Draft bill to amend Companies Act under preparation
May 15, 2007 - 2:24:15 PM
|
|
|
The bill will be introduced in parliament after requisite approvals, he told the upper house in a written reply, adding that the Irani panel had suggested more flexibility and freedom for smaller companies, among its other recommendations.
|
By IANS,
[RxPG] New Delhi, May 15 - A draft bill to amend the Companies Act, 1956, is under preparation based on the recommendations of an expert committee and would be introduced in parliament soon, the Rajya Sabha was informed Tuesday.
The process to amend the legislation was initiated in August 2004 with a concept note prepared for comments from stakeholders. Thereafter, a committee was set up under former Tata Steel chief J.J. Irani to make some recommendations.
'Taking into account the recommendations of the Irani committee, as also other inputs received by the government, a draft companies bill is under preparation, in consultation with the ministry of law,' Company Affairs Minister Prem Chand Gupta said.
The bill will be introduced in parliament after requisite approvals, he told the upper house in a written reply, adding that the Irani panel had suggested more flexibility and freedom for smaller companies, among its other recommendations.
The panel had also recommended allowing a one-person company to unleash talent in this information and technology-driven environment with a simple legal regime through exemptions.
|
Subscribe to India Business Newsletter
|
|
E-mail Address:
|
|
Feedback
|
For any corrections of factual information, to contact the editors or to send
any medical news or health news press releases, use
feedback form
|
Top of Page
|
