Manesar (Haryana): Minister for Corporate Affairs Mr. Prem Chand Gupta, laid the foundation stone of the Indian Institute of Corporate Affairs (IICA) here today.

Mr. Bhupinder Singh Hooda, Chief Minister of Haryana and Mr. Anurag Goel, Secretary, Ministry of Corporate Affairs and Director General & Chief Executive Officer of the institute were also preset on the occasion.

The institute has been established by the Ministry of Corporate Affairs as a holistic think-tank, capacity building and service delivery institute to help corporate growth, reforms and regulation through synergized knowledge management, global partnerships and real time solutions.

It is expected to be completed by the end of 2010. An amount of Rs.211 crores has been sanctioned by the Central Government in the current Five Year Plan for the institute.

The IICA building is estimated to cost around Rs.110 crores.

Speaking on the occasion, Prem Chand Gupta said, "Though the world is passing through a difficult phase of economic and financial crisis, in India the pressure on the financial systems has been considerably reduced due continuous monitoring and timely steps. To avoid such crisis the Government as well as the corporate sector must develop capacity to foresee such crisis and take corrective action well in advance. A mechanism needs to be created through which the Government, Regulators and the business can work jointly to avoid such crisis".

He also said that the Ministry has undertaken various tasks to provide an enabling environment for the corporate sector to drive economic growth.

"The e-governance programme, MCA-21, ensures 100 percent filing by corporates electronically on a 24x7 basis. As regards legislations, the new Companies Bill has been introduced in the Parliament which proposes a comprehensive revision of the Companies Act, 1956. The Limited Liability Partnership Bill has also been introduced in the Parliament, which would enable professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner", Gupta further said.

"The Competition Commission of India will be operational soon, which will enable effective competition regulation. The Accounting Standards have already been notified and we are gradually moving towards convergence with International Financial Reporting Standards by 2011", he added.

Mr. Anurag Goel stated that IICA is positioned to take the convergence role for the Government, the business sector and the stakeholders.

The institute has already been registered as a Society in September, 2008 and a Board of Governors has been constituted by co-opting representatives from the Government, professionals and business sector.

IICA has also signed Memorandums of Understanding (MoUs) with leading international institutes in its endeavor of global partnerships.