Dear vins7287,
You could have given more information like nature of your industry, type of employees you have, what is your designation etc.
Social media is fait accompli of the day and we have to stay with it. We cannot prohibit employees from joining social media. Nevertheless, what is disclosed on the social media is important. Clause on disclosure of sensitive information is as such covered in Standing Orders Act. It can be extended to social media as well.
As far as expression of personal views is concerned, employers cannot have control on that. Employees may affiliate to some political party, however, while expressing their opinions they should ensure that they do not invite wrath from some section of society because of their criticism towards caste, creed, religion, nationality etc.
I recommend you developing your own policy and uploading it here. Some senior like me will correct it further.
You have written "I would like you to construct a policy frame to protect the company from getting affected by any of their personal views or comments". Please note that this is a public forum where you should refrain from using a language that demonstrates high-handedness of some MD over his/her juniors.
Thanks,
Dinesh Divekar