Companies may have to post full financial information online

Corporate affairs minister Salman Khurshid today said ministry is planning to make it mandatory for companies to post online their financial information, including balancesheets, and other statutory communication for the convenience of all shareholders.

"We plan to first make it enabling and then may make the requirement mandatory at a later stage after studying how the
system works," Khurshid said at a interactive session of
the Bharat Chambers of Commerce here this evening.
 
He, however, did not mention whether it will be on a single portal where all companies will upload their information or it will be on their respective websites. 

"My ministry plans to address grievances of minority shareholders about delays by companies in sending the documents and information via post," he said, adding the new proposed companies law will also clearly define the rights of all categories of investors, including minority shareholders. 

Talking about the changes to be made in the exit policy, he said his ministry wants to make exit policy smooth and not time-consuming and the new companies law will ensure that.

Khurshid said the business atmosphere for foreign companies who have invested in the country has to be made such that whenever they want to withdraw "they don’t have to carry
on for long to exit the country."