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Company Registration India » Company News
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New Companies bill will be introduced to accelerate the growth of firms- Khursheed
The Companies Bill 2009 has been introduced by Government in August in the Lok Sabha to replace the earlier law which was enacted in 1956. Now government has decided to introduce new Companies Bill promptly as this will help firms to grow fast said Salman Khursheed, Corporate Affairs Minister. There were over 600 sections in the Companies Act, 1956, while the proposed bill has 480 sections. The best thing about this new bill is this provides high amount of democracy to shareholders with less interference from Government side over internal corporate processes. Bill is still pending before Standing Committee.
Salman further added that "It is our responsibility to pass the Companies Bill so that in the modern times they get an opportunity to progress fast. .. (We want) to implement the bill fast. We are committed to it". He mentioned all these points to reporters during India Leadership Conclave organized by Assocham and Wockhardt.
For the approval of mergers and acquisitions there will be a single forum and the procedure for merger of holding and wholly owned subsidiaries would be shortened. This Bill also protects the rights of minority shareholders, and also makes it mandatory to have 33% independent directors for listed firms. Besides, a strict provision is needed to be followed by the companies seeking to raise money from the public and without acquiring permission they would not be allowed to raise deposits from the public.
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