Reg­u­lat­ing the PPP Model

Assocham Bulletin - - LAW -

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.

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