Vice President suggest Corporates to encourage whistle blowing mechanism and provide adequate safeguards to protect whistle blowers.

Telangana Hyderabad :January 18:(HS)The Vice President of India,  M. Venkaiah Naidu today suggested all corporates to consciously encourage whistle-blowing mechanism and provide adequate safeguards for the protection of whistleblowers.

Delivering the Convocation Address at the Institute of Company Secretaries of India, the Vice President stressed that it was important to ensure transparency integrity and honesty must be upheld and reflected in every business .

Stressing the need to protect public money, Venkiah  Naidu said that system has to be foolproof to reduce the scope for any irregularity. Highlighting that the actions of a few have brought bad name to Indian business, the Vice President urged the young Company Secretaries to ensure ethics and accountability in corporate governance through their guidance and handholding. “This profession should be taken as a mission”, he told them.

Stating that India has fared reasonably better than many other nations, including developed ones, in the fight against the novel coronavirus and in taking steps to revive the economy, he referred to the recent remarks of IMF Chief, Kristalina Georgieva, who had said that India took very decisive steps to deal with the pandemic and its economic consequences.

Calling for a concerted efforts by all stakeholders in making the economy robust again, Venkiah Naidu said that institutions like ICSI would be playing a key role in putting the economy back on rais with a focus on good corporate governance.

Stating that stron principles of corporate governance must be the driving force of any company, he said that transparency integrity and honesty must be upheld and must be reflected in very business activity.

Describing company Secretaries as the conscience keepers of the Corporate, he said it was imperative for them to be upright and not succumb to any pressure from the management.

Venkiah Naidu said professional bodies like ICSI must ensue that corporate entities were not only professionally competent but law abiding too . Noting that the Insolvency and Bankruptcy code has opened up  new era in economic reforms Venkiah Naidu Vice President said it was heartening that company secretaries are playing a pivotal role in the Corporate Insolvency Resolution Process.

The Vice President stressed that Center, States and local bodies, all should work as Team India for the development of the nation.