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New Companies Bill likely in Budget session: Khurshid

Last Updated: Tuesday, November 17, 2009 - 23:00

Mumbai: The proposed new Companies Bill is
expected to be tabled in the Budget session of Parliament,
Minister of Corporate Affairs Salman Khurshid said on Tuesday.

"An expert group is going through the proposed Bill. A
lot of things need to be done before the submission (in
Parliament). We expect that it will be tabled before
Parliament in the session after the coming session (Budget
session)," Minister Khurshid, told reporters on the sidelines
of a function at the Bombay Stock Exchange here today.
The minister was in the metropolis to inaugurate the
e-voting system for corporates at the BSE, which he said would
be a revolution in the field, he said.

"This move will revolutionise the whole system. We have
decided to observe the third week of this December as India
Corporate Week. I propose to announce next year as the
Investor Year and a thrust will be given to investor education
and investor knowledge. Household savings of non-urban India
should come to stock exchanges," Khurshid said while
inaugurating e-voting system.

Khurshid also mooted the idea of trading CSR
(corporate social responsibility) credits like carbon credits.

"If we can trade carbon credits, why don`t we think
about trading of CSR credits. The CSR should not be like
donating money and thus saving taxes. It should be used for
finding more talent and bringing them," Khurshid said.

The e-voting system for corporates was launched by CDSL
Ventures CVL), a wholly-owned subsidiary of the Central
Depository Service India (CDSL).

"The e-voting system launched will empower shareholders
to participate in the decision-making process of companies in
which they have invested, thus making their vote count," CVL
chairman SS Thakur, said at the launch.
"Companies would also benefit from this system as the
remote voting process would become quicker, accurate and would
also result in savings on various cost overheads which are
currently incurred for postal ballots," he added.

The e-voting system would permit a company or its
registrar to set up the schedule on the e-voting website and upload the resolutions and register
of shareholders. CVL would then generate and print a password
on a pin mailer for each shareholder, which would be
communicated to them along with the notices of the

Shareholders can then access the e-voting website and
cast their votes at any time during the voting period at a
place of their convenience, a press release said.

Bureau Report

First Published: Tuesday, November 17, 2009 - 23:00
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