The government will soon finalise the National Policy on Corporate Governance after studying the report of the panel constituted for the purpose. Talking to media persons in New Delhi today, Corporate Affairs Minister Veerappa Moily said that the Committee headed by Adi Godrej has made some suggestions. These include appointment of independent directors and improvement in overall corporate governance practices in companies.

Briefing about Ministry of Corporate Affairs, MCA's ambitious MCA 21 project for e governance, computerization and networking, Mr Moily said it is one of the most successful mission mode projects. The Minister said, MCA 21 has implemented many innovations like payment through internet and credit card , electronic issuance of stamp paper, use of e-forms and digital signature.

Mr Moily said that the Cabinet Committee on Economic Affairs has recently gave its nod to continuation of MCA 21 project for its second phase from January next year to July 2021 as a Non Plan Scheme at a total project outlay of over 357 crore rupees.

The minister also informed that the final draft of the Company Bill 2011 will be brought in the coming session of Parliament . The Bill provides for self regulatory processes and stringent compliance regime. He said that his Ministry has also circulated the Cabinet note for approval of the draft National Competition Policy. Regarding the provision requiring companies to spend two per cent of their average profit for Corporate Social Responsibility activities, Mr Moily said his Ministry is working on formulation of rules.