The New Companies Bill - Can it see light of the day ??

The Indian Companies Act 1956 has been ammended so many times by successive Governments inthe past . This is one of the largest Act having 600 odd sections . Lot of changes has been done in the last 15 years but the efforts to completely overhaul the Act to make it more practical and alligned to the new Economy has been pending since last 10 years . Successive Ministers in chrge of Corporate Affairs Ministry has tried several times to make the law by placing in Parliament but each time it has been referred back to some standing committee due to objection / lobbying by vested interest part from the Industry . In fact I have been tracking this development since last 10 years . In the last parliament session it was expected that the Bill will be placed but again got derailed . It is expected to be placed in the coming winter session . One more concern is that who is supreme . I mean which Government arm will have supremacy is also one point that need to be resolved . Ministry of Corporate affairs want more power and SEBI also want more power. In some of the points the SEBI Act and the Companies Bill is conflicting . It is learned that the difference has been now resolved and it is hope that Cabinet will approve this in the first week of November 2011

Also see the news link belo

Thanks

P K Panda


http://www.moneycontrol.com/news/cnbc-tv18-comments/sebi39s-will-supersedes-companies-bill-fin-min-mca_607037.html