India’s economic credibility rests on transparency, accountability, trust: Lt Governor

Srinagar, Aug 4: The Lieutenant Governor, Manoj Sinha interacted with the Officer Trainees of the Indian Corporate Law Service (ICLS) Tuesday at Lok Bhavan. The Lieutenant Governor in his address to the officer trainees, highlighted the pivotal role of the service in strengthening India’s corporate governance and economic credibility.
“In an era of globalisation, where economies are deeply interconnected through capital, technology, innovation, and trade, India has emerged as one of the fastest-growing economies. However, true economic strength is not measured merely by production, investment, or trade, but by the robustness of institutions, respect for the rule of law, protection of investors’ interests, and adherence to transparency and accountability,” the Lieutenant Governor said.
The Lieutenant Governor underlined that the Indian Corporate Law Service is a strong administrative mechanism which forms a cornerstone of India’s corporate governance. He said the officers of the service, working under the Ministry of Corporate Affairs, play a crucial role in implementing key legislations such as the Companies Act and the Insolvency and Bankruptcy Code.
“Their work ensures a balanced environment for industry, trade, and investment, fostering trust and credibility in India’s corporate sector. The identity of a developed economy also lies in institutional systems that encourage honest enterprises and effectively monitor irregularities. In this context, the ICLS works as the guardian of balance, ensuring that corporate growth contributes to inclusive national prosperity,” the Lieutenant Governor noted.
The Lieutenant Governor stated that the investors’ trust is India’s greatest asset as the nation has become a major global investment destination.
“This trust is reinforced when companies operate transparently, maintain financial discipline, and act swiftly against irregularities. The ICLS, through its responsibilities, continuously strengthens this trust, making it an essential guardian of India’s economic credibility. Rapid economic growth, responsible institutions, transparent governance, ethical business conduct and a strong legal framework are vital for inclusive development. The ICLS will be a critical link in achieving this goal by creating a bridge of trust between industry and governance,” the Lieutenant Governor said.
The ICLS Officer Trainees of 2023 and 2024 Batches, accompanied by Haamid Bukhari, Registrar of Companies, J&K, shared the experience and learning from their visit to Jammu Kashmir, as a part of Domestic Study Tour.
They also briefed the Lieutenant Governor on the functioning of the offices of Registrar of Companies (ROCs) and the dual mandate of ICLS in maintaining the Regulation, developmental role as well as effective enforcement of multiple corporate laws.
The Lieutenant Governor was also briefed about the recently filed winding up petition on the basis of which the Assets of one Not-for-Profit Company was taken over by the Office of ROC cum Official Liquidator, J&K. This was probably the first case in which the corporate laws were invoked in the matter of National Security.
The Lieutenant Governor expressed confidence that ICLS officers will continue to strengthen transparent corporate culture, investors’ confidence and strengthen India’s journey toward becoming a leading global economy.