New Delhi, Oct 22: Hailing withdrawal of the Companies (Amendment) Bill, 2003 by the union cabinet, CII today said that its passage would have affected growth and destabilised the business model of Indian corporates. The chamber had opposed provisions like limitation of the age of directors, compulsory appointment of women directors, restriction on the number of subsidiaries, independent directors and composition of the board contained in the bill.
"CII is happy to note that instead of making numerous amendments to the bill, a new bill is being drafted for introduction in the next session," the chamber said in a statement here. It hoped that before finalising the new bill, the draft bill would be circulated amongst the industry associations to solicit their views. CII, however, expressed concern over the revised clause 49 introduced by SEBI containing a number of provisions taken from the companies bill which was far more restrictive in some areas. Bureau Report