Chennai: Chennai's three-year old Great Lakes Institute of Management (GLIM) business school has been invited by the ministry of corporate affairs (formerly ministry of company affairs) to prepare a detailed project report for setting up a proposed Indian Institute of Corporate Affairs.
The government had yesterday announced its plans to set up the institute that would help in building capacity and training for the Indian Company Law Service (ICLS) and subordinate cadres, provision of value added services with the implementation of MCA21 e-governance project and service delivery in areas like investor education and awareness, corporate governance and related matters. The institute is also envisaged to serve as a think-tank for the ministry, much on the lines of business schools in the US.
According to Prof Bala V Balachandran, founder and honorary dean, GLIM, said that the institute has been mandated to suggest the organisational structure, funding pattern, curriculum, the kind of degrees, diplomas and certificates to be offered to students and other aspects of setting up the institute.
He said GLIM would form expert committees to come out with the final white paper. "We will invite officials from Indian Institute of Management (IIM) to be a member. It is for them to decide whether they have the time to participate on an honorary basis."
According to him the government is not paying any money for the preliminary report. "The question of payment will come when the government accepts our preliminary report and asks us to proceed further," he added.
The government has asked couple of other overseas organisations to give their suggestions on the modalities of setting up the corporate affairs institute.
Prof Balachandran said it was too preliminary to say whether the government would set up the institute through an Act of Parliament , akin to the Institute of Chartered Accountants of India, and also whether the students who pass the courses conducted by the proposed Indian Institute of Corporate Affairs will have the power to certify returns filed by the corporates.
During the current year Rs47 crore has been allocated for the purpose.