THE fifth meeting of the Indo-UK Task Force on corporate affairs was held yesterday, in New Delhi. It was co-chaired by R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs, Govt. of India, and Martin Donnelly, Permanent Secretary, Department of Business, Innovation and Skills, London. The task force took stock of the ongoing cooperation between the two countries in the area of corporate affairs.

The UK delegation made presentation on International Integrated Reporting Committee (IIRC), UK regulatory framework, oversight and quality assurance of European Commission's (draft) decision on equivalence of third country auditors. The Indian side gave an overview of the current status and provisions of the new companies bill. The two sides also shared the roles and responsibilities of independent Directors, and also discussed on the legislative provisions that are likely to emerge in the wake of the financial crisis and scams that have surfaced lately.