New Companies Act Bill may be cleared by year-end: MCA Secretary

“The draft will be submitted in the Parliament within two-three months and (it is) expected to be cleared by this year-end," corporate affairs secretary R Bandyopadhyay said

The Parliament Standing Committee is in the final stages of processing the new Companies Act and the Bill is expected to be cleared by this year-end, reports PTI.

"The committee is in the final stage of processing it.

The draft will be submitted in the Parliament within two-three months and (it is) expected to be cleared by this year-end," corporate affairs secretary R Bandyopadhyay said at a function organised by the BSE on investor awareness.

The ministry believes in "enlightened regulations", which come out after incorporating the suggestions and complaints of stakeholders, he said.

On the new 25% stake dilution norm for listed companies, he said public sector enterprises will not fulfil this requirement at the same time.

"They will come one by one. Market should also get ready to receive the papers," he said.

With the help of private partnerships, the ministry has been able to conduct over 3,000 investor awareness workshops all over the country, he said.

Speaking at the event, BSE CEO Madhu Kannan said that out of all the new demat accounts opened recently; more than 80% were opened by people from non-urban areas, which shows the penetration of investor awareness.

The BSE conducted over 200 investor awareness programmes last year and will conduct over 400 such programmes this year, BSE deputy CEO Ashishkumar Chauhan said.

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