Pl find attached The Lokpal and Lokayuktas Bill 2013 as passed by both houses of Parliament this month alongwith highlights of the Bill issued by PWC.
We all know that it is a much publicized anti-corruption Bill and will become an Act on getting President's assent. It covers not only public sector but also private sector with government touch points. Hence entire corporate sector will have to set up a mechanism to ensure greater transparency and avoid corrupt practices. Lokpal can set off an inquiry into offences committed by employees of any company financed partially or wholly by the government. Directors of companies, who may not be directly involved in the payment of bribes or any other corrupt behavior may also be potentially at risk. Corporate sector is therefore required to revisit compliance programme with a larger focus on anti-graft and anti-bribery.
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