New Companies Bill likely in Budget session: Khurshid
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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 resolutions.

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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