukulita Vijayawargiya, Whole Time Member, Insolvency and Bankruptcy Board of India releasing the knowledge report on GRCalong with Mr. D. S. Rawat, Secretary General, ASSOCHAM, CMA Sanjay Gupta, President, ICAI, Mr. Vijay Sachdeva, Cochairman, ASSOCHAM National Council for Company Law, Corporate Affairs and Head, North India, Dr. U D. Chou bey, Director General, Standing Conference of Public Enterprises (SCOPE),Mr. Rajiv Bajaj Council Member, ICSI and Mr. Harpreet Singh, Partner & Leader - PGRC, Pwc.