Companies Bill to be tabled in budget session

New Delhi: The government today said that it would not be able to table the new Companies Bill that was expected to be enacted by the end of this year, in the winter session of Parliament, reports PTI.

Failing to meet the earlier deadline of tabling the Companies Bill 2009 in the winter session, corporate affairs minister Salman Khurshid said the bill would now come in the budget session beginning February next year.

"Not this session. Companies bill will come next session," Mr Khurshid said on the sidelines of a SKOCH event here.

The Companies Bill 2009, which lapsed with the dissolution of the 14th Lok Sabha, was reintroduced in the Lok Sabha in August last year.

Subsequently, in August this year the Parliamentary Standing Committee on Finance gave its report after examining the provisions of the law.

"It's a huge report. We spent weeks reading it. We will have to see whatever the standing committee has recommended and suggested finds its way in the bill. The draft will have to be looked at carefully not just by us but also the law ministry," Mr Khurshid added.

The new Companies Bill which seeks to fix more responsibility on independent directors, comes in the backdrop of the multi-crore accounting fraud in Satyam Computer Services last year that exposed gaping holes in the existing corporate governance norms in the country and highlighted the need for stricter norms.

The Bill will also protect the rights of the minority shareholders, bring about responsible self-regulation with adequate disclosure and accountability and lesser government control over internal corporate processes.

User

COMMENTS

Vishwaraj pal singh

6 years ago

The recommendations for passing the bill in parliament in feb.

Is the shine fading?

Gold may be due for a correction.

Read Article...

User

The sum of the parts

Automotive part retailers are raking it in.

Read Article...

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)