TT Epaper
The Telegraph
TT Photogallery
 
 
IN TODAY'S PAPER
WEEKLY FEATURES
CITIES AND REGIONS
ARCHIVES
Since 1st March, 1999
 
THE TELEGRAPH
 
CIMA Gallary
 
Email This Page
Companies bill to be tabled soon
Khurshid: Clarity call

New Delhi, July 9: The government today said the Companies Bill 2009, with stricter disclosure norms and a provision for a single corporate entity, would be tabled in the ongoing session of Parliament.

Corporate affairs minister Salman Khurshid said in the Lok Sabha today that “the government proposes to introduce the Companies Bill 2008 as the Companies Bill 2009, which seeks to have more stringent provisions in case of frauds by companies, their directors and auditors”.

A new companies bill is being reintroduced as the earlier version lapsed following the dissolution of the previous Lok Sabha. Khurshid said the provisions in the proposed law would be in accordance with the changing economy.

The government sees the new bill offering greater protection to shareholders, making disclosure norms stricter in the wake of the Satyam scam, allowing formation of a one-person company and helping Indian firms compete more effectively, globally.

At present, two people are required to form a private limited company and seven to constitute a public limited one.

“The attempt is to make it as unambiguous and explicit as possible,” Khurshid said.

Top
Email This Page
 
 
" "