When it was homecoming time for Murli Deora

Union minister for corporate affairs Murli Deora seemed so much at ease during a recent interactive session organised by the Indian Merchants’ Chamber (IMC) that one could have mistaken the event for a family occasion.

In fact, a gentleman on the stage at one point even addressed him as Murli ‘uncle’.

No wonder, considering he has represented many of the chamber members as an elected representative of the South Mumbai constituency in the Lok Sabha.

He was in charge of petroleum and natural gas ministry till the soft-shuffle by Prime Minister Manmohan Singh last week, but taking over his new portfolio and attending such events is akin to “going home and meeting friends,” he apparently told RPN Singh, minister of state for corporate affairs, who shared the snippet during his address.

He was in a receptive mode, shortening his speech and preferring to listen to what the others there had to say.

Deepak Parekh, chairman of HDFC, who was among the first speakers on the dias, began by saying he had only five minutes to make his remarks, then Murli Deora quitely interrupted. “Please, take mine.”

When he finally did speak, Murli Deora went on to assure the audience, a mix of the business community in Mumbai, that their concerns would be addressed and shared an anecdote about a minister who had addressed a similar gathering once. He had to face the chamber’s wrath after announcing an import policy.

The following day, a cartoon by R K Laxman had the minister trying to pacify the audience saying,”Gentleman I have just announced the policy. Allow me the time to study it,” drawing attention to the fact that ministers sometimes know little about their own ministries.

The ministry of corporate affairs would remain a facilitator, ministry officials pointed out during the discussion.

The ministry’s priority would be to get the Companies Bill through, said the minister.

The new Bill seeks to replace the Companies Act which was enacted in 1956.

The legislation seeks to place more emphasis on the responsibilities of independent directors, a move which is facing some opposition from certain quarters. Many voiced their protest at the IMC building in Churchgate, asking that independent directors not be too harshly judged.

The issue was addressed by R Bandyopadhyay, secretary, Ministry of Corporate Affairs, who suggested that a balance would be struck between the responsibilities and rights of independent directors.

Nevertheless, the practice of a single individual being a director of more companies than he can keep track of is undesirable, he said.

Perhaps, the manner in which the Companies Bill eventually deals with these and other issues will determine if subsequent receptions for Murli Deora in similar fora would remain as warm as it was at the Merchants’ Chamber.