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India: New Company Law by End of Current Fiscal
Source: newkerala.com
Source Date: Thursday, September 02, 2010
Country: India
Created: Sep 05, 2010

Kolkata, Sep 2: The Centre is trying hard to pass the New Companies Bill in Parliament by the end of this financial year, Minister of State for Corporate and Minority Affairs Salman Khurshid said today.

''In this fiscal we should have a brand new Company Law. We are targetting the Winter Session, to commence from November eight, to pass the bill in Parliament. It is in the penultimate stage and the final stage is passing the bill in Parliament,'' he told reporters on the sidelines of a function organised by the BNCCI here.

''A lot of hard work is being put in to prepare the new law. And it will be passed by the end of this financial year,'' he added.

He informed that the Standing Committee had made some specific recommendations on the new Company Law and that would be incorporated in the new law.

''We may have to change the draft as it is now after the standing committee recommendations. We may have to add some new things into the draft also,'' he said.

On the recommendations of the Standing Committee, Mr Khurshid said, ''The recommendations are on specific code for Independent Directors, disclosure of minority shareholders and rotation of audit firms.'' To a question on the Land Acquisition Act on which the Centre was currently working on, the minister said, ''The government was giving importance to the view of Railway Minister Mamata Banerjee on the act.

''She has a strong view on the ratio of the amount of land to be acquired by the government and the amount of land to be taken by the companies. The government will give much importance to her views at the time of preparing the act,'' he added.
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