With the union government contemplating a framework to regulate corporate lobbying, Bajaj Auto chairman Rahul Bajaj on Friday said that regulations should be reasonable and well-thought out.
"There is a need to find out where regulations come (into play) in businesses. Generally, I am against too many regulations. But I strongly believe that without any regulation, it will be big fish eating small fish. There have to be regulations but they should be well-thought out and reasonable," Bajaj told reporters on the sidelines of a CII-organised event in Mumbai that was also attended by corporate affairs minister Salman Khursheed.
Regarding Prime Minister Manmohan Singh's stand on tightening the existing system to prevent leakage of recorded conversations, Bajaj said, "Yes, surveillance is necessary for national security and public interest. But privacy, dignity and self-respect too are important."
Tapping of conversations would not necessarily work to prevent tax evasion, he said.
"I am not sure whether this will work for tax evasion. If the evasion is in crores, then it is fine. But we need to see how many millions pay tax and there are so many who do not. One cannot tap all under that guise," Bajaj said.