Dear All
The Delhi High Court judgment -"Private companies with
minor Govt stake under RTI" is a land mark judgment and opens a large
vista for public accountability. It aught not to be the private companies
having minor
stake of Govt stake only, but should also cover the 'Public Limited
Companies.'
No doubt the public limited companies have a number of legal
obligations to comply with including disclosure of its many activities to the
share-holders and general public by way of statutory retunes with ROC. Yet the
people at the top easily manage a number of illegal and criminal activities
with impunity for long periods. Satyam case is classical example of the
manipulations
in connivance with auditors etc.
The Government must amend the RTI act and include the Public
Limited Companies also in its ambit. The company law should also be amended to
suitably that the registration of as a public limited company would attract RTI
Act.
Y Singh N Rajput
Vadodara
17-5-10
