Mr. Sachin Pilot, Minister for Corporate Affairs, (MCA) Government of India, began his visit to Washington on June 13th . His first meeting was with Ms. Edith Ramirez, Chairperson, of the U.S Federal Trade Commission (FTC). Minister Pilot and Chairperson Ramirez reviewed the MoU signed jointly by the Indian Ministry of Corporate Affairs and Competition Commission of India in September 2012 with the U.S Department of Justice and Federal Trade Commission. It was agreed that the concerned legal agencies associated with the enforcement of competition law would interact closely as envisaged under the framework of the MoU. Minister Pilot also wanted the officials of FTC and MCA to identify a few specific activities for cooperation and joint action prior to the forthcoming visit of Chairperson Ramirez to India in October 2013. The Minister also suggested that the Indian Institute of Corporate Affairs could cooperate with the FTC in capacity building and awareness generation of the competition legislation and the forthcoming competition policy, among the legal practitioners and judicial bodies of both countries. The meeting set the tone for increased interaction and cooperation between the U.S. and India in the field of Competition Law and its implementation.
Later, at a function organized at the George Washington University Law School campus, he presided over the renewal of a Memorandum of Understanding (MoU) between the Indian Institute of Corporate Affairs (IICA) and the George Washington University Law School (GWU Law). Participants in the event included the delegation from India led by the Minister and senior officials from the Ministry of Corporate Affairs; officials from the Indian Embassy in Washington and also well-known and senior faculty members from the George Washington University Law School.
Speaking on the occasion Mr Pilot said that the collaboration between the two institutions must make the best of the good work that is being done, adding that international experiences covering the global business environment, corporate law, corporate governance and competition law can be good learning for IICA. While lauding the partnership between IICA and GWU Law, the Minister stressed on the need to have more teeth into the collaborative programme. University President Mr Steven Knapp spoke of the University as a confluence for students of law and other disciplines such as the international affairs. He called the MoU an opportunity for three years, to effectively engage with IICA, in the area of corporate affairs.
In the forenoon of Friday the 14th, Minister Pilot, met with a team from the International Finance Corpooration led by the Vice President, Risk Management and Reporting, Ms. Saadia Khairi. The discussions covered a broad range of topics relating to the business environment in India and the provisions relating to corporate governance and CSR in the forthcoming new Companies Bill. The IFC officials expressed great interest in quickly operationalising the MOU which is to be signed shortly between the Indian Institute of Corporate Affairs and the IFC. Minister Pilot asked the Indian counterparts to prepare a short list of Indian companies with whom the IFC is working and with whom interactions could begin quickly.
The Minister in the afternoon presided over a well attended roundtable organized by the Institute of Cost Accountants of India. While inaugurating the Washington chapter of the Institute, he congratulated new chapter’s operations, highlighting the need for standardized accounting, reporting and disclosures that meet local and international stakeholders. He also touched upon various aspects of the new Companies Bill, the project driven CSR approach and the need for management accountants to oversee implementation and execution of CSR projects.