Stiffer Companies Bill to tackle corporate frauds, says P C Gupt

New Delhi, Jan 19 (ANI): Anxious to neutralise the effect caused by Satyam Computer Services on the IT sector, Corporate Affairs Minister Prem Chand Gupta has said the Government will not spare the guilty easily.

He informed that the administration is introducing strict provisions under the new Companies Bill, 2008.

The present bill does not have enough provisions to counter business related crimes. The existing act allows a company or a corporate executive to wash their hands off their wrongdoings by paying a fine.

Gupta said monetary and other penalties will be made harsher.

Speaking about the Satyam scam, Gupta clarified that the "diversion" of company funds happened, as facts and figures in the balance sheet were not based on the correct information. (ANI)