Cabinet to take up new Companies Bill soon: Moily
Mumbai: Corporate Affairs Minister Veerappa Moily on Monday said the Union Cabinet will take up the New Companies Bill for approval within the next fortnight and expressed hope that it will be passed by Parliament before the end of this year.
"The final draft of the New Companies Bill is ready and it has been circulated among the ministries for comments. We expect the Cabinet to take it up for approval within 10-15 days. The bill will be introduced in the Winter session," Moily told reporters.
"We are very satisfied with the final draft (of the bill) and hopefully, we have a new Act by December," he said.
The Companies Bill 2009, has been pending for passage for quite some time now and will replace the Companies Act of 1956. The new bill, which was tabled in the backdrop of Satyam fraud, promises greater shareholder democracy and stricter
corporate governance norms.
"As a former Law Minister and presently Corporate Affairs minister, I have drafted the bill very carefully. I hope the new bill will provide stricter corporate governance norms," he said adding, "the new bill will help us prevent frauds like Satyam and also help take action after a fraud."
The new bill also seeks compulsory spend on corporate social responsibility (CSR) and a fixed term for independent directors, he said.
"Companies should spend two percent of their profits for CSR activities for the betterment of local community," he said.
On the new Land Acquisition, Rehabilitation and Resettlement Bill, which was tabled in Parliament towards the end of the monsoon session, Moily said, "we hope this Bill
will help the landowners get good compensation."
More from India
More from World
More from Sports
More from Entertaiment
- PM Modi speaks at Golden Jubilee celebrations of poet Dinkar’s works
- Vadodara: Policemen seen dancing with bar girls
- Coal scam: Naveen Jindal, Madhu Koda and others get bail
- DNA: IAF Mirage 2000 fighter plane lands successfully on Yamuna expressway
- One year of Modi govt: Arun Jaitley addresses press conference
- Zee Media Exclusive: Kangana, Madhavan talk about their film 'Tanu Weds Manu Returns'
- DNA: Osama documents show 'Indian brother in Madinah' financed al Qaeda
- ISIS executes Syrian fighter using anti-tank rocket launcher
- DNA: Harmful chemicals found in Maggi, Nestle India still in denial mode
- Zee Media Exclusive interview with Congress leader Kamal Nath
- CM Kejriwal shortlists 39 'unwanted' IAS officers in Delhi
- Columbia student takes rape-protest mattress to graduation
- Mumbai: One injured in shootout at Film City
- Delhi: Car catches fire after crash, one dead
- DNA: Modi-led NDA govt's hits and misses in one year
- Jayalalithaa makes public appearance, meets Governor: As it happened
- Mumbai firm booked for denying Muslim MBA graduate job on religious grounds, probe ordered
- IPL 2015, Qualifier 2: CSK vs RCB - As it happened...
- Geelani's passport application incomplete, cannot be processed: MEA
- India to soon have its own space shuttle!
- Kejriwal slams notification on LG's powers, says Modi running Delhi govt through back door
- WBBSE 10th Madhyamik Results 2015: West Bengal Board (wbbse.org & wbresults.nic.in) Class 10th Madhyamik Pariksha Results 2015 to be announced on May 22
- Tanu Weds Manu Returns movie review: Brilliant execution, superb performance!
- Don't know what will happen to my career, says Ranbir Kapoor
- Manohar Parrikar meets troops at Siachen base camp
- Wbbse.org 10th Madhyamik Pariksha Results 2015: West Bengal Board (wbresults.nic.in) Class 10th, WB MP Results 2015 to be announced today shortly
- Businessman shot next to Amitabh Bachchan's shooting location in Mumbai Film City
- West Bengal Board (wbbse.org & wbresults.nic.in) Class 10th Madhyamik Pariksha (MP) Results 2015 to be announced today at 10 AM
- After land bill, net neutrality, Rahul Gandhi to fight for ex-servicemen now
- RBSE 12th Results 2015 (rajeduboard.nic.in & rajresults.nic.in): Rajasthan Board BSER Ajmer Senior Secondary Class 12th XII Intermediate Science & Commerce Exam Results 2015 to be declared today on May 22